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Anyone rent out their home? (1 Viewer)

Helaire-ious

Footballguy
GF and I are planning to find a place of our own next Spring (Her house is too small for us) so we'd be renting it out as her mortgage & taxes combined are stupid cheap and it is, obviously, a good asset to have & we can surely rent it for more than that.

Neither of us have ever rented out a property we own so looking for guidance, tips, etc. There will be no smoking or pets allowed. We could also rent it furnished if we wanted as all her furniture will not be going with us.

 
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Just put it on zillow to rent it.  You'll get at least 20 apps in 24 hours.  They even have an application form that people can fill out and they will send to you.  Think it's like 10 bucs a week.  

 
GF and I are planning to find a place of our own next Spring (Her house is too small for us) so we'd be renting it out as her mortgage & taxes combined are stupid cheap and it is, obviously, a good asset to have & we can surely rent it for more than that.

Neither of us have ever rented out a property we own so looking for guidance, tips, etc. There will be no smoking or pets allowed. We could also rent it furnished if we wanted as all her furniture will not be going with us.
Why not sell it? Market is hot as hell right now. 

 
Having watched a ton of landlords go through FED cases, I can tell you--you better have a lawyer on retainer. 

You also better have a decent amount in savings, so when that nice couple you rented the place to magically has their cousin's five kids and their seven dogs move into your place and absolutely trash the place, you are prepared. Constantly having to repaint and re-carpet the place between tenants will get expensive. Not to mention the wear and tear on blinds and appliances. A lot of renters just assume they are not getting their deposit back, so they don't care. And then you have the people that default and you have to evict while they squat in your house and you pay the mortgage. Plus being on call at all times when the hot water tank goes out on Christmas morning and they are looking to you to fix it ASAP is just a pain in the butt I would never want to undertake. It takes a special person these days to be a landlord IMO. 

You say your GF doesn't want to sell, is that because she is emotionally attached to the place (which will be very bad because if she is invested in the place, then any little thing a renter does to it will be 10X a problem)  or is she just holding on to an escape pad in case she needs to kick you to the curb??  :P

 
Having watched a ton of landlords go through FED cases, I can tell you--you better have a lawyer on retainer. 

You also better have a decent amount in savings, so when that nice couple you rented the place to magically has their cousin's five kids and their seven dogs move into your place and absolutely trash the place, you are prepared. Constantly having to repaint and re-carpet the place between tenants will get expensive. Not to mention the wear and tear on blinds and appliances. A lot of renters just assume they are not getting their deposit back, so they don't care. And then you have the people that default and you have to evict while they squat in your house and you pay the mortgage. Plus being on call at all times when the hot water tank goes out on Christmas morning and they are looking to you to fix it ASAP is just a pain in the butt I would never want to undertake. It takes a special person these days to be a landlord IMO. 

You say your GF doesn't want to sell, is that because she is emotionally attached to the place (which will be very bad because if she is invested in the place, then any little thing a renter does to it will be 10X a problem)  or is she just holding on to an escape pad in case she needs to kick you to the curb??  :P
This is so over dramatic.  Lol.  

The key is to make sure and verify everything on their application.   Income.  Past rental issues.  Would not take anyone under a 680 credit score these days.  

If you feel sketchy about any applicant, pass.   

If you know any real estate agents, ask them.  They will know agents with solid clients that are looking to rent after they just sold or they are doing a build job.  

 
Unless you want to deal with this and much more on the regular, I’d pass:

Good day!

I hope this email finds you well.

This is (name removed) from Renters Warehouse. I am reaching out to advice that your tenant has applied for rent assistance with SAFHR to cover 3 months' worth of forward rent which will cover November through January 2022's rent.

I need your approval to fill out the landlord recommendation case form on the tenant's behalf. Should you agree to participate in this program, we will not be allowed to submit an eviction case against the tenant.

Let me know if this works for you. Also, if you agree, please send me any of the following as the rent assistance program may need it:

Copy of the deed

Proof of property tax payments

Proof of property insurance

Should you have further questions or rent collections concern, please feel free to let me know.

Regards,

 
Another idea is doing short term rentals for traveling workers. I am most familiar with traveling nurses but there are other industries. They usually get a contract for 3-6 months. They work a lot so not at home trashing the place. But quite a few of the ones I’ve dealt with gave a dog or a cat. 

 
Unless you want to deal with this and much more on the regular, I’d pass:

Good day!

I hope this email finds you well.

