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Old 11-11-2007, 10:59 AM
 
32 posts, read 116,981 times
Reputation: 17

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Hi! We are looking to rent out our riverfront condo in San Marco and have never been "Land lords" before... any advice on how to advertise and find good tenants? I have heard of Craigslist, but have no idea how to post there.

Also, with this being the holiday season, do you think we should hold off until spring???

Thanks for any advice
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Old 11-11-2007, 11:35 AM
 
Location: Jax
8,200 posts, read 35,360,457 times
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No reason to hold off due to the season, but do hold off until you have all your ducks in a row.

You want to find a way to do a good background check - check criminal history, check job background, check credit report, check past rental referrals, check anything you feel will be applicable.

Get a good, legal lease - you can buy the standard ones in the stationary store or have a special one drafted up by a real estate attorney.

I allowed pets before and now realize that was a mistake - even cats can do major destruction if you have a renter who doesn't care. You'll want to think about whether you're willing to allow pets or not.

There's a lot more to it (a lot more), but that's just for starters. I'd be certain you have everything in place before even placing an ad.

Being a landlord is not easy, and usually not a money-maker in the short-term (any surplus is usually spent on repairs, etc.), but it can be good for building long-term equity.

Personally, I am done with it - it is not worth it to me. It can be so heartbreaking when you get a bad tenant.

Sorry if I sound like a downer, but there is a definite down side to being a landlord.
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Old 11-11-2007, 05:42 PM
 
Location: JAX
227 posts, read 967,781 times
Reputation: 92
Home Rentals, Homes for Rent, Apartments, Houses for Rent, and Rental Homes

and

Rental Houses Home Rentals, Homes for Rent, Houses for Rent, Rental Homes

are the two most used and visited rental websites for this area. I have had a lot of success with both. I have never had much success with Craigslist. I also wouldn't hold off until spring. The condo rental market is VERY soft in Jacksonville right now, so you should go ahead and put it on the market if you want to get it rented because it could take a while. I also agree with Riveree on pets. I wouldn't allow them. One cat can do thousands of dollars of damage in a rental.
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Old 11-12-2007, 08:26 AM
 
32 posts, read 116,981 times
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Thank you We were going to have pets as negotiable with a non-refundable deposit, but perhaps that is not a good idea..... thanks, also for the info on background checking.

Maybe we should just sell or do a lease-purchase... hum....

I appreciate the sagely advice!
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Old 11-12-2007, 09:36 AM
 
Location: Jax
8,200 posts, read 35,360,457 times
Reputation: 3441
Quote:
Originally Posted by Mylu View Post
Maybe we should just sell or do a lease-purchase... hum....
I guess it depends on why you were planning on renting it out......

Do you really want to sell, but you're hoping to wait it out and see if the market picks back up?

Do you plan to move back there yourself one day and you want to cover the mortgage until then?

Do you want to start being a landlord - is this something you've planned on getting into all along?


If you always wanted to be a landlord, then I'd say give it a shot and see how it works for you. If you want to hold the property to move back to later - proceed with caution - no one will take care of your place like you would . If you really want to sell, then I'd just sell it. Unless you're upside down, you should be able to make some money off of selling it (assuming you've had it a few years) and selling is a lot less of a hassle.


A lease-to-own has a low chance of going through, the failure rate is high. It also comes with its' own special set of legal strings, so you'll want to investigate that option carefully.
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Old 11-12-2007, 10:29 AM
 
32 posts, read 116,981 times
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Riveree-

Thanks for the "foodfor thought". We'd prefer to just sell, but the market is just soooo slow. We need to relocate and have been commuting. We thought that perhaps we'd rent our condo out and then rent something to live in until the market turns around.

We are not looking to make any profit in selling and it was listed below what we purchased for it... (and we won't recoup the $ we put down). C'est la vie

Like many other, I'm sure, we are just eager to relocate. The listing/for sale process has been pretty draining and activity is just not there. We are trying to figure out what we should do.

The media, etc. continue to say that the condo market is slow right now. We are not in a typical condo, since we are in the historic district on the river and activity here has been slow. The units tend to rent quickly with very low turn over rate, which is why we were thinking about renting it out.

Thanks for your continued insights. Alot to mull over!
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Old 11-12-2007, 10:41 AM
 
32 posts, read 116,981 times
Reputation: 17
David- Great sites! Thanks
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Old 11-12-2007, 10:41 AM
 
Location: Jax
8,200 posts, read 35,360,457 times
Reputation: 3441
Quote:
Originally Posted by Mylu View Post
Riveree-

Thanks for the "foodfor thought". We'd prefer to just sell, but the market is just soooo slow. We need to relocate and have been commuting. We thought that perhaps we'd rent our condo out and then rent something to live in until the market turns around.

We are not looking to make any profit in selling and it was listed below what we purchased for it... (and we won't recoup the $ we put down). C'est la vie

Like many other, I'm sure, we are just eager to relocate. The listing/for sale process has been pretty draining and activity is just not there. We are trying to figure out what we should do.

The media, etc. continue to say that the condo market is slow right now. We are not in a typical condo, since we are in the historic district on the river and activity here has been slow. The units tend to rent quickly with very low turn over rate, which is why we were thinking about renting it out.

Thanks for your continued insights. Alot to mull over!
That's a tough place to be .

My initial feeling is to sell anyway (do a short-sale or whatever you can swing). I don't think Jax is going to see any major crash, but it could be quite a while before the market starts climbing back up.

There's also the not-so-small factor of whether your renter actually pays their rent......not always a given .
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Old 11-12-2007, 10:50 AM
 
32 posts, read 116,981 times
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Riveree-

What is a "short sale" ?
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Old 11-12-2007, 11:41 AM
 
Location: Jax
8,200 posts, read 35,360,457 times
Reputation: 3441
Quote:
Originally Posted by Mylu View Post
Riveree-

What is a "short sale" ?
It's something you work out with the lender. It's an alternative to foreclosure. It's possible the lender will accept a smaller amount that the total remaining on the mortgage.

So say you owe $250k but you can sell your condo for $230k - the lender might accept the $230k paid in full rather than go through a foreclosure.

I imagine it's getting harder and harder to do right now with the lenders, but you never know until you ask. It will save your credit if you can do a short sale instead of a foreclosure.
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