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Unfortunately, Vicki, he will pay for all legal and repair services regardless of who arranges them.
Being a landlord can be disastrous.
I had clients that rented out their home for 2 years to the same couple.
They used a property management company.
At the end of the 2 years, the property management company sent someone in to repair the cabinets and re paint the house so that we could sell it. This was all part of my client's agreement with the property management company.
Isn't the security deposit from the renter supposed to cover this, as well?
VickiR, one way or another, don't you think the owner pays for the damages caused by the renters? I would think they'd pay for it in higher property management fees.
If the OP asks questions of property management companies, don't you think the responses will be geared toward, "Don't worry. Everything will be fine. Just hire us." ?
The OP needs to ask specific questions of the management company -- the "what if" questions -- and review the contract carefully, long before signing it. It may include painting and minor repairs in the contract. Those are standard needs after a tenant moves out. It's the major damage that is a problem and that you can't predict. The security deposit usually is one month's rent, and that amount wouldn't cover major damage.
The OP has received feedback from people who DO KNOW the realities of renting properties. He or she just needs to get the specifics from a management company. However, I can't see how the management company is going to help with figuring out whether it's a good investment or not, though.
The OP may buy the property and be wonderfully successful. But it's a risk.
Quote:
I'm all about going to the people that actually KNOW.
Last edited by lovebrentwood; 11-29-2009 at 03:34 PM..
VickiR, one way or another, don't you think the owner pays for the damages caused by the renters? I would think they'd pay for it in higher property management fees.
If the OP asks questions of property management companies, don't you think the responses will be geared toward, "Don't worry. Everything will be fine. Just hire us." ?
The OP needs to ask specific questions of the management company -- the "what if" questions -- and review the contract carefully, long before signing it. It may include painting and minor repairs in the contract. Those are standard needs after a tenant moves out. It's the major damage that is a problem and that you can't predict. The security deposit usually is one month's rent, and that amount wouldn't cover major damage.
The OP has received feedback from people who DO KNOW the realities of renting properties. He or she just needs to get the specifics from a management company. However, I can't see how the management company is going to help with figuring out whether it's a good investment or not, though.
The OP may buy the property and be wonderfully successful. But it's a risk.
Right. Spoken like a landlord. I had 6 tenants. 5 were great. It only took one to make me decide to sell out.
And when the tenants destroy the place beyond the security deposit, (and they always skip the last month's rent when they do, 'cause they know they will never see the deposit), the property manager will make a mark up on the repairs that are billed to the absentee owner.
Ouch.
I would definitely consider the multiple unit scenario rather than one unit. Chances of one tenant making it a nightmare are lessened, and chances of 100% vacancy (No Rent) are lessened.
to the OP--rentals have been a topic amongst Bedford residents. Like somebody else pointed out, rentals are not allowed according to our covenants. However, the general consensus has been that rentals are preferable to having a bunch of foreclosures in the neighborhood. Also, residents feel for those who have been transferred and haven't been able to sell in this economy. Somebody purchasing a home just to rent it is against the covenants.
thanks for the feedback.
despite popular wisdom it seems like we are going ahead with it.
We look into heritage and highcroft village now.(will make choice tomm.)
will buy a unit...400Kish there..live in it for a bit, and if the job entails moving
then will rent it out.
*fingers crossed*
You'd make more money buying two houses at half that price and renting those out.
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