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Old 12-11-2016, 09:33 AM
 
Location: Dallas, TX and Las Vegas, NV
5,695 posts, read 4,415,996 times
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We have decided to rent a house in a 55+ community in the Las Vegas area to try out the city and the lifestyle.

We live in a condo on the urban edge of Dallas that we own and are just planning to leave it fully furnished when we are away. We'll be gone 6-12 months while we decide if we want to make a permanent move.

This is not a good time of year to find tenants; I have had our condo listed for lease for about 5 weeks now with very few responses. I have also had a corporate relocation service come by....they would love to put it under contract for a year totally furnished. However, many of their terms for managing the property are disturbing to me.

To cover this condo's taxes, HOA fees and utility expenses, the business person in me wants to lease out the condo fully furnished, utilities included, and I would be happy to charge a very competitive rent for the area. However, even as a landlord for over 30 years, I have never rented out my personal home with my personal furniture. I have never paid utilities either.

Anyone have had this experience to give me some input?
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Old 12-11-2016, 09:57 AM
 
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DH & I are avid short term renters. We spend nearly half the year in vacation rentals, anywhere from 3 days to a couple of months at a time, so I'm speaking from that perspective.

We avoid owner-occupied rentals like the plague. If you do go that direction, be sure to leave NO personal belongings (clothing, toiletries, knickknacks & pictures, food and pantry items, etc). It's inconvenient and frankly a turnoff. We don't want to look at someone's snow globe collection. Every single item in the rental should be for the renters' use or enjoyment. If you need to leave personal things behind, either put them all in one locked closet or better yet get a storage unit.

Unless it's an exceptional property in a desirable area, we choose places that don't charge housecleaning fees. We consider that part of the owner's carrying charge, along with utilities and cable/internet. We are OK with occupancy taxes being itemized, stated, and added to the rental rate.
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Old 12-11-2016, 10:01 AM
 
Location: Dallas, TX and Las Vegas, NV
5,695 posts, read 4,415,996 times
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Quote:
Originally Posted by biscuitmom View Post
DH & I are avid short term renters. We spend nearly half the year in vacation rentals, anywhere from 3 days to a couple of months at a time, so I'm speaking from that perspective.

We avoid owner-occupied rentals like the plague. If you do go that direction, be sure to leave NO personal belongings (clothing, toiletries, knickknacks & pictures, food and pantry items, etc). It's inconvenient and frankly a turnoff. We don't want to look at someone's snow globe collection. Every single item in the rental should be for the renters' use or enjoyment. If you need to leave personal things behind, either put them all in one locked closet or better yet get a storage unit.

Unless it's an exceptional property in a desirable area, we choose places that don't charge housecleaning fees. We consider that part of the owner's carrying charge, along with utilities and cable/internet. We are OK with occupancy taxes being itemized, stated, and added to the rental rate.
Thanks. Yes, we are also frequent AirBNB users and will put all personal items in the 8x10 storage room we have in a separate locked area on the premises not attached to the condo.
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Old 12-11-2016, 10:08 AM
 
10,813 posts, read 8,059,843 times
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Originally Posted by WorldKlas View Post
Thanks. Yes, we are also frequent AirBNB users and will put all personal items in the 8x10 storage room we have on the premises.


After 4 years of traveling and enjoying vacation rentals, we are purchasing a home in our favored locale, will close next week.
We plan to keep our TX home for at least 6 months, will be returning here perhaps once a month. We briefly considered offering it for short-term rentals but decided it's not worth the hassle for us, we have too much going on what with trying to settle into the new house.

I hope your trial relocation works out for you! Good luck, and keep us posted.
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Old 12-11-2016, 04:34 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Congratulations on LV and hope all goes well.

Dallas offers you 80,000 seminary / theology students. (Usually mature adults). That resource works well as 'boarder / renters', plant / pet/ house sitters for our custom, personal, furnished rural view homes since we travel a lot (like ALL of 2016). We have extra living space (for when we are seldom home) and some rules (not much) and don't have any significant problems. I look for ex-farm kids in seminary. They know how to fix stuff, handle emergencies and not CAUSE emergencies... (fireplaces, wells, septics, snowy driveways, falling trees, significant 'hilly' lawn mowing, using tractors, keeping pipes from freezing, livestock care).

We usually charge 50-70 % market rents (including utilities) defending on the needs / resources. Our 'boarders' share only laundry, and have their own entrance and 1800sf view apartment.

Enjoy LV and get out to Valley of Fire for sunrise and sunset!

We keep a winter / seasonal Hill Country rural home that is rented out, and has a free cabin for us (and a 30x70 shop too!). We have very good cash flows and success on our TX rural income props. They will get sold on Contract when rates and values go up a bit.
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Old 12-11-2016, 04:48 PM
 
Location: Dallas, TX and Las Vegas, NV
5,695 posts, read 4,415,996 times
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Originally Posted by StealthRabbit View Post
Congratulations on LV and hope all goes well.

