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Old 02-09-2010, 01:23 PM
 
Location: NW San Antonio (near Hausman and Babcock)
246 posts, read 617,777 times
Reputation: 243

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My wife and I have loved living in San Antonio, but we are debating moving back to the Dallas area to be closer to family and my work. Since our home has not appreciated that much in the 3 1/2 years we've been here, we're debating renting it out and utilizing a Property Management company to give us some peace of mind, since we won't be living in the same city once we rent it out.

Anyone have any suggestions for a good property management company in the area? Any stories (good or bad!) about renting out your home? The thing we worry most about is that someone will rent it and trash the place. Should we just sell it even though we won't make much money off of it, or rent it out and hope for the best?

Thanks for any advice!
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Old 02-09-2010, 01:36 PM
 
Location: San Antonio
4,149 posts, read 9,303,154 times
Reputation: 3308
Quote:
Originally Posted by Rasero View Post
My wife and I have loved living in San Antonio, but we are debating moving back to the Dallas area to be closer to family and my work. Since our home has not appreciated that much in the 3 1/2 years we've been here, we're debating renting it out and utilizing a Property Management company to give us some peace of mind, since we won't be living in the same city once we rent it out.

Anyone have any suggestions for a good property management company in the area? Any stories (good or bad!) about renting out your home? The thing we worry most about is that someone will rent it and trash the place. Should we just sell it even though we won't make much money off of it, or rent it out and hope for the best?

Thanks for any advice!
You hear about all the rental nightmares, but that's really only .01% of the case. Most landlords have very good experiences, or at least few bad ones. Since the market has stagnated a little bit in values, you're probably making a sound decision to try to rent it.

I'll DM you the name of a property manager that I send a lot of my clients to, and they've all been very happy.
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Old 02-10-2010, 06:00 AM
 
Location: New Braunfels, TX
6,256 posts, read 8,985,070 times
Reputation: 6340
You've got to do what you're comfortable with, but one bad renter or one bad management company and you're toast. Personally, I'd not be comfortable with that level of risk - I'd sell it and move on.
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Old 02-10-2010, 06:44 AM
 
1,119 posts, read 782,641 times
Reputation: 2092
If you are underwater, due to no fault of your own, and have to move for a job... the only choice is to rent it out. Otherwise, you better be willing to part with cash at closing.
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Old 02-10-2010, 06:57 AM
 
Location: San Antonio
4,149 posts, read 9,303,154 times
Reputation: 3308
Quote:
Originally Posted by TexasRedneck View Post
You've got to do what you're comfortable with, but one bad renter or one bad management company and you're toast. Personally, I'd not be comfortable with that level of risk - I'd sell it and move on.
You make it sound like one bad renter will make the place explode and make your insurance null & void. Owning rentals isn't for everyone, but there are a lot of people that make a lot of money via rentals, and rarely have bad experiences.

To each his own, but owning rentals is a very good way to build wealth for the future.
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Old 02-10-2010, 08:31 AM
 
Location: SoCal-So Proud!
4,263 posts, read 9,690,898 times
Reputation: 1541
Quote:
Originally Posted by kevcrawford View Post
You make it sound like one bad renter will make the place explode and make your insurance null & void. Owning rentals isn't for everyone, but there are a lot of people that make a lot of money via rentals, and rarely have bad experiences.

To each his own, but owning rentals is a very good way to build wealth for the future.
Have to agree with Kev...it's made us plenty.
.
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Old 02-10-2010, 12:51 PM
 
Location: Texas
204 posts, read 863,338 times
Reputation: 213
I'm in the same situation but reverse the locations. I'm in SA currently but own a home in Ft Worth that we're renting out. The key is finding a good property manager that knows how to treat their clients. Ours is awful at returning calls or emails, but they charge us a discounted rate so we tolerate it. Also, having a home warranty will be a life saver. If something breaks, all the property manager needs to do is call the warranty company and everything should be taken care of with little to no interaction from you. I think the hardest part of renting is just hoping that your home is always occupied. We were fortunate in that we found a renter within a month and he has been there over 2 years. If he were to lose his job or something and have to leave, it would definitely hurt us in the wallet.
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Old 02-10-2010, 04:43 PM
 
Location: New Braunfels, TX
6,256 posts, read 8,985,070 times
Reputation: 6340
Owning rentals CAN build wealth - but it can also bankrupt you. I have no issue w/local landlords, but in my experience non-local landlords can find it expensive. Some folks have the personality to handle renters - I don't, and know that. I've had great renters followed up by scum bags that cost me not only what I'd made, but another 10k in damages (they had "great" references). I've other friends that have done well with rental properties - so it's always a chance you take. It's like any other business, as long as you understand your risks you can take steps to minimize them.
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Old 02-10-2010, 07:14 PM
 
Location: Hawaii
237 posts, read 531,228 times
Reputation: 161
Did you have warranties and ins.? A property manager? Heavy vetting of potential renters?
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Old 02-10-2010, 09:49 PM
 
Location: New Braunfels, TX
6,256 posts, read 8,985,070 times
Reputation: 6340
Property manager? I was MARRIED to one....Insurance? Sure - but it only covers so much. Warranty?<snicker> Give me a break, man - most aren't worth the paper they're written on. I got "sorry-not covered" so many times it wasn't funny. Like I said - some folks just aren't cut out to be landlords - and I'm one of 'em. I got tired of the games. There's good renters out there - I've been one. There's also horror stories out there, and I learned over the years that you often don't find out the difference until they've moved in.
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