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Old 08-21-2007, 08:44 AM
693 posts, read 2,655,800 times
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I'm looking at options plan B, plan C, if my house doesn't sell (not on the market yet).

There's always a possibility I can rent it out but everyone I mention this to comes back with horror stories. Is it that bad? Even if I get a management company to do background/credit checking etc and takes care of some of the work? When you rent a house who/how/when takes care of the yard work??
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Old 08-21-2007, 09:45 AM
Location: Ohio, but moving to El Paso, TX August/September
434 posts, read 1,595,392 times
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My house is on the market right now and my husband is already at his new job in Texas. However, I do not see renting as an option because we want the house to be sold. We don't want to put it off just for the sake of a renter. Even if you have a clause that you can sell the house during the time they are renting, the renters self interest is to not have your house rented. They have zero incentive to make the house presentable for showings because then they would have to find a new place to live.

I remember when we were looking for houses here, and you could easily spot the houses with renters because of the total lack of upkeep and simple cleaning that was not done.
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Old 08-21-2007, 09:57 AM
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When renting you always run the risk of damage (renters are less likely to care about the property since they don't own it), people who don't pay rent where you then have to go through the court process to get them evicted which can take months, and other things. When you rent out a house, the owner of the property usually takes care of all the exterior work like cutting the grass. The renter might be inclined to take up this work if you reduce the rent price.
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Old 08-21-2007, 10:26 AM
Location: Missouri Ozarks
7,363 posts, read 18,334,625 times
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We have our house up for sale right now and we've had some ask if we would be interested in renting it out. My answer: No way.
It would have to be someone I know very well and would take care of it. Not all, but most renters don't care how they treat a place.
Too many horror stories from me to mention. I won't go there again.
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Old 08-21-2007, 10:43 AM
Location: California
510 posts, read 3,107,029 times
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If you can rent with a negative 20% income just on that property, it could be something worth considering. You would of course disregard the selling of the property completely. You'd also of course be able to handle that 20% loss without a burden. (that neg 20% should include a property management company). It's very rare for people to be able to almost break even with rent, typically those with very low balances. The benefit of renting of course would be to allow you to build equity over time. Granted, today equity is a scarce commodity. I don't see anyone building much equity for a couple years...

So with all that being said... I think everyone's advice is quite sound. It's a fair amount of risk and work, and pretty much drops your chance of selling by 90% (total guess on my part) over what it is now...
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Old 08-21-2007, 11:01 AM
Location: Just south of Denver since 1989
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It's always an option. Properties have great investment potential.

With a one year lease, I always ask the renter if they want to buy it after 6 months of making rent payments on time (40% have said yes). I give a $500 fix up credit every year for whatever the renter thinks they need (new carpet, new dishwasher, new cabinets...) This keeps up on deferred maintence and keeps the tenants happy.
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Old 08-21-2007, 12:52 PM
Location: Munich + FL, 32082
481 posts, read 2,150,302 times
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So with all the bad stories about renters, here's a good one: We own a house in Ponte Vedra Beach and have rented it through a Property Management Company. They found the nicest renters you can imagine - an old (80ish) but very vivid couple that loves the house and cares for it as if it was their own.

We pay for the lawn guy, for cutting trees and pest control. After some 6+ months we met them for the first time (when on vacation) and they asked to deal with us directly because they disliked the person at the Property Management Company. Also they thought the pool service wasn't worth the money. So we reduced the rent a bit, have direct contact with them when something is broken or needs attention and they do the pool maintenance themselves. They keep all invoices and receipts and subtract from the rent what they had to purchase for maintenance, minor repairs etc. They send us a monthly statement via e-mail and photos of improvements (when the house was freshly painted, for instance) and pay the rent on time. No problems at all.

But I know we were very lucky. And if they had to leave because of age or any other reason, I can't imagine to rent it again. You don't have this kind of luck twice.
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Old 08-21-2007, 01:11 PM
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We have had three renters. OUr experience ; one was fantastic. She was so so clean, paid on time, was jsut wonderful. You could eat off the floor when she left.
The second was an older man, a hard man. He wasnt the cleanest but he had his ex wife clean for him. He stayed for 3 years and in the end he didnt pay his rent and left without a fuss. He left no damage at all.
The third was a single mom whose father co signed the lease. She is required to leave tomorrow by court order. The reason why she is leaving ; her kids have trashed the place.
Out of the three renters, I would say one was terrible. Will we rent again ; we have to as the market is so bad and I dont want to leave the properties empty for too long.
The two better ones were mature, and paid their bills and never hassled us at all. The single mum never called me at all, but when I needed access to the house it was always rescheduled.
Good luck.
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Old 08-21-2007, 01:33 PM
Location: Moved to town. Miss 'my' woods and critters.
25,464 posts, read 12,922,583 times
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Keep in mind: there is a big difference in renting a 'for sale' property and renting as an investment. Homes that are for sale and rented at the same time, have the potential of being very difficult to sell. Not all renters will be 'bad' renters. However you must keep in mind that they are renters and will not want to be moving.

Renters can and do at times, make it very hard to show a property. Inconvenient hours, house not ready to be shown, damages, and yard work not completed. Some will attempt to put off any showings.

Homes that are rented as investment properties are different. The renter may sign a lease for a given period of time and may be somewhat assured of not haveing to move during that time frame. Big difference.

Good Luck to you.
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Old 08-21-2007, 10:51 PM
Location: New Mexico
631 posts, read 2,328,084 times
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Our Mr. Special moved into our listed house.
We've already lost showings due to having to give notice.

Showed one once with a renter in the house, someone else's listing. He couldn't wait to tell my customer everything wrong the the house the horror stories and why he wouldn't buy it.

It's a gamble! Good luck. If you're wanting to rent it and sell it, I agree with the above posts not a good idea unless you just really need the payments made. Do what you have to do.

Have too heard lots of horror stories.
I'm renting 2 trailers now. Just 2 weeks into it. The place looks like H#$%%.

Would make a good thread. Rental horror stories.
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