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We have friends who years ago bought a nice little house in a nearby town and fixed it up w/ the idea of renting it out - he was very handy and all the improvements he made were wonderful - long story short, their first (and I think only) tenants raked them over the coals, were always behind on rent, if they paid at all (this was a # of years ago and I dont remember all the details other than it was so bad - and very very difficult to evict them too as there are laws that protect them) - no clue here about the statistics (how often it happens) and all may go fine, I'm sure there are great tenants out there but it w/b out of my comfort zone (unless I absolutely had no choice). JMO
We rented our house in upstate NY to a couple who were, too, going to buy it. They refused to pay the rent for 3-4 months. The realtor told them to "save this" toward the down payment of the house--of course without our knowledge or consent. Didn't find out till after that this was the realtor's scheme. Same realtor who tried to get us to put in a new furnace for them at the closing (furnace was A OK--our lawyer said no way, Jose). I guess not all realtor's are ethical...
Thanks for the advice. How well did you screen your tenants? I figure that I can try to rent to family's and request to see their paystub to make sure they can afford it. I'm pretty handy and could handle the minor problems easily.
I guess for a multi family an acre isn't feasible. That's ok I guess. Thanks a lot though for the help
The 1st tenants lived upstairs and we lived down for 2 years when we bought it. They were the perfect tenants with great jobs! Until......oh boy long long story but basically she left him and he went NUTS! Wasn't paying rent, if I showed you pictures of the place you'd throw up, used carpet as an ash tray and a urinal. Just craziness out of no where, wasn't our fault she left him but he sure took it out on us. The 2nd tenant I screened very well, and called on every reference. He seemed like a great guy and had a little boy who was very ill, tracheotomy, feeding tube, sweet boy. Well the lease was sign and it all went down hill fast. After he got all his stuff in, his woman who wasn't on the lease showed up with her stuff. He was smoking! Was in the lease he couldn't and with that poor child in the house! Just total scumbags and the fights they would have OMG! So ya I screened them but people are people and even if you think you know someone things can still go wrong. But hey maybe you will have great luck and I hope you do. Wish I could be more helpful and I don't mean to sound like a bummer on your tenant idea I just want you to see the bad side so you can see what you could be in for. Best wishes.
Don't let anyone talk you out of owning a multiple family due to all the headaches it comes with. In some cases the minor headaches are worth it. Those who have had major headaches probably did not screen well enough. Like backround checks, credit checks, previous landlords, references. It takes a lot of effort, and good for you for being handy. You need to have a DIY spirit.
Rug-City, I love your posts about Amsterdam (and of course your username). I don't how long you've lived there... but, I grew up there. I love my beautiful, beautiful Amsterdam. There is a community feel there like nowhere else. I worked at price chopper for 7 years, and people used to come in late at night and ask if there was somewhere "less dangerous" they could find a hotel. People judged us by the old factories- but, they just don't seem to understand that the factories MADE us, and destroyed us. My grandparents and great-grandparents worked in those factories- I look at them and see PRIDE and hard work. Their pride in their factory jobs is really what gave me the opportunity (and so many others living there) to go to college. I visit and look at the roads and can point out the ones that my grandfather built.
Amsterdam is a wonderful community with a rich history- and a true sense of pride.
It deserves a better rep. I wish we could promote it- but I fear people moving there. I don't want them to destroy my memories of meeting someone's parents and having them say, "what's your last name?" "oh yes, I know your dad- and all of your uncles... in fact, we are almost related"- It's selfish. But, I don't care what anyone says about Amsterdam. I love it with all of my heart.
I would most defintiely not recommend for sale by owner. YOu have no protection and won't know what your getting. You need a realtor to work for you as a buyer's agent at no cost to you . The seller pays for it ( not with for sale by owner!).
Last edited by Marka; 07-05-2008 at 12:34 PM..
Reason: soliciting
My parents have a two family unit which they rent in the area and had a similar problem that rug city experienced (late or no rent paid, impossible fees to evict, and then, the inevitable pre-eviction trashing...).
paystubs as a prerequisite to moving in is good, but, they found that asking for a credit/criminal report goes a long way in determining who would be a good tenant. It sounds a bit drastic, but, it's one of the few ways to bring some piece of mind in the whole selection process.
I think it's just one of those unfortunate things that one can no longer simply take someone's word in this day and age...
In my last post I was referring to Irreplaceable's post on 6/20/08, not Rug City's. Sorry for the error
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! Just total scumbags and the fights they would have OMG! So ya I screened them but people are people and even if you think you know someone things can still go wrong. But hey maybe you will have great luck and I hope you do. Wish I could be more helpful and I don't mean to sound like a bummer on your tenant idea I just want you to see the bad side so you can see what you could be in for. Best wishes.
Albany Real Estate
