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Posted: 7/6/2016 8:34:59 PM EDT
In one month I will have a house that needs to be rented. I do not want to be a landlord but I am not going to take a loss on a house I did not purchase. But I disgress.

What helps in signing a renter? Having the house vacant or currently occupied? Any tips would be appreciated.
Link Posted: 7/6/2016 9:00:03 PM EDT
[#1]
I would say if occupied it needs to be setup as like a model house. Everything clean, neat, and orginized.
Link Posted: 7/6/2016 9:04:03 PM EDT
[#2]

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Quoted:


I would say if occupied it needs to be setup as like a model house. Everything clean, neat, and orginized.
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Yep.




And be sure to hire a background check company. If you get a bad rented it is absolute hell
Link Posted: 7/6/2016 9:08:52 PM EDT
[#3]
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Quoted:

  Yep.


And be sure to hire a background check company. If you get a bad rented it is absolute hell
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
I would say if occupied it needs to be setup as like a model house. Everything clean, neat, and orginized.

  Yep.


And be sure to hire a background check company. If you get a bad rented it is absolute hell

might want to brush up on your local renting laws too - learn what you can and cannot do when it comes to renters...  what rights and responsibilities both parties have.
Link Posted: 7/6/2016 9:14:06 PM EDT
[#4]
My wife and I have rentals and we use mysmartmove.com to vet renters. The site runs credit and criminal checks and will recommend or not the renter.  The renter can pay the app fee and the info is sent to you.  You put in the rent, deposit and term and those are used in the qualifying equation..  You will need a plumber, ac guy and house cleaner and painter to get it ready between renters.  Just the way we do it.  Have a cushion of funds for unexpected repairs and they are building you equity.  Good Luck.
Link Posted: 7/6/2016 9:25:52 PM EDT
[#5]
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Quoted:

might want to brush up on your local renting laws too - learn what you can and cannot do when it comes to renters...  what rights and responsibilities both parties have.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
I would say if occupied it needs to be setup as like a model house. Everything clean, neat, and orginized.

  Yep.


And be sure to hire a background check company. If you get a bad rented it is absolute hell

might want to brush up on your local renting laws too - learn what you can and cannot do when it comes to renters...  what rights and responsibilities both parties have.

We will be using a property management company for year 1 @ 9%. We will also be losing $200 a month, but we are having renters pay down the mortgage so it is a wash.

The way I figure it is a way to dip your feet in. I will get the lease to see what is specified, see what kind of maintenance is required throughout the year, etc. Again - if it were up to me I would unload. But its not my house so I am trying to find the least painful way to manage a non performing investment.
Link Posted: 7/6/2016 9:25:55 PM EDT
[#6]
Link Posted: 7/6/2016 9:27:17 PM EDT
[#7]
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Quoted:
My wife and I have rentals and we use mysmartmove.com to vet renters. The site runs credit and criminal checks and will recommend or not the renter.  The renter can pay the app fee and the info is sent to you.  You put in the rent, deposit and term and those are used in the qualifying equation..  You will need a plumber, ac guy and house cleaner and painter to get it ready between renters.  Just the way we do it.  Have a cushion of funds for unexpected repairs and they are building you equity.  Good Luck.
View Quote

excellent resource but what that does not do is list your house on the market. I am worried about having to pay a mortgage on an empty house.
Link Posted: 7/6/2016 9:28:19 PM EDT
[#8]
Look into a property management company. Mine charges 10% of the gross rent and I wouldn't do it any other way. They find new renters in 2-3 weeks and only offer 1 year leases. My property management company is much more detail oriented I guess you would say then I would be. They charged my last renters per light bulb that was missing when they left. I would never have thought of that or even cared for that matter. The only thing I do is cash a check once a month per property and make decisions on how repairs are done. Easiest money I make every month.
Link Posted: 7/6/2016 9:38:50 PM EDT
[#9]
Link Posted: 7/6/2016 9:49:39 PM EDT
[#10]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Look into a property management company. Mine charges 10% of the gross rent and I wouldn't do it any other way. They find new renters in 2-3 weeks and only offer 1 year leases. My property management company is much more detail oriented I guess you would say then I would be. They charged my last renters per light bulb that was missing when they left. I would never have thought of that or even cared for that matter. The only thing I do is cash a check once a month per property and make decisions on how repairs are done. Easiest money I make every month.
View Quote


From everything I've read and listened to, using a property management company is the way to go. The little bit extra you'd save self managing isn't worth the hassle.