This is (name removed) from Renters Warehouse. I am reaching out to advice that your tenant has applied for rent assistance with SAFHR to cover 3 months' worth of forward rent which will cover November through January 2022's rent.

I need your approval to fill out the landlord recommendation case form on the tenant's behalf. Should you agree to participate in this program, we will not be allowed to submit an eviction case against the tenant.

Let me know if this works for you. Also, if you agree, please send me any of the following as the rent assistance program may need it:

Copy of the deed

Proof of property tax payments

Proof of property insurance

Should you have further questions or rent collections concern, please feel free to let me know.

Regards,
What's going on here? Is this a collections company making you an offer on behalf of the tenant to not evict them? 

 
Having watched a ton of landlords go through FED cases, I can tell you--you better have a lawyer on retainer. 

You also better have a decent amount in savings, so when that nice couple you rented the place to magically has their cousin's five kids and their seven dogs move into your place and absolutely trash the place, you are prepared. Constantly having to repaint and re-carpet the place between tenants will get expensive. Not to mention the wear and tear on blinds and appliances. A lot of renters just assume they are not getting their deposit back, so they don't care. And then you have the people that default and you have to evict while they squat in your house and you pay the mortgage. Plus being on call at all times when the hot water tank goes out on Christmas morning and they are looking to you to fix it ASAP is just a pain in the butt I would never want to undertake. It takes a special person these days to be a landlord IMO. 

You say your GF doesn't want to sell, is that because she is emotionally attached to the place (which will be very bad because if she is invested in the place, then any little thing a renter does to it will be 10X a problem)  or is she just holding on to an escape pad in case she needs to kick you to the curb??  :P


For every one of these I have one that returns the property in better condition, four that return it in similar condition and a couple that just stay there long enough that it would be time to change that stuff anyway.

 
Why not sell it? Market is hot as hell right now. 


The folks that said and did this 2 years ago against my advice walked away from $50-$100k.  

I have several clients now approaching 20 years that basically invested $15K and now are sitting on a $300k asset with $37k still owed with a monthly mortgage of $633 and collecting $1800 a month in rent.  They net north of $1400 a month after paying me, taxes, and insurance leaving about $800 a month profit after the mortgage payment.

 
never be a landlord


For the average Joe it's probably one of the best ways to build a financial nest egg.  The mortgage company doesn't let you skip a savings payment to go on vacation or buy an 80 inch 10K Platinum megadef TV or send apple $1200 to a fifth camera on your phone.

 
For the average Joe it's probably one of the best ways to build a financial nest egg.  The mortgage company doesn't let you skip a savings payment to go on vacation or buy an 80 inch 10K Platinum megadef TV or send apple $1200 to a fifth camera on your phone.
In the last five years, I've helped about 120 young people, mostly under 30, amass about $20mil in equity.  I've had nine of them sell this year. One sold a rental to fund a business that is taking off. A few sold to move out of state to be closer to family and bought a new home there. Two lost their jobs because of the pandemic and had $200k now to start a new life elsewhere.

Holding on to RE allows you opportunities down the road you never thought possible.  It going to dip now and then, but it always comes back stronger over time. Why not do a little due diligence and do your best to find a solid renter and let them pay of your mortgage(s).  Then 1031 into bigger projects and let professionals run them. It's really not that hard.

The place I've had for the last 16.5 years. I've collected 10,100 monthly rents in that time now. Vacancy rate has been 99.7% over that time. Only had one unit thrashed. I think we've been at 100% occupancy for the last five years during the housing shortage and I don't expect that to go away anytime soon. We are down almost always 1-2 days for paint and clean. We've changed all units to high end laminate flooring over carpet.  Get higher rents and carpet never lasts.  If you do things right up front and get quality tenants, the returns are very good when you factor in the depreciation allowance and the gains in value.

Best advice I got when I started.....  Rent out a ####ty house, you will get ####ty tenants.  Rent out a quality house in good shape, you will get quality tenants.


 

 
Getzlaf15 said:
In the last five years, I've helped about 120 young people, mostly under 30, amass about $20mil in equity.  I've had nine of them sell this year. One sold a rental to fund a business that is taking off. A few sold to move out of state to be closer to family and bought a new home there. Two lost their jobs because of the pandemic and had $200k now to start a new life elsewhere.

Holding on to RE allows you opportunities down the road you never thought possible.  It going to dip now and then, but it always comes back stronger over time. Why not do a little due diligence and do your best to find a solid renter and let them pay of your mortgage(s).  Then 1031 into bigger projects and let professionals run them. It's really not that hard.

