Selling vs Renting my townhouse (Vernon: apartments, renter, condo)
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I am hoping to relocate to a new state and currently own a 3br condo in the Vernon area that am thinking to rent to someone who will take care of it.
I am new to rental property game, so any suggestions as to what I can do to minimize any risk? What are rents going for these days? Do I pay for the water? Any help is appreciated!
I do not think it would be a good idea to be an out-of-state landlord. I rent a property in state and it can be a real pain at times and I have had some very good tenants. Everytime a tenant moves you must be there to check the property and get it ready for the next tenant. This could take time if you need significant repairs or improvements. That means you must be able to be away from where you are living for that time. Alos any time there is a pproblem you must try and find some one to repair it. i have been fortunate to have tenants that could fix things or stay home and meet repairmen but that is not always te case. Why should your tenant have to take a day off from work to wait for a repairman?
Also there are tenants who are problems. I just had one that moved out after just two months. she left the place a mess with furniture and her old junk that I had to arrange to get rid of. It took a lot of time to clean the place up for showing. My current tenants are great but a couple of weeks ago there was a leak from upstairs and she did not know what to do. I could not get down there that night because of other commitments but it was very tense trying to get this resolved fromadistance. She had to call the fire department to break into the apartment and shut off the water. The association called me and gave me grief because I was not there to resolve this (but that is a whole other story). Anyway, I would not suggest doing this because of the headaches and the costs. Good luck, Jay
What a mess!!!! Those stories frighten me into selling and running into the sunset with the money (lol)! I was thinking of a property mgmt place taking care of the day-to-day stuff like the leaks, repairs and all that stuff. The one I spoke with charges $50/mnth. Of course if something happens like a leak, I have to pay for it, but the prop mngmt folks come out, rather than me. What do you think? I value your opinion!
What a mess!!!! Those stories frighten me into selling and running into the sunset with the money (lol)! I was thinking of a property mgmt place taking care of the day-to-day stuff like the leaks, repairs and all that stuff. The one I spoke with charges $50/mnth. Of course if something happens like a leak, I have to pay for it, but the prop mngmt folks come out, rather than me. What do you think? I value your opinion!
Thanks
Maurie
Being a landlord is not for the faint of heart. There will be months between tenants where you may not be collecting rent. If it is the holidays when your tenant leaves it may be difficult to find a renter (that is what happened to me this past fall). I did not mean to scare you but I did want to let you know what could happen. I have rented my place out for the past 13 years and it has only been the last year there was a real problem. Before that things weren't too bad.
$50 per month seems low to me for a management fee. What do they do for that amount? If they handle everything, that would be a bargain IMHO.
Anyway, no one could tell you for sure if renting your place out would be the best thing. I would assume that you would have to sign a contract with them, so I would read it carefully. Good luck, Jay
No worries, Jay--you didnt scare me too badly What you say makes sense...my parents rent property and the ebb and flow of good vs not-so-good tentants is ever-present, but for the most part, things have gone well. They tried to get me interested years ago, but it seemed like a lot of work for me (I work FT and they are retired). They manage the property themselves, for the most part.
But now that the opp has presented itself, I will do my homework and pray for the best. The prop mangmt place says they will do everything, collect rent, respond to calls, etc. Everything seems on the up and up, but I will read everything with a fine tooth comb. I can also give you contact info, if you want/need it (no pressure) Let me know. Your posts are really helpful. Thanks
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What you say makes sense...my parents rent property and the ebb and flow of good vs not-so-good tentants is ever-present, but for the most part, things have gone well. They tried to get me interested years ago, but it seemed like a lot of work for me (I work FT and they are retired). They manage the property themselves, for the most part. 
