Beaker told it like it is.
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anyone here rent out houses? I need advice
- Thread starter Realtor
- Start date
I only have this to say.....Doesn't matter if the house is cheap or expensive.....Renters generally don't care regardless. There might be the odd chance you get good ones....but it's not likely. I tried my hand at it years ago when the housing market was strong. You really have to disconnect yourself from all of it....I couldn't....stayed pissed off 25 hours a day....Excuses after excuses of why they couldn't pay.....the court system favors the renter.......it's all a giant headache....Just my two cents
You can have my rental house for what I owe on it... I never wanted to be in the rental property business- but my wife had a house and I had a house when we got married. So that was one too many. And we couldn't sell it for what she owed, so we have been dealing with rental BS for years now.
If you get a good tenant... it is great! One bad one can sour you on the whole process. Have some extra money aside to sit on a vacant property too for a while. The problem is, as lockout stated, finding the right house and the right tenant. Too low and you get ****ty people who dont pay and ultimately you cant collect on. Too high and you run into the crowd that will simply buy a home. Right now, while all of our houses are occupied, it is still a buyers market. Many folks who considered renting in the past can simply buy a house now.
rental properties take time, money, patience and a baseball ball or beheaded kitten every once in a while... but once you get a good tenant... worth it.
edit to add: If you can be in the same neighborhood its a perk as you can constantly monitor the tenants. We have 3 houses in my neighborhood. Mine and two other tenants. Also nice that the tenants can walk over and slip ya some cash on the first of each month. Although, my neighbors probably think I am a drug dealer. lol
rental properties take time, money, patience and a baseball ball or beheaded kitten every once in a while... but once you get a good tenant... worth it.
edit to add: If you can be in the same neighborhood its a perk as you can constantly monitor the tenants. We have 3 houses in my neighborhood. Mine and two other tenants. Also nice that the tenants can walk over and slip ya some cash on the first of each month. Although, my neighbors probably think I am a drug dealer. lol
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I swear I'll burn one to the ground before I rent it out. Rented a house out once..and hell will freeze over before I have another rent house.
Once upon a time, I had several rental houses. At the start, I was a happy camper. In fact, things went well for nearly three years. It was a breeze, renter came in, stayed, paid and then left. I would clean it up, paint a little, fix a few little things and rent it again. Easy as pie. Then, I had a renter that stopped paying. Would not pay and it took nearly 4 months to get them out. There was a fireplace in the house, and with the power turned off for lack of payment, they burned nearly everything in the house. Furniture, wall studs, rear deck, cut down trees, poured gasoline in the fireplace to make green wood burn. The house was destroyed. Lost my butt on that house. Sold the others and managed to make about $3000 for the four years I had them. Read, NOT WORTH IT! Never, and I mean, never again.
must not have used the baseball bat or beheaded kitten strategy. JK
this reminds me of one of the ones in my neighborhood. Tenants were behind about 3 months and then just left. We go in the house... burns in carpet (not like cigarettes... like campfire), roaches scattered everywhere upon opening the doors, soiled diapers, feces on the floors, walls, ceiling. Holes everywhere, broken window/mirrors, and a God aweful "ethnic" smell.
took 5 weeks to gut the house, replace the carpet, etc... a little shy of $15,000 in damages. Never heard from or found em again. Now it is awesome with awesome tenants who have done their own permanent improvements to the property.
good is great and bad can be ****ing terrible.
If you're going to do it, you absolutely MUST make sure your renters have renter's insurance with a limit of liability up to the full value of the home. Make it a requirement of the lease, and each renewal thereof, that they provide you with evidence of valid liability coverage. That way, if the place burns, flood, etc., due to their negligence, you can collect against their renter's policy or your property carrier, after paying your loss, can subrogate against the renter's carrier and recover what they pay to you, which will avoid an increase in your loss ratio and thus your premium.
Where else are you supposed to put your unwanted feces?
