How hard is to put your house under rent? (foreclosure, renter)

coolricks · 02-08-2008, 09:48 PM

Hi gang, I'm facing a situation here:
I have been offered a position in North County San Diego Escondido, so I need to either sell my brand new home or put it to rent, I know that it is extremely hard to sell right now, so I think my best option is to have it under a property management company, do you recommend any? My home is in Aliante ELKHORN AND ALIANTE PARKWAY, 2400 sqft with 5500+ lot what do you think?

airics · 02-08-2008, 10:04 PM

atlas group 702-387-1354 ask for leslie

BUGBULLY · 02-09-2008, 12:34 AM

Airics did you get through with them, I know you were having a hard time around the holidays?

PinkString · 02-09-2008, 01:46 AM

Wow, you just got here coolricks and now you are leaving.

Well, good luck. And make sure whoever you rent your home to has a copy of the CC&R's and rules, etc. Many people that rent out their homes here in Aliante forget to give the renters the rules and then they are breaking them all unknowingly..so make sure the property management company also has a copy. And be picky, don't just rent to the first person that comes along..go over their references, etc.

coolricks · 02-09-2008, 02:27 AM

Quote:

Originally Posted by PinkString

Wow, you just got here coolricks and now you are leaving.

Well, good luck. And make sure whoever you rent your home to has a copy of the CC&R's and rules, etc. Many people that rent out their homes here in Aliante forget to give the renters the rules and then they are breaking them all unknowingly..so make sure the property management company also has a copy. And be picky, don't just rent to the first person that comes along..go over their references, etc.

Hey thanks Pink!!! and Airics for your responses, well I'm not gone yet, but I really hope I can put it to rent if not I'm going to pass on that job offer, to bad

LasVegasHill · 02-09-2008, 10:33 AM

Quote:

Originally Posted by coolricks

Hi gang, I'm facing a situation here:
I have been offered a position in North County San Diego Escondido, so I need to either sell my brand new home or put it to rent, I know that it is extremely hard to sell right now, so I think my best option is to have it under a property management company, do you recommend any? My home is in Aliante ELKHORN AND ALIANTE PARKWAY, 2400 sqft with 5500+ lot what do you think?

Why waste money on property-management middlemen when you can manage yourself from afar? Many do so successfully. Take some great pictures and post the rental on craigslist. If you need help, I can shoot some cool 360º virtual tours for you, no charge!

Rental homes move fast, especially if you can be a little lax on your credit qualifications. Remember most people rent because they don't yet qualify to buy or were struck with foreclosure. An "easy move-in" will rent your home in a week, so take your time to find a professional, responsible renter who will treat your property right and can handle minor maintenance themselves (i.e. a leaky faucet). It doesn't take a lot of intuition to get a "feel" for a person and whether they will be a good tenant.

You could offer credit card payments for a fee using PayPal, or have your tenant drop payments off right at your local bank. Easy and simple.

Incidentally, I am looking to rent a home but I'm not sure about that location... What are you asking per month? Might as well start recruiting a tenant right here. Post a few pics and details!

airics · 02-09-2008, 11:53 AM

you use a rental management company so there are credit checks and no eviction problems.. how can you evict someone within the 14 days if you live on the other side of the country? nevada is a landlord state so evictions are handled with ease through the courts.. if i was local, that would be another story.. and i have learned from experience, never be lax on qualifications, that is a recipe for disaster.

swagger · 02-09-2008, 12:05 PM

Quote:

Originally Posted by coolricks

I think my best option is to have it under a property management company, do you recommend any?

Newman Property Management: (702) 363-8110. We're a tenant with them, and they've been quite good.

One caveat - make sure you can either get enough for it to cover your mortgage, and if not, make sure you can pay the mortgage anyway - even if it doesn't rent. We rented a house in Jan '07 and got notice in October that the owner was going to sell. In November, we got notice that the property was being foreclosed - the owner obviously couldn't afford the payments and waited until the last minute to try and sell. It wasn't a cheap rental and they still weren't able to make the payments... It was a big inconvenience for us, and I'm sure it was a complete train wreck for the owner.

Renting is a great option (someone else is buying your property for you), but make sure the numbers all add up first!

LasVegasHill · 02-09-2008, 02:06 PM

Quote:

Originally Posted by airics

you use a rental management company so there are credit checks and no eviction problems.. how can you evict someone within the 14 days if you live on the other side of the country? nevada is a landlord state so evictions are handled with ease through the courts.. if i was local, that would be another story.. and i have learned from experience, never be lax on qualifications, that is a recipe for disaster.

Well I only suggested being lax on qualifications to move his house quick. If time is of the essence you can attract a lot of tenants by making the move-in process quick and easy-- like overlooking poor credit provided there is no history of evictions/bankruptcy, and perhaps doing a background check to verify identity and a clean criminal history.

When you use a property management company that handles everything for you, you don't get to meet and evaluate the tenants yourself. I tend to be more hands-on and personable. I have met a lot of absentee landlords who've had no problems managing from a distance. Not to mention that a brand new house isn't really going to have any maintenance issues anyway.

If the time comes for an eviction, he could hire someone for that job. But if he picks a professional, mature tenant and encourages friendly, open communication, why would there be an eviction?

I just don't see why he should chip away at his mortgage payment every month to pay for property management that handles everything he could do himself online. You can run the ad on craigslist for free, get credit/background checks for about $30, download fill-in-the-blank lease paperwork for free, and oversee payments all online. Why not DIY?

olecapt · 02-09-2008, 02:52 PM

I don't do property management but I do strong recommend it. Strange things happen to the nicest of people...and they go into destructive slob mode. Nice to have someone looking in even if it is only once a quarter.

The way to get quality tenants is the MLS. You can do Craig's List as well but you get strange responses and all sorts of strange people. Let some RE Agent sort out the first pass. I will list rentals though I will not manage them once rented. Normal fee for listing is around $600 or so for a property in this class. Fancier or more expensive places are higher. Always a pretty cheap ride...maybe 1/2 a months rent or so.

I too recommend Newman. She is also good to get it rented reasonably quick and well. Has a good head for making it easy. Note that the rate is negotiable...like all RE things...so don't take the first 10% that comes along.