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I was forced to rent our old townhouse for 5 years. I think it took 50 years off my life.
Yes to #1 & #3. I had to rent a condo out for too many years (damn 1988 real estate bubble).. would do anything within my power NEVER to be a landlord again.
Are you assuming, or have you already had market analyses performed?
I am basing that on what I have seen that sold in the last year. Although, a market analysis is probably a good idea.
Yes!
Let them take on liabilities of dealing with a tenant.
Landlording is difficult enough, and I suggest any first time landlord should hire out tenant placement and handling.
Any management companies come highly recommended? I live right up the street, so was hoping I could handle things, but can look into this option.
Hey, don't listen to all the naysayers here. I own 21 properties with a total of 26 units all here in Durham, and I manage every property myself. Thus I juggle 26 different tenants, and it really isn't that difficult. I probably spend a total of 10 hours a month handling all of the issues, and in doing so, keep at least $3,000+ of monthly rental income in my pocket that a property manager would otherwise be getting. Is my time worth $300/hour? He*l yes it is! I am able to do this while still working a full time job in a completely different industry.
That said, my advice is to NOT let a property management company run it for you. There is no substitute for hands on learning, and since this is your first rental, you should really run it all yourself. Plus, a company will most likely want a months' rent once they find a tenant, and then you will have to pay them 8-10% each month of the rent amount. That is a huge chunk of rental income and potential cash flow. Even worse, most property managers need to be managed by the owners themselves, as no one cares about your property as much as you do. I can give you a good rental application you can use and a great online site for screening tenants for background/eviction/credit history. I also have the standard residential rental contract that realtors/property managers use here in NC that is written by the state bar. Just let me know if you need any assistance getting set up!
Hey, don't listen to all the naysayers here. I own 21 properties with a total of 26 units all here in Durham, and I manage every property myself. Thus I juggle 26 different tenants, and it really isn't that difficult. I probably spend a total of 10 hours a month handling all of the issues, and in doing so, keep at least $3,000+ of monthly rental income in my pocket that a property manager would otherwise be getting. Is my time worth $300/hour? He*l yes it is! I am able to do this while still working a full time job in a completely different industry.
That said, my advice is to NOT let a property management company run it for you. There is no substitute for hands on learning, and since this is your first rental, you should really run it all yourself. Plus, a company will most likely want a months' rent once they find a tenant, and then you will have to pay them 8-10% each month of the rent amount. That is a huge chunk of rental income and potential cash flow. Even worse, most property managers need to be managed by the owners themselves, as no one cares about your property as much as you do. I can give you a good rental application you can use and a great online site for screening tenants for background/eviction/credit history. I also have the standard residential rental contract that realtors/property managers use here in NC that is written by the state bar. Just let me know if you need any assistance getting set up!
I've had several relatives and girlfriends rent out houses and every last one of them ended up with a (at lease one) horror story. None of them walked away without $5-15,000 in repairs. And I really doubt they had earned that much in post-mortgage profit.
In retrospect, the two efforts to plan on are:
Spend a huge effort at pre-screening the renters.
Plan on spending some time on a regular basis (ever month or two) to check on them. Do a walk-through 3-4 times a year. Have your right and intent to do so explicitly stated in the lease. Tell them it's checking for leaks and whatever, and that you intend to be a hands-on landlord, making sure they stay comfortable. It lets you know early if they are trashing the place or violating terms, IE: having undeclared roommates, kitchen becoming a landfill, new cabinets torn from walls, drywall holes the size of basketballs, forbidden pets given birth on the carpets, etc (all experiences I've seen).
Of course you will get other horror-stories from readers, and dream-tenant stories too. Just don't expect that cashing the rent check to be the only work involved.
I own a local condo that a family member has been living in since I purchased it ten years ago. They are moving out and after thinking it over, have decided to try to rent vs. sell (hasn't gone up in value). I have never been a landlord before and am a bit nervous about the whole thing, but hoping for the best.
I am looking for recommendations on where to list it for rent, get a credit/eviction/background check on prospective tenants, the best place for free or low cost forms that apply to NC laws, any forums/FB groups for advice and best practices. I fear this is not the best time of year for renting, but I could be wrong. Feel free to send me a DM. Thanks in advance!
Hire a property management company!!!! I have two properties I managed myself for a few years. I finally decided to hand them over to a property manager. Night and day. No tenant calls,rent direct deposited into my account. They do a thorough background check on all potential tenants. So far it's working out very well.
I own a local condo that a family member has been living in since I purchased it ten years ago. They are moving out and after thinking it over, have decided to try to rent vs. sell (hasn't gone up in value). I have never been a landlord before and am a bit nervous about the whole thing, but hoping for the best.
I am looking for recommendations on where to list it for rent, get a credit/eviction/background check on prospective tenants, the best place for free or low cost forms that apply to NC laws, any forums/FB groups for advice and best practices. I fear this is not the best time of year for renting, but I could be wrong. Feel free to send me a DM. Thanks in advance!
Why does it need to have gone up in value? If it hasn't gone down and the renters have been paying the mortgage all these years, just sell it and be done with it. Cary 27519 should not be a difficult sell.
Location: River's Edge Inn, Todd NC, and Lorgues France
1,737 posts, read 2,574,763 times
Reputation: 2775
Quote:
Originally Posted by freshjiv
Hey, don't listen to all the naysayers here. I own 21 properties with a total of 26 units all here in Durham, and I manage every property myself. Thus I juggle 26 different tenants, and it really isn't that difficult. I probably spend a total of 10 hours a month handling all of the issues, ...
Wow, that's 23 Minutes per month per unit to handle all of the rental issues ? Every other responder here must be something very wrong.
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