The place I've had for the last 16.5 years. I've collected 10,100 monthly rents in that time now. Vacancy rate has been 99.7% over that time. Only had one unit thrashed. I think we've been at 100% occupancy for the last five years during the housing shortage and I don't expect that to go away anytime soon. We are down almost always 1-2 days for paint and clean. We've changed all units to high end laminate flooring over carpet.  Get higher rents and carpet never lasts.  If you do things right up front and get quality tenants, the returns are very good when you factor in the depreciation allowance and the gains in value.

Best advice I got when I started.....  Rent out a ####ty house, you will get ####ty tenants.  Rent out a quality house in good shape, you will get quality tenants.


 
Whole 1st floor is real hardwood floor minus bedroom & kitchen. Would suck to have someone ruin that. What do you think of renting furnished/partially furnished vs non furniture?

Some of my furniture is better than hers & vice versa so not going to use all of hers in whatever new place we end up. Again, assuming the market doesn't screw me again.

It was hell finding the rental I am in now & it was not my because I really found an awesome place. Nice enough, but not what I want. I looked at buying another house at the time too (I used to be a home owner) & everything crazy priced & selling as soon as it hits market for asking or more, sellers not paying closing costs etc. No thanks to that. I'm not buying at the top of the market

 
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Whole 1st floor is real hardwood floor minus bedroom & kitchen. Would suck to have someone ruin that. What do you think of renting furnished/partially furnished vs non furniture?

Some of my furniture is better than hers & vice versa so not going to use all of hers in whatever new place we end up. Again, assuming the market doesn't screw me again.

It was hell finding the rental I am in now & it was not my because I really found an awesome place. Nice enough, but not what I want. I looked at buying another house at the time too (I used to be a home owner) & everything crazy priced & selling as soon as it hits market for asking or more, sellers not paying closing costs etc. No thanks to that. I'm not buying at the top of the market
most traditional renters want unfurnished. Every market is different but furnished long term rentals take longer and the “premium” isn’t that much. Usually we end up with someone wanting the place and asking the owner to move their crap out. 

 
Whole 1st floor is real hardwood floor minus bedroom & kitchen. Would suck to have someone ruin that. What do you think of renting furnished/partially furnished vs non furniture?

Some of my furniture is better than hers & vice versa so not going to use all of hers in whatever new place we end up. Again, assuming the market doesn't screw me again.

It was hell finding the rental I am in now & it was not my because I really found an awesome place. Nice enough, but not what I want. I looked at buying another house at the time too (I used to be a home owner) & everything crazy priced & selling as soon as it hits market for asking or more, sellers not paying closing costs etc. No thanks to that. I'm not buying at the top of the market
Most people have their own furniture so make unfurnished. We left some furniture in a recent rental that was an AirBnB and we didn't get an extra dime in rent for it. Wish we would have just sold it by having a garage sale. 

 
Might be facing a similar decision in a few years when I adopt a nomadic lifestyle to see this beautiful country of ours. Some easy softball questions I was hoping one of you rental veterans can answer.
1) Do I need to refinance to change my mortgage from an owner-occupied to an investment?
2) Do I need to move all my crap into storage or can I just pile it up in part of the basement and tell the renters hands off
3) Do I need to pay to have someone maintain the outside property like the lawn and snow removal; live on an acre+ with a pretty long driveway or is that a renters expense
4) When the time comes that I want to move back, is it just a matter of giving the renters a heads up in advance that they'll need to move out at the end of the lease

TIA
 
Might be facing a similar decision in a few years when I adopt a nomadic lifestyle to see this beautiful country of ours. Some easy softball questions I was hoping one of you rental veterans can answer.
1) Do I need to refinance to change my mortgage from an owner-occupied to an investment?
2) Do I need to move all my crap into storage or can I just pile it up in part of the basement and tell the renters hands off
3) Do I need to pay to have someone maintain the outside property like the lawn and snow removal; live on an acre+ with a pretty long driveway or is that a renters expense
4) When the time comes that I want to move back, is it just a matter of giving the renters a heads up in advance that they'll need to move out at the end of the lease

TIA

1) No way, but you will need to change from homeowners to landlord insurance.

2) You could leave it in the house, but I would probably lock it up in some way and probably would just put it in storage. The fewer areas of potential issues, the better.

3) No hard and fast rule. Can be either/or depending on the lease agreement. Maybe see what the standard is in the area.

