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Old 04-12-2010, 10:16 AM
 
Location: South Carolina
244 posts, read 804,039 times
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armx; I can't really imagine renting out a home that was "mine" a place I called home. I'd probably be frightened of the prospect. I think buying fixer-ups & renting them out....slumlord type of thing (sorry no insult intended for the LL's that do rent numerous homes) may be easier. My point being that renting out a house that you called "home" has got to be hard & very personal. I see that with my own LL, which is why we put up with his nervous Nelly approach and his need to once a month find excuses to come out to the house.
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Old 04-14-2010, 07:22 AM
 
47 posts, read 163,803 times
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Quote:
Originally Posted by butterfly57 View Post
armx; I can't really imagine renting out a home that was "mine" a place I called home. I'd probably be frightened of the prospect. I think buying fixer-ups & renting them out....slumlord type of thing (sorry no insult intended for the LL's that do rent numerous homes) may be easier. My point being that renting out a house that you called "home" has got to be hard & very personal. I see that with my own LL, which is why we put up with his nervous Nelly approach and his need to once a month find excuses to come out to the house.
Thanks, Butterfly, for your perspective. I have been in the exact same situation as you and dealt with my rental like it was my own.

This is my first owned house (after dealing with Ex and resulting credit issues) and while you should keep the sentimental part of it- bc a rental becomes a business deal- it is hard!

I really hope I can get lucky with a nice family like your and I do plan to "follow my gut" like your LL.

All the advice has been great- visiting their current home, doing a Google search, meeting with them several times, and doing credit checks. All great info.

We had a realtor come out this week and quote us a selling price about 20% less than what we paid two years ago! Ouch... So we won't be selling. I do not want to do a short sale unless push comes to shove.

Thanks again and keep the good tips coming!
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Old 04-15-2010, 07:06 PM
 
1,531 posts, read 3,413,797 times
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Originally Posted by LifesPeachy View Post
All the advice has been great- visiting their current home
i wonder how you would manage getting into possible/future tenants houses to see, how they live ? of course, that would be VERY interesting - and maybe eye-opening.
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Old 04-16-2010, 05:15 AM
 
Location: Long Neck,De
4,792 posts, read 6,751,620 times
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Quote:
Originally Posted by queenofbavaria View Post
i wonder how you would manage getting into possible/future tenants houses to see, how they live ? of course, that would be VERY interesting - and maybe eye-opening.
You simply tell them it is part of the application process. They will be livig in your house and when they go you will have to get it ready to rerent or pay some one to do it. Some folks make great tenants and others are nothing but problems. This helps to give you a look at who they are.
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Old 04-16-2010, 05:37 AM
 
604 posts, read 1,773,202 times
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Credit check - rightly or wrongly - does show a lot of corelation with good tenants and bad tenants - everytime LLs have been 'nice' to people based on their gut feeling about a renter I have had them call me back with horror stories within three months to get them out of the mess.

It is good to be humane but when one has to pay the mortgage payment - whether one received the rent paynment or not - it becomes business.

Visiting their home as a requirement for application may make sense on paper but how practical is it in this market where there are several options for the renters?
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Old 04-16-2010, 06:27 AM
 
1,531 posts, read 3,413,797 times
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Originally Posted by longnecker View Post
You simply tell them it is part of the application process. They will be livig in your house and when they go you will have to get it ready to rerent or pay some one to do it. Some folks make great tenants and others are nothing but problems. This helps to give you a look at who they are.
so would you call prior your visit ?

I of course would like to see how people live - but so far I've never heard of a pre-visit at the prospect tenants houses.
and as mentioned before, it's a renters market too ...

we have neighbors here who had to leave delaware and could not sell their homes on time. so they rented it out.
one family did everything on their own - and three (!) parties moved in and out in one year .... some left over night and did not pay for 4 months.

the other family is using a real estate company, who charges 10 % of the rent - but after what we watched just across the street - I am sure, we will use an agency if we have to rent out.
they take care of payments and react immediately, when a monthly check wasn't received. they also do the credit checks (and know how to read them ....) on interested tenants.
these tenants are in now for a year or so and there was no trouble so far.

another neighbor told me, the owner of an empty house in our street will go for 'chapter nine'. I am not exactly sure what that is .... like foodstamps people in financial trouble will get kind of 'coupons' and the rent will be payed by the government ?
if yes, I am not sure, if I liked that idea.
does it make sense, does it do any good to put a lower income family into an upscale neighborhood ?
not sure about it ... but at least you will get your payment on time

we rented a house for about a year, when we came from germany with not Credit history at all.
but we were lucky to find a nice landlord, who gave us a try with just a pay stub in our hands - and he was very sad by the time we moved out.
so I agree, not ALL tenants will run down your home and I feel bad for good people, who rent for years and tenants in general seem to have such a bad reputation.


Ps Credit checks were a big problem for us: after our third year here (and we NEVER missed a payment) someone used our sears account, bought stuff, never paid - and even that we filed fraud - it is still on our CH after almost 4 years
besides that we never had anything negative on our CH, but this incidence brought us down a couple of points.
I am telling that, because it can happen SO fast, your CH is messed up and leaves you behind with a not so good reputation - and it wasn't your fault at all. I will always keep that in mind (and we cancelled all store credit cards immediately).

Last edited by queenofbavaria; 04-16-2010 at 06:46 AM..
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Old 04-18-2010, 06:47 AM
 
604 posts, read 1,773,202 times
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QoB:

Did you mean to write Section Eight instead of Chapter nine?

And your point about being able to read the credit report is so true!!
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Old 04-18-2010, 10:12 AM
 
1,531 posts, read 3,413,797 times
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muhaha ... I guess. my husband talked to this neighbor and recall information seems to be his weakest link

no wonder, I could not find anything about chapter 8. I have a feeling, this will be a running gag in our family from now on
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