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Dutch
07-18-2011, 09:13 AM
market in real estate is down so I might have to rent my house.

Anyone do rentals and can give me some advice on the ins and outs?

thanks

botebum
07-18-2011, 09:45 AM
Is it wheelchair accessible?

Doug

S.V. Airlie
07-18-2011, 09:53 AM
If a thread appears to be written in good faith, why does the bashing start in the second post? Sure, people may not like dutch..That's okay,if you are going to immediately assume the worst..Fine. Just don't respond to the thread. It's better than immediately wading in...

I have no idea about rentals. Rentals vary by region and I don't know where you live Dutch..If your thread was serious and I will assume that until you demonstrate otherwise, I wish you luck..

botebum
07-18-2011, 09:56 AM
I like Dutch. I also like teasing Dutch.
Unlike you, Jamie, he often understands that it's just teasing.

Doug

genglandoh
07-18-2011, 09:59 AM
I have been renting out my mothers home for the past 5 years.

Her house is in a small town in Newfoundland so I can not visit the home to check on things.

My solution was to hire someone of manage the home for me.
I found a husband and wife team who were doing this for others.

They make sure the home is being taken care of and if work is needed they arrange the work.

The next thing I did was to rent the home under the going market price.
I did this because I wanted the home occupied all the time.
An empty house gives you no rent and will start to get run down quickly.

One more bit of advice do not become friends with the renters.
I have never talked to the renters directly.

Good luck

S.V. Airlie
07-18-2011, 10:01 AM
I don't know enough about Dutch to tease him. Perhaps you do. If so, fine...
I did not take his beer thread seriously though. This one borderline perhaps...

Tylerdurden
07-18-2011, 10:13 AM
A couple of things. You need to check with local property management outfits or a lawyer to make sure things like insurance, and occupancy permits are set for what you planning. Next my advice is dissolve all emotional attachments because your going into business. Most renter landlord disputes come from the emotional not practical business sense. If you love you place and cannot let go do not rent. Sorry for the bile when asking a question. Some just cannot let go. Again Human animals most often are stricken by the emotional like women and young children most often. Sad but true.

Dutch
07-18-2011, 02:06 PM
thanks TD and SV

S.V. Airlie
07-18-2011, 02:30 PM
Every thread should be on it's merit Duch.. You have posted others that were questionable as you know but I take threads at face value. whether it is a joke or not. I'm willing t wait...

botebum
07-18-2011, 03:30 PM
If you are serious then you may need to know-
If you are paying a mortgage on the property and it's listed as a primary residence on your mortgage then you may have to speak with the bank or rent it on the sly.

Doug

Waddie
07-18-2011, 03:41 PM
I have 4 rental properties, all single family dwellings. As TD said, make sure you have all the local legal issues covered. Have rental owners insurance, it's different than regular homeowners. Up the liability coverage. It's very common for renters to sue for liability--even a crack in the sidewalk.

Unless you have a McMansion, if the renters mess something up over their security deposit, or skip on the rent, or most anything else, learn to let it go. You can pile up legal costs quickly and unless it's a lot of money, forget about it. Small claims court can make a judgment in your favor, but they don't usually have enforcement of judgment power, so you probably still won't get your money, but you can file a lien on any real property they own. Garnishment is practically impossible, at least around here. And costly.

Really, renting is a crap shoot. I now have long term renters in all my houses and they've been great. I learned to value good renters. I even let one slide for several months when he got laid off. He just did some painting and roofing for me, which I even paid him $10.00 an hour for. In this market qualifying for home loans is difficult, so I think my renters will be staying put.

regards,
Waddie

Ted Hoppe
07-18-2011, 03:48 PM
How do you feel about section 8?

a steady check from the state verses long term vacancy, rent dodging or frequent tenants.

Ted Hoppe
07-18-2011, 04:24 PM
Rumors of a meth lab might slow down the paper work. Stick with the wooden boat hobby and epoxy fumes story...

Tylerdurden
07-18-2011, 04:27 PM
Rumors of a meth lab might slow down the paper work. Stick with the epoxy fumes story...

Yep, A bust like that and some poor bugger will be forced into the court ordered addiction treatment fraud.

http://www.cjlf.org/publctns/Guest/DrugCourtFraud.pdf

Once those parasites get hold of you your in for a ride.

Waddie
07-18-2011, 04:43 PM
How do you feel about section 8?

a steady check from the state verses long term vacancy, rent dodging or frequent tenants.

Section 8 has rules unto itself. The property has to be inspected by an official and meet their standards. Other occupancy and eviction rules to follow. I just never thought it was worth the trouble, and the neighbors might not like it, but some landlords like section 8.

regards,
Waddie

S.V. Airlie
07-18-2011, 04:44 PM
Lets see, it was only a month ago that a formite paid someone's electric bill for someone else so the electricity wouldn't be turned off. God I love this forum. I don't care really either way but I love the bias.

jlaprad
07-19-2011, 08:24 AM
If the house is insured as "owner occupied" homeowners policy you will need to change the policy to a DF "dwelling fire" policy. They are more expensive and the coverage is not as good. Many people don't think of this, but if you have a claim under a homeowners policy and it is being rented out, the insurance company can and will deny coverage...

Dutch
07-19-2011, 09:45 AM
thanks folks

dont believe in section 8 housing and damn sure not going to rent my place out to the parasites.