Metro West Help (buy, family, should)

[jan0105]

Originally Posted by Dm84

Yes, but when it's your own home you can defer repairs at your own convenience. When you have a tenant repairs are more urgent.

Yeah, I guess. The income/write offs from having a rental property would more than balance out that inconvenience for me but obviously YMMV.

[timberline742]

Originally Posted by Dm84

Yes, but when it's your own home you can defer repairs at your own convenience. When you have a tenant repairs are more urgent.

I wish they were!

[Dm84]

Originally Posted by timberline742

I wish they were!

Well if the landlord won't fix it after being notified you can pay a repairman and deduct it from your rent. I don't recommend going that route unless you know you're going to leave when the lease expires.

[Dm84]

Originally Posted by jan0105

Yeah, I guess. The income/write offs from having a rental property would more than balance out that inconvenience for me but obviously YMMV.

The laws in MA heavily favor the tenant. As a realtor you are presumably familiar with them. A first time homeowner who suddenly takes on a tenant is much more likely to make a costly mistake.

[timberline742]

Originally Posted by Dm84

Well if the landlord won't fix it after being notified you can pay a repairman and deduct it from your rent. I don't recommend going that route unless you know you're going to leave when the lease expires.

That's the thing, when you have a below market rent rate, and a landlord that doesn't raise it, you put up with a lot before complaining.

[jan0105]

Originally Posted by Dm84

The laws in MA heavily favor the tenant. As a realtor you are presumably familiar with them. A first time homeowner who suddenly takes on a tenant is much more likely to make a costly mistake.

Yep, the laws in MA favor tenants to a ridiculous degree. We're not talking about being a slumlord in Brockton here, though, right? I don't know how many more disclaimers I can throw in, but IMO renting out a unit in an owner-occupied two family is a calculated risk that would be worth taking. YMMV.

[kingeorge]

Originally Posted by Dm84

The laws in MA heavily favor the tenant. As a realtor you are presumably familiar with them. A first time homeowner who suddenly takes on a tenant is much more likely to make a costly mistake.

It really depends on your location, like everything. Certain areas attract deadbeats, or those always short on rent, and other types unsavory characters.

In towns with higher rents, good public transport, amenities, good schools, your chances of having bad tenants are really not that high, unless you have no people skills, and lack any common sense. There are so many ways to screen people nowadays, unlike 20 years ago, landlords have so much easier job

It is hard to find good rentals in safe and reputable towns, and most tenants are aware of this. Moving every year is expensive. Unless you want to cater to bottom feeders, and then all bets are off. Like location when buying SF, your rental location is crucial for your experiences as a landlord.

Contrary to public beliefs, tenants can not do whatever they please just like that. It is a two way street. If both parties are decent people, there are no obstacles for having good relationship.

Sure, there are bad apples on both sides, but not as common, as urban legends would like you to believe. If that was the case, there would be no rentals what so ever anymore. Why would landlords suffer needlessly?

As always, if being landlord is a good way to secure your future or future of your kids, go for it. This is not a good path for instant gratification types. But, having two of something, is usually better then just one, so you can always convert to condo(s) and run away with some money for your "trouble".

[CaseyB]

Guys, the OP said nothing about wanting to be a landlord, ok? Can we drop this?

[Dm84]

I'm not really talking about deadbeats although that's obviously something to consider. Most 2 families were built decades ago and may require more upkeep than a comparably priced SFH. How many 2 family homes were built in recent years? If 2 family homes were the greatest thing since sliced bread then every teardown would be converted to one but you don't really see that happening.

Anyway, my original point is that someone who has no ownership experience should proceed cautiously before turning into a property owner and landlord at the same time. Both can be incredibly time consuming and expensive endeavors. Just because something sounds like a good idea on paper doesn't mean it is.

[Dm84]

Originally Posted by CaseyB

Guys, the OP said nothing about wanting to be a landlord, ok? Can we drop this?

Well someone suggested the OP go out and buy a 2 family house so I think the conversation is relevant.