How many units do you have? Investment properties are something I've been actively looking to acquire, but they're literally flying off the shelves in my market for asking price.
Link Posted: 7/7/2016 12:13:47 AM EDT
[#11]
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Quoted:

excellent resource but what that does not do is list your house on the market. I am worried about having to pay a mortgage on an empty house.
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View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
My wife and I have rentals and we use mysmartmove.com to vet renters. The site runs credit and criminal checks and will recommend or not the renter.  The renter can pay the app fee and the info is sent to you.  You put in the rent, deposit and term and those are used in the qualifying equation..  You will need a plumber, ac guy and house cleaner and painter to get it ready between renters.  Just the way we do it.  Have a cushion of funds for unexpected repairs and they are building you equity.  Good Luck.

excellent resource but what that does not do is list your house on the market. I am worried about having to pay a mortgage on an empty house.


How do you have a mortgage on a house you didn't buy?
Link Posted: 7/7/2016 9:35:23 PM EDT
[#12]
Discussion ForumsJump to Quoted PostQuote History
Quoted:


How do you have a mortgage on a house you didn't buy?
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
My wife and I have rentals and we use mysmartmove.com to vet renters. The site runs credit and criminal checks and will recommend or not the renter.  The renter can pay the app fee and the info is sent to you.  You put in the rent, deposit and term and those are used in the qualifying equation..  You will need a plumber, ac guy and house cleaner and painter to get it ready between renters.  Just the way we do it.  Have a cushion of funds for unexpected repairs and they are building you equity.  Good Luck.

excellent resource but what that does not do is list your house on the market. I am worried about having to pay a mortgage on an empty house.


How do you have a mortgage on a house you didn't buy?

it is the wifes house. she bought it before we got married. now we are married with two kids.
Link Posted: 7/8/2016 10:13:01 AM EDT
[#13]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

We will be using a property management company for year 1 @ 9%. We will also be losing $200 a month, but we are having renters pay down the mortgage so it is a wash.

The way I figure it is a way to dip your feet in. I will get the lease to see what is specified, see what kind of maintenance is required throughout the year, etc. Again - if it were up to me I would unload. But its not my house so I am trying to find the least painful way to manage a non performing investment.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Quoted:
Quoted:
I would say if occupied it needs to be setup as like a model house. Everything clean, neat, and orginized.

  Yep.


And be sure to hire a background check company. If you get a bad rented it is absolute hell

might want to brush up on your local renting laws too - learn what you can and cannot do when it comes to renters...  what rights and responsibilities both parties have.

We will be using a property management company for year 1 @ 9%. We will also be losing $200 a month, but we are having renters pay down the mortgage so it is a wash.

The way I figure it is a way to dip your feet in. I will get the lease to see what is specified, see what kind of maintenance is required throughout the year, etc. Again - if it were up to me I would unload. But its not my house so I am trying to find the least painful way to manage a non performing investment.


Losing $200 a month?  Is that before or after taking into account your expenses.  I always start off with 50% of the rent WILL goto expenses.  Somtimes it's higher, sometimes lower, but for the most part it's pretty close.
Link Posted: 7/8/2016 10:17:25 AM EDT
[#14]
Link Posted: 7/16/2016 10:51:39 AM EDT
[#15]
Rentals can bite you in the ass, if the renters trash the place good luck seeking restitution, all you will get is the security deposit.





Not worth the risk of having thousands of dollars in repairs and clean up, and STAY THE FUCK AWAY FROM SECTION 8 RENTERS.







 
Link Posted: 7/16/2016 11:06:13 AM EDT
[#16]
There's not a one-size fits all method of attracting tenants. It depends on the area, the house, what types of tenants are likely to even be in the pool of possibilities. I own rental houses in two different Atlanta neighborhoods and the way I advertise/manage each is totally different because the demographics of each neighborhood are totally different. For example, one comes with a nice washer/dryer in the unit, the other, I wouldn't dare put one in because there's a good chance they'll leave when the tenants do. If you're using a PM company, why worry about it? It's their job. If you're thinking of going it alone, I suggest reading up on the landlording forums over at BiggerPockets.
Link Posted: 7/28/2016 1:49:48 PM EDT
[#17]
I was told by the rental agency that placed people into my rental.

Have clean, very clean.
Everything new or in very good shape.
Nothing broken

The place is very small but in better shape than my house. Dishwasher, washer and dryer are all better units than I have

I am also going after high end renters also and charge on the high end of the scale. Seems to keep all the rif raf away. My unit is 30% to 40% higher than what you can get in other parts of the town.
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