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Old 08-08-2010, 12:23 AM
 
10 posts, read 25,031 times
Reputation: 19

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Hi all,

We recently put our house up for sale and moved to another state for a job . Two months passed and we haven't got a single offer. Recently a client interested in a long term lease (3-4yrs). We've never been landlord before and never thought we would be since we don't really want to deal with all the headache associated with being one; but given the current market and the fact that we are paying 2 house payments, we are consider the leasing option. The only problem is that we are out of state and totally clueless about leasing out property. We were thinking about hiring Management Company but our agent doesn't think we need one. We thought so too until I read this forum and realize so much needs to be sorted out (insurance, utility changes, security deposit, pets or not, pet deposit refundable or not, informing the mortgage lender...).
Our house is in a pretty nice area and we spent a lot of money doing major remodeling in preparation for the sale (totally new kitchen, master bath...) so I'm a bit afraid to rent it out just to fix it up again in 3-4 yrs to put up for sale again (since we are pretty sure we’re not coming back to Texas). Yet I'm skeptical it would sell any time soon.
Any thoughts/advices? Any landlords want to share with us what to watch for and such?

Thanks!
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Old 08-08-2010, 08:09 AM
 
Location: Central Texas
20,958 posts, read 45,387,627 times
Reputation: 24740
By all means, hire a property management company to take care of this for you! We did so, before I became an agent, with our house only 40 miles away, and it was worth every penny. They will be the ones to answer the phone in the middle of the night and send the plumber if there's a plumbing disaster, to deal with the tenants on the ground, not from another state, and will know the Texas real estate laws regarding renting out property and will keep you on the right side of them. It's about a lot more than finding a tenant!

Why on earth does your agent think you don't need one, living in another state?
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