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Old 07-30-2015, 07:58 AM
 
154 posts, read 196,278 times
Reputation: 61

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I am thinking about renting my 3000 sq feet house for rent in riverstone. Please help me with some pointers . How much should I expect ? Hidden expenses ? Realtors fees ? Any advice is welcome .
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Old 07-30-2015, 11:06 AM
 
270 posts, read 405,951 times
Reputation: 521
Spend some quality time on the Real Estate/renting subforum on city data. There are many, many threads over there on how to screen tenants, understanding how leases and evictions work, links to landlord/tenant laws, and many costly horror stories you can learn from.
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Old 07-30-2015, 11:10 AM
 
6,720 posts, read 8,389,294 times
Reputation: 10409
Use a service. You'll regret doing it yourself, especially if you don't live close by.
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Old 07-30-2015, 12:09 PM
 
Location: Non Extradition Country
2,165 posts, read 3,772,966 times
Reputation: 2261
When we started out we intended to use a service. I decided against it when I found out how much it can cost and decided to do it on my own. I did some serious research and learned as much as I could. I have friends that are RE agents and they still couldn't answer some questions that I needed info on and the internet was a ton of help in garnering the much needed education into leasing/renting homes.

It's your money and you should get every dime of it.

Learn about checking credit and running background checks.
Set up a bank account solely for rent/lease payments as well as repairs, etc.
Learn how leasing/rental agreement works and how they are enforced.
Make sure you have the correct insurance for your home and forms to ensure that renters have their own insurance.
Learn how to advertise your home to prospective tenants. Words to use to get the best tenants and deter others. (yes it's legal)
Learn about Immediate Disqualifiers so that you can cut through the applications quickly.
Always verify everything. Employment, previous rentals, references, etc.

Lots of valuable info here as well.

How To Rent Your House: The Definitive Step by Step Guide

How to Be A Landlord: Top Ten Tips for Success

Check out Zillow as they have some very useful info too.

Good luck.
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Old 07-30-2015, 01:41 PM
 
2,047 posts, read 2,984,276 times
Reputation: 2373
Demand for over 3k rentals is a small market. Also for some reason, there is an abundance of rentals in SL for some reason this season more than usual (per RE friend).

Folks that rent the house themselves tend to attract the individuals that cannot rent through regular means (bad credit no income etc).

You also have to realize at best you will break even on this.

Anyway in spite of all that, management is usually 10% of the annual rent. They tack on additional fees for renting it out.

You will also need to buy the warranty service to cover some of the issue as rentals usually mean more things will break.
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Old 07-30-2015, 02:43 PM
 
154 posts, read 196,278 times
Reputation: 61
Thank you so much for these information . So if I will get the service , will they take care of recurring problem with the tenant or there work is over once they rent it out
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Old 07-30-2015, 09:28 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,197,318 times
Reputation: 15226
Quote:
Originally Posted by nisw View Post
Thank you so much for these information . So if I will get the service , will they take care of recurring problem with the tenant or there work is over once they rent it out
No, property management companies also take care of handling maintenance.

The reason there are so many rentals in SL is that people that are being moved for a couple of years with their job, and will probably come back to Houston afterwards, are basically putting in renters as "placeholders". It's far better financially, than coming back in two years and finding that the same house will go for a LOT more.
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Old 07-31-2015, 03:39 PM
 
1,743 posts, read 3,820,900 times
Reputation: 2430
I have rentals, and have had them for several years.

I don't pay a management company, I do it myself. What does this mean? I have to make 3-4 phone calls per year to coordinate trades to fix something. Sure, could something catastrophic happen, and it could turn into a nightmare? Sure...hasn't happened yet. If it does, I will handle it.

I don't break even, if I did, I wouldn't have rentals. The whole purpose is for positive cashflow and to diversify my investments

Conduct background checks, there are several online services. The applicants pay for the service with their rental application. Verify employment, get 30 days paystubs, and verify rental history.

Probably the best advice I could give is to be a good landlord. If the tenant is having a problem, get it fixed fast, show them that you care. Don't nickel and dime them either, do things right. This is a way to keep good tenants
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Old 07-31-2015, 06:41 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,197,318 times
Reputation: 15226
Quote:
Originally Posted by Houston321 View Post
I have rentals, and have had them for several years.

I don't pay a management company, I do it myself. What does this mean? I have to make 3-4 phone calls per year to coordinate trades to fix something. Sure, could something catastrophic happen, and it could turn into a nightmare? Sure...hasn't happened yet. If it does, I will handle it.

I don't break even, if I did, I wouldn't have rentals. The whole purpose is for positive cashflow and to diversify my investments

Conduct background checks, there are several online services. The applicants pay for the service with their rental application. Verify employment, get 30 days paystubs, and verify rental history.

Probably the best advice I could give is to be a good landlord. If the tenant is having a problem, get it fixed fast, show them that you care. Don't nickel and dime them either, do things right. This is a way to keep good tenants
This^^^ This^^^This^^^

Add to it:

Make sure you have checked thoroughly. It's much more difficult to get a bad tenant out than it is to not let them in, in the first place.

Also, if market rents rise - bear in mind that you might not want to hit the good tenant with a rent increase that matches market rate.
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Old 07-31-2015, 06:45 PM
 
675 posts, read 1,453,378 times
Reputation: 733
Quote:
Originally Posted by Houston321 View Post
I have rentals, and have had them for several years.

I don't pay a management company, I do it myself. What does this mean? I have to make 3-4 phone calls per year to coordinate trades to fix something. Sure, could something catastrophic happen, and it could turn into a nightmare? Sure...hasn't happened yet. If it does, I will handle it.

I don't break even, if I did, I wouldn't have rentals. The whole purpose is for positive cashflow and to diversify my investments

Conduct background checks, there are several online services. The applicants pay for the service with their rental application. Verify employment, get 30 days paystubs, and verify rental history.

Probably the best advice I could give is to be a good landlord. If the tenant is having a problem, get it fixed fast, show them that you care. Don't nickel and dime them either, do things right. This is a way to keep good tenants


THIS. If my tenant calls me with issues I take care of them immediately, big or small. So far they have been excellent tenants and my rent is in my bank account the 1st of every month direct deposited and they have treated my house like their own.

I had my realtor verify credit, employment, paystubs, rental history etc. You will more than likely turn some people down and your going to have to be ok with it. No regrets so far in this landlord business .
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