anyone here rent out houses? I need advice

[57tr6]

As has been said....Dont do it!! I am having to evict another dead beat renter from a house I inherited. I'll never rent another house out ever again. They start out great and next thing you know they are behind with a sob story. You end up having to force them out,(The fee here is 103.00 from the Magistrate for an eviction notice), they wreck the place, and leave it full of filthy trash. By the time you go through the process you have lost three months rent plus the fee plus repairs. They act like you are the sob for not letting them live there free. You have to fix everything that is broken, clean, paint and start the cycle all over. You end up making no money and all you gain is ulcers. NEVER AGAIN!

 

[Cmgrav]

Rental property is one of the best ways to build wealth equity, but it is also a way to loose money if your not careful. If you are buying a cheaper house with cheaper rent the odds of having tenant pay/damage issues increases. Screen the tenants on the front end with a good background check and references from previous landlords and this will help minimize problems. Try to find someone that looks stable with both employment and rental history. If they are moving jobs and homes frequently it is a red flag to me. Also, make sure you are able to make some decent money off the rent because you will have to spend money cleaning and fixing between tenants. I also try to sign a min of 2 year agreement on the frontend with automatic 1 year extensions after the initial period. Also require a 90 day notice of nonrenewal. This isn't necessarily a security blanket because if they don't pay you have a headache no matter what terms you have. Be patient and you can find a good renter, Remember sometimes it is better to pass on a tenant that is questionable and eat another month or twos rent rather than increase chances of issues down the road.

 

[rsmith01]

take it from someone who has been in rental business for 22 years its not worth doing if you only plan on owning one or two.. to much headache.. Also, if you can't do your on repairs you"ll never make any profit. But if you can put up with all the headaches that come with being a landlord and have the ability to do most or all needed repairs it can be a good thing.

 

[57tr6]

The joys of rental maintenance are endless. The toilet started backing up once. I got someone to pump the septic tank out. Cost 400.00. A few months later its stopped up again and so bad sewage is coming up in the yard. I get a backhoe and uncover the tank myself to save some money. I dig through the sewage and pull the lid on the tank. The outlet to the drain fill is totally stopped up with prophylactics. I showed the tenants a five gallon bucket full of them and said please dont flush your ****in rubbers down the toilet anymore!!!!

 

[kimberlover]

same problems here, renters trashed the place after not paying for 6 months, took a while to get them out. It is not like, well this is my home and you have to leave. You have to play the legal game even to get people out of your own house!!! I would never do it again, but if you like headaches go for it.

 

[57tr6]

I think I know how a poll would go on this one!

 

[roundhouse]

My advice is dont.

but I wound up with one in Hiawassee if any ODT'ers need a place to live in Towns County.....

 

[erkinator]

Background checks, background checks, background checks,and being handy at fixing the damage.

 

[timbgtm]

Credit checks.

 

[linebacker]

Buy it, throw some paint on it and sell it for a profit. Don't buy it for a rental property, because it will become a huge headache.