Are you a landlord?

[dakcp2001]

If so I need some advice.

 

[NHdisneylover]

What kind of advice?
We have one home we rent. No apartments or the like--not sure what you are looking for in "landlord"

 

[dakcp2001]

What kind of advice?
We have one home we rent. No apartments or the like--not sure what you are looking for in "landlord"

Sending you a pm!

 

[luvmarypoppins]

My advice: dont ber one if you have to.

We currently ret two houses. We inherited them and havent been able to sell them. Its bad enough worrying about our own house, no less 3 etc.

 

[tink20]

My parents rent out 4 different properties. I have heard many a story about the renters. Some were great and some were horrible.

 

[dakcp2001]

We have a home that we are taking off the market, it just isnt going to sell over the winter and we would like to hold onto it until the market gets a little better. We have had several inquiries about renting it and all have been "no way" type of people. But this morning we had an inquiry from a nice married couple about our age, and they are friends of my neighbor. He is very trustworthy.

So what do we need to put in the lease to cover ourselves? We want to be able to kick em out quickly should they not pay etc, and we are out of state, so my dad would be the property manager.

It just seems like we need to get someone in there to help cover the mortgage. I do NOT have ANy desire to be a landlord at all.

 

[luvmarypoppins]

We rented out the house we live in now when we moved to Texas for a few years. Our lst tenants were great, people, we knew, the 2nd tenants, friends of friend etc. They were bad.

You have to know the laws in your state. Most are NOT landlord friendly.

Have a month to month lease. Better to get rid of them that way.
lst and last months rent and security deposit.
Do a credit and reference check on them.
Make them get renters insurance.
Take pictures of your house etc. so they cant say things about damage when trying to get the security deposit back.
If your dad will be the property manager the lease should state he can access the property etc. etc.
Will they be responsible for appliance repair, snow removal,lawn care etc?

 

[luvthatdisney]

We have a home that we are taking off the market, it just isnt going to sell over the winter and we would like to hold onto it until the market gets a little better. We have had several inquiries about renting it and all have been "no way" type of people. But this morning we had an inquiry from a nice married couple about our age, and they are friends of my neighbor. He is very trustworthy.

So what do we need to put in the lease to cover ourselves? We want to be able to kick em out quickly should they not pay etc, and we are out of state, so my dad would be the property manager.

It just seems like we need to get someone in there to help cover the mortgage. I do NOT have ANy desire to be a landlord at all.

We are in a similar boat. I inherited a small house from my father last year. We remodeled it and it looks great; however, no one would buy it, not even look at it. Nothing is selling in our area, our RE agent even quit and got a different job as she could not make a living with RE alone.

We have discussed getting into the LL business or possibly buying and flipping properties, so it is something we have a desire to do. We did try to sell it first to see if we could flip it. Since that did not work, we are going to try the LL route as paying the mortgage on two homes is getting a little too much.

For those looking into this, there are two websites I have been frequenting...mrlandlord dot com and thelpa dot com. Lots of great forms and advice. You also need to make sure your homeowners ins co knows you are renting out the home as you will need different coverage.