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Old 01-03-2014, 04:45 PM
 
Location: Massachusetts
294 posts, read 539,318 times
Reputation: 106

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We have a single family home in Worc. and are wanting to make a move south to see what life in a warmer climate would be like. We wanted to sell at first but with updating the home cosmetically and then the cost of selling combined with the value being a bit less than what it was when we bought it a few years ago we were thinking maybe it would make more sense to rent it out? So I'm wondering if anyone has done this before and what their experience was/is. Esp where we will be thousands miles away and would need a property manager.
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Old 01-03-2014, 05:59 PM
 
1,768 posts, read 3,217,837 times
Reputation: 1592
It will all come down to how much rent you can get; what type of renter you can attract; can you afford manager; is your property and location desirable? You have to be objective with what your property offers, as well as comfortable with letting other people live in your home. It does take more blind trust than one thinks.

Someone I know, lives in NC, but rents triple-decker in Davis Sq. area of Somerville. They have always had rent just below market so renters tend to stay for a long time around. Rents increases are minimal and advertised very early.
Instead of property manager they put in their tenants leases list of repair companies that landlord has approved to handle repairs. Tenants let them know if something is going on, and it goes on from there. One of the longer live-in tenant is also taking care of snow and lawn for lesser rent. It works well for landlord, and with minimal headache. Tenants appreciate good landlord and cheaper rents, so it is never, ever empty. It rents itself practically. Landlord visits yearly or so, and makes sure that big ticket items are taken care off, if it's time. Place is decent and well kept, but nothing luxurious.

They can make lot more money with this location, but more money would mean more demanding tenants, and more headache. So, they kept it very simple. It works for them as they bought this place just before RE boom. Not everyone can afford this approach.

If you are close to U Mass Medical School see if you can put your property on the list for the UMass housing. Nice way to get decent tenants, as grad and doctoral students are older, more serious, and always in need of a place.

I hope this helps.
Good luck.
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Old 01-03-2014, 10:17 PM
 
Location: Massachusetts
294 posts, read 539,318 times
Reputation: 106
Quote:
Originally Posted by kingeorge View Post
It will all come down to how much rent you can get; what type of renter you can attract; can you afford manager; is your property and location desirable? You have to be objective with what your property offers, as well as comfortable with letting other people live in your home. It does take more blind trust than one thinks.

Someone I know, lives in NC, but rents triple-decker in Davis Sq. area of Somerville. They have always had rent just below market so renters tend to stay for a long time around. Rents increases are minimal and advertised very early.
Instead of property manager they put in their tenants leases list of repair companies that landlord has approved to handle repairs. Tenants let them know if something is going on, and it goes on from there. One of the longer live-in tenant is also taking care of snow and lawn for lesser rent. It works well for landlord, and with minimal headache. Tenants appreciate good landlord and cheaper rents, so it is never, ever empty. It rents itself practically. Landlord visits yearly or so, and makes sure that big ticket items are taken care off, if it's time. Place is decent and well kept, but nothing luxurious.

They can make lot more money with this location, but more money would mean more demanding tenants, and more headache. So, they kept it very simple. It works for them as they bought this place just before RE boom. Not everyone can afford this approach.

If you are close to U Mass Medical School see if you can put your property on the list for the UMass housing. Nice way to get decent tenants, as grad and doctoral students are older, more serious, and always in need of a place.

I hope this helps.
Good luck.
Wow, very informative. Thank you. And I agree on the lower rent part I said the same to my husband to just try to cover mortgage and small amount for emergencies that could arise. we do live close enough to Umass, both Lake Ave and Belmont St campuses and literally 1 minute from the highway, no lie 1 minute. We have a 3 bedroom Cape style house, kitchen not updated cosmetically, but not 70's looking either.. but that is the biggest 'issue' really it is 1950's era and have original cabinets, white and linoleum floors which we can replace before hand to make it look nicer. A beautifully remodeled bedroom with his and her closets with custom doors on the closets. a nice dining room that has french doors leading onto the deck, a huge fenced in yard about half an acre, pool - which we will prolly take down for liability reasons..off street parking for 3 cars and a 1 car garage, corner lot on a dead end street...we would ask $1350 a month..does that seem like a good deal?? I would LOVE o target the Umass market as I want someone responsable and professional to live here.
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Old 01-04-2014, 08:36 AM
 
1,768 posts, read 3,217,837 times
Reputation: 1592
Talk to the school and see what it takes to be on their housing list. Rents seems reasonable.
Good luck.
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