Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi all - I am considering purchasing a home farther from the City (Boston) and renting out my house here in Braintree,MA (suburban Boston). This is preliminary as I haven't purchased yet, but this is a hot market for both buying and renting so I would like to get some more information as a potential landlord. Like should I do lease or tenant-at-will? And everything else. I hear a lot of horror stories from landlords in Massachusetts, as this state is considered "tenant-friendly". Possibly convert it to AirBnB? Any and all advice appreciated, whether it is other forums, Facebook groups, websites etc. Thanks in advance!
There are very few homes purchased for 'the family' that will go into service as a rental well.
Sit down with your CPA and go over the IRS schedules and YOUR financial condition.
I don't get either of your "points" - I know my "financial position", and do not need a CPA. And what do you mean by "purchased for the family"? I am single with no kids. Read first, then post. But thanks anyways
PS 31,000+ posts - seriously?
Make sure the numbers make sense and pressure test your assumptions. What if vacancy rates increase? What if rents drop 10%? etc. Make sure you account for capital reserves too. Not all homes make good rentals.
AirBnB is a whole other skill set and they've been struggling. I'd do a lot of research before jumping into that.
I'm in NJ (also tenant friendly). I personally like leases instead of monthly. Screen thoroughly and fairly and you will be fine.
There are a few good resources like Bigger Pockets, Mr. Landlord and others. I have a site with tips on setting rent, screening, inspections, etc. for us smaller landlords. Same as my username if you are interested.
A good rental property in a good location will attract good tenants. The opposite is also true. The best way in my opinion to screen tenants is via their credit history, the higher the score the better.
You also want a long term tenant, someone who will stay for years because it is less work especially if you are managing the place. I would also recommend managing the property rather than getting an estate agent. There are tools out there that make this possible. Zillow, etc for listing, smartmove for screening potential tenants, NOLO, etc for leases and a host of other websites that provide a la carte services to landlords.
Quote:
Originally Posted by DaveV
Hi all - I am considering purchasing a home farther from the City (Boston) and renting out my house here in Braintree,MA (suburban Boston). This is preliminary as I haven't purchased yet, but this is a hot market for both buying and renting so I would like to get some more information as a potential landlord. Like should I do lease or tenant-at-will? And everything else. I hear a lot of horror stories from landlords in Massachusetts, as this state is considered "tenant-friendly". Possibly convert it to AirBnB? Any and all advice appreciated, whether it is other forums, Facebook groups, websites etc. Thanks in advance!
Look on realtor.com see what similar houses are renting for in your area. For the first time renting a home I would use a realtor. Have them go threw applicants....make sure they have a high credit rating. I take people who have 700 or better. Don’t feel sorry for people. That’s why I say use a realtor for first one. 3 times the salary for rent. Decide if you will take pets or not. I charge a pet fee not deposit of 350 per pet.
Also let them know where they have to go to get utilities turned on, and what date your turning them off. You can do. Landlords account is when people move out it goes back into your name, until you get a new tenant.
I became a reluctant landlord, my mother died after a few years and we had purchased a house for her, we decided to rent it, it has gone very well so far.
Spend some time reading the threads in this forum... they will help give you idea of what to expect. Read, learn and know your states landlord/tenant laws and most of all, don’t **** on those trying to help you.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,345 posts, read 8,557,056 times
Reputation: 16679
Quote:
Originally Posted by DaveV
I don't get either of your "points" - I know my "financial position", and do not need a CPA. And what do you mean by "purchased for the family"? I am single with no kids. Read first, then post. But thanks anyways
PS 31,000+ posts - seriously?
You asked for any and all advice and slam mr rational for his post! Maybe you should have clarified you request by not saying that.
Talking to your cpa is a smart thing to do. I always talk to mine to help tax planning for myself and for my rentals. I have over 20 and live off of them. I use every write off I can to minimize taxes. The fact that you think talking to a cpa is not valuable before buying a rental shows how green you are.
I wouldn’t be saying crap to anyone taking time out of their day to offer advice.
Last edited by aslowdodge; 08-30-2020 at 10:23 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