Dallas offers you 80,000 seminary / theology students. (Usually mature adults). That resource works well as 'boarder / renters', plant / pet/ house sitters for our custom, personal, furnished rural view homes since we travel a lot (like ALL of 2016). We have extra living space (for when we are seldom home) and some rules (not much) and don't have any significant problems. I look for ex-farm kids in seminary. They know how to fix stuff, handle emergencies and not CAUSE emergencies... (fireplaces, wells, septics, snowy driveways, falling trees, significant 'hilly' lawn mowing, using tractors, keeping pipes from freezing, livestock care).

We usually charge 50-70 % market rents (including utilities) defending on the needs / resources. Our 'boarders' share only laundry, and have their own entrance and 1800sf view apartment.

Enjoy LV and get out to Valley of Fire for sunrise and sunset!

We keep a winter / seasonal Hill Country rural home that is rented out, and has a free cabin for us (and a 30x70 shop too!). We have very good cash flows and success on our TX rural income props. They will get sold on Contract when rates and values go up a bit.
That's a great solution for you Stealth, not needed as far as housesitting -- our condo staff is charged with any needed stuff like putting packages in our condo and if we had plants they would also water. Condos are pretty much lock and leave situations. We couldn't have more than 2 adults because our urban condo has no parking beyond our 2 reserved spaces in the underground garage. We have one floor in our building that has 5 units leased to SMU students and we really have witness too many student issues. We want professional adults leasing from us who are income earners. We don't want to have to collect rent from parents.
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Old 12-11-2016, 05:06 PM
 
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I am familiar with townhouses built on Arizona golf courses for snowbirds. They typically have a big pantry closet/room with a locking solid door. Owners use their place for a few months in the winter & then have the property management company rent them out the rest of the year. Anything personal, but not so valuable it would stupid to leave it, is locked in the closet.
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Old 12-11-2016, 05:32 PM
 
Location: Dallas, TX and Las Vegas, NV
5,695 posts, read 4,415,996 times
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Originally Posted by historyfan View Post
I am familiar with townhouses built on Arizona golf courses for snowbirds. They typically have a big pantry closet/room with a locking solid door. Owners use their place for a few months in the winter & then have the property management company rent them out the rest of the year. Anything personal, but not so valuable it would stupid to leave it, is locked in the closet.
Yes, we have an 8x10 storage closet in a secured part of the building not attached to the condo.
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Old 12-11-2016, 08:07 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,555 posts, read 39,934,465 times
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Quote:
Originally Posted by WorldKlas View Post
That's a great solution for you Stealth, not needed as far as housesitting -- our condo staff is charged with any needed stuff like putting packages in our condo and if we had plants they would also water. Condos are pretty much lock and leave situations. We couldn't have more than 2 adults because our urban condo has no parking beyond our 2 reserved spaces in the underground garage. We have one floor in our building that has 5 units leased to SMU students and we really have witness too many student issues. We want professional adults leasing from us who are income earners. We don't want to have to collect rent from parents.
Wow... I said Seminary, not Jr. High (we have only been doing this for 30+ yrs ourselves and NEVER even met the parents (most 'seminary students' are in their 30's - 70's))

Good luck, sounds like you already knew your answer, have a wonderful retirement! You have all the answers Sweet!



"worldklas" who should have ever thought different
Quote:
Anyone have had this experience to give me some input?

""We want professional adults leasing from us who are income earners."" Done deal!
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Old 12-12-2016, 05:33 AM
 
Location: Dallas, TX and Las Vegas, NV
5,695 posts, read 4,415,996 times
Reputation: 11670
Quote:
Originally Posted by StealthRabbit View Post
Wow... I said Seminary, not Jr. High (we have only been doing this for 30+ yrs ourselves and NEVER even met the parents (most 'seminary students' are in their 30's - 70's))

Good luck, sounds like you already knew your answer, have a wonderful retirement! You have all the answers Sweet!



"worldklas" who should have ever thought different

""We want professional adults leasing from us who are income earners."" Done deal!

Certainly did not mean to offend you! And it sounds as if you have found the perfect solution for yourself. Smart and lucky. Thanks for sharing your situation, and glad to hear it works great for you to have students who care for your property. Your solution is so different from my own from what I understand because your student tenants are not living in your personal quarters and provide the valuable service of caring for your property.

As mentioned, we are on the urban edge and looking to rent our personal space -- wondering about others' experience. Students here who rent in our building (rents at normal market rates start about $3K/month unfurnished. The other unit just like mine leases for $4K/month unfurnished, not utilities -- I wouldn't charge that) only have 2 parking spots per condo so they are students who walk to SMU and their affluent parents pay the rent for them. Most students living in 2 bedroom condos here are 4 students splitting costs. I would think the rent would have to drop below $2K/month furnished with utilities paid for a pair of Theology students to afford the condo -- at that I would not be making enough to pay the condo's expenses. The deep discount I would need make for only 2 Theology students staying in our condo wouldn't provide me a return in value like you get as far as property upkeep since its not needed here.

Last edited by WorldKlas; 12-12-2016 at 06:35 AM..
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