4) Pretty much, though again, it is all based on the terms of the lease. You should have clauses in there explaining how and when you can terminate the lease.
 
Might be facing a similar decision in a few years when I adopt a nomadic lifestyle to see this beautiful country of ours. Some easy softball questions I was hoping one of you rental veterans can answer.
1) Do I need to refinance to change my mortgage from an owner-occupied to an investment?
2) Do I need to move all my crap into storage or can I just pile it up in part of the basement and tell the renters hands off
3) Do I need to pay to have someone maintain the outside property like the lawn and snow removal; live on an acre+ with a pretty long driveway or is that a renters expense
4) When the time comes that I want to move back, is it just a matter of giving the renters a heads up in advance that they'll need to move out at the end of the lease

TIA

1) No way, but you will need to change from homeowners to landlord insurance.

2) You could leave it in the house, but I would probably lock it up in some way and probably would just put it in storage. The fewer areas of potential issues, the better.

3) No hard and fast rule. Can be either/or depending on the lease agreement. Maybe see what the standard is in the area.

4) Pretty much, though again, it is all based on the terms of the lease. You should have clauses in there explaining how and when you can terminate the lease.
Thanks for the response

1) No way b/c it just doesn't need to be done, or no way that you'd mention it to your lender? I just saw it in the one of the few articles I read which is why I brought it up. That would certainly have a huge influence on my decision depending on rates.
2) Like most people, I just have a good amount of crap some of which is pretty big like a lawn tractor, snowblower, cabinet saw, exercise equipment. It would be a royal pita to store all that stuff and it would probably cost a pretty penny. I wouldn't want to get rid of any of it b/c its stuff I'll just need to buy again once I move back. I could see why it might cause an issue though. That's a tough one.
4) I wasn't thinking termination, but just that the lease was coming to an end and I was timing that return to that point so I wouldn't renew (if that's the right term from an owner's perspective).
 
Might be facing a similar decision in a few years when I adopt a nomadic lifestyle to see this beautiful country of ours. Some easy softball questions I was hoping one of you rental veterans can answer.
1) Do I need to refinance to change my mortgage from an owner-occupied to an investment?
2) Do I need to move all my crap into storage or can I just pile it up in part of the basement and tell the renters hands off
3) Do I need to pay to have someone maintain the outside property like the lawn and snow removal; live on an acre+ with a pretty long driveway or is that a renters expense
4) When the time comes that I want to move back, is it just a matter of giving the renters a heads up in advance that they'll need to move out at the end of the lease

TIA

1) No way, but you will need to change from homeowners to landlord insurance.

2) You could leave it in the house, but I would probably lock it up in some way and probably would just put it in storage. The fewer areas of potential issues, the better.

3) No hard and fast rule. Can be either/or depending on the lease agreement. Maybe see what the standard is in the area.

4) Pretty much, though again, it is all based on the terms of the lease. You should have clauses in there explaining how and when you can terminate the lease.
Thanks for the response

1) No way b/c it just doesn't need to be done, or no way that you'd mention it to your lender? I just saw it in the one of the few articles I read which is why I brought it up. That would certainly have a huge influence on my decision depending on rates.
2) Like most people, I just have a good amount of crap some of which is pretty big like a lawn tractor, snowblower, cabinet saw, exercise equipment. It would be a royal pita to store all that stuff and it would probably cost a pretty penny. I wouldn't want to get rid of any of it b/c its stuff I'll just need to buy again once I move back. I could see why it might cause an issue though. That's a tough one.
4) I wasn't thinking termination, but just that the lease was coming to an end and I was timing that return to that point so I wouldn't renew (if that's the right term from an owner's perspective).
1) no need to say anything to the lender unless you have some kind of clause that says you can only use the home as a residence. Which I guess is possible with some first time home buyer programs but I don’t know that they even last the life of the loan. I guess you could double check your terms , but I really don’t think it’s an issue.

2) yeah it’s more like what if something happens to any of the stuff or they use it or something like that that can just create potential conflicts. I don’t have a humongous amount of experience, but I know that the tenants that my wife and I have had in separate houses have had things arise that you would never expect.

4) I mean, the lease ending is the same thing as termination. The lease should have clauses about what happens at the end of each term (like renewing each year) and how much notice/what steps you have to take to end/terminate the lease. You would ideally have a clause that says you can terminate at any time with 60 or 90 days notice to give yourself the most flexibility, though obviously there is always room for negotiation.
 
1 - I have no idea

2 -Besides nosy kids what it’s there’s a fire or a flood? No way you want to keep stuff you actually want within reach of strangers.

As far as storage. Be carful. Last time I used a storage place we brought back 3 GINORMOUS RATS that took up residency in a brand new wooden swing box.

3- This is not gonna be easy either. Property maintenance company but they don’t do much.


Renting out one house is hard. If you own 6-8+ houses and somebody doesn’t pay it doesn’t really hurt. If you own 1 or 2 properties and they don’t pay - could be catastrophic.
 
1 - I have no idea

2 -Besides nosy kids what it’s there’s a fire or a flood? No way you want to keep stuff you actually want within reach of strangers.

As far as storage. Be carful. Last time I used a storage place we brought back 3 GINORMOUS RATS that took up residency in a brand new wooden swing box.

3- This is not gonna be easy either. Property maintenance company but they don’t do much.


Renting out one house is hard. If you own 6-8+ houses and somebody doesn’t pay it doesn’t really hurt. If you own 1 or 2 properties and they don’t pay - could be catastrophic.
2-Wouldn't i just be able to collect insurance? I'm not talking anything of personal value. Just some home furnishings. The idea is that possibly after a year or two after traveling the country I'd move back into my house and this is stuff that I would still need. I could store or sell just to have to buy again, but considering this option as the cheapest and most convenient with its own drawbacks.

Not really concerned about this being a catastrophe if the tenant doesn't pay. In a way, it would be the equivalent or just not renting it all. More concerned of the headache if they cause a lot of damage or if they're difficult to evict. I was hoping to under price so that I could be a lot more selective about the quality of the tenant, but this is just my naïve noob thinking. The primary objective is just to bring in some additional income to cover the mortgage/taxes while I'm not living there. One of the alternatives is just to leave it vacant while I'm not there, but that brings in no income and brings the additional cost of paying someone to look after the place.
 
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I really don't want the headache of dealing with the possible negatives of renters. I hope she decides to sell
Job stability, a solid long term employment history and excellent credit are good sarters. Then theres criminal history and medical history. Do they have mental health issues?
 
I have a co-worker who 2 weeks ago started renting out a spare room of hers through Air BnB. I have never thought of this and I don't think it is for me, but sounds like an interesting situation if you could deal with roommates and the headaches of tenants in your own space. I talked briefly about it with her, apparently she setup one bedroom of her condo up with a mini fridge and their own bathroom then gives the person free range to the rest of the house minus her own bedroom and en-suite bathroom that she keeps locked at all times. She said she is targeting mainly short term tenants of anywhere from 1 week to 3 months. Apparently there are a lot of traveling nurses in this area who rent from places like this and stay for a month or two at a time. Then everything is through Air BnB, so she said she feels safe. I haven't asked yet exactly how much she makes each week, but she acted like she made some good money from it.
 
I have a co-worker who 2 weeks ago started renting out a spare room of hers through Air BnB. I have never thought of this and I don't think it is for me, but sounds like an interesting situation if you could deal with roommates and the headaches of tenants in your own space. I talked briefly about it with her, apparently she setup one bedroom of her condo up with a mini fridge and their own bathroom then gives the person free range to the rest of the house minus her own bedroom and en-suite bathroom that she keeps locked at all times. She said she is targeting mainly short term tenants of anywhere from 1 week to 3 months. Apparently there are a lot of traveling nurses in this area who rent from places like this and stay for a month or two at a time. Then everything is through Air BnB, so she said she feels safe. I haven't asked yet exactly how much she makes each week, but she acted like she made some good money from it.
People you dont know constantly coming and going in your home. That sounds awful.
 
I have a co-worker who 2 weeks ago started renting out a spare room of hers through Air BnB. I have never thought of this and I don't think it is for me, but sounds like an interesting situation if you could deal with roommates and the headaches of tenants in your own space. I talked briefly about it with her, apparently she setup one bedroom of her condo up with a mini fridge and their own bathroom then gives the person free range to the rest of the house minus her own bedroom and en-suite bathroom that she keeps locked at all times. She said she is targeting mainly short term tenants of anywhere from 1 week to 3 months. Apparently there are a lot of traveling nurses in this area who rent from places like this and stay for a month or two at a time. Then everything is through Air BnB, so she said she feels safe. I haven't asked yet exactly how much she makes each week, but she acted like she made some good money from it.
Very common in the airbnb space. I did it a couple of times, but now just stick with the separate suite with its own entrance and kitchen. Obviously helps if you live in a high tourist area.
 

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