Stressed out landlord! Need some good stories! (apartments, tenant, eviction)

[Tropical Trouble]

I'm preparing to move out of Arizona to Texas and am very happy to be moving on from a bad personal situation. However, because the housing market has absolutely tanked in the past couple years I can't sell my house without losing every dime I put into it, so I'm choosing to rent it out until the market improves (2 years? 10 years? whatever it takes).

I've never rented out a house before and am very nervous. I have a property manager, and it was rented within a week of listing it for more than I was asking. The couple renting it have pretty mediocre credit scores but excellent references and are gainfully employed, with teenagers but no pets. I plan on being a model landlord, whatever needs fixing will get fixed. After all, I do want to sell it as soon as the market improves.

I just would like to hear some positive stories from people who have rental properties and found it to be a good investment. Even if you didn't want to rent it, but had to because of the market, are you glad you made the choice to hang on to the house?

[aaauger]

Having a property manager to periodically inspect the premises and handle repairs - when you are absent - is key to success.

[ShaneSA]

I've been a LL for 15 years. I started buying old fixer uppers and redoing them. After i finished them, I loved em so much, I decided to start renting them and keeping them and buy another one. It's has been very positive. I have houses all in one hood, they are old craftsman styles and I restored them to as close to original and kept what I could and restored what was there. hardwood floors and real plaster walls. Stuff liek that. I manage them myself, only becasue I live in the hood.
I have been very lucky. people who rent them appreciate the style and location. I never do credit checks. I look at credibility and initial reaction to the house. People who like the house will usually take care of it and appreciate the style and amenities.
with a property manager close by and regular inspections, you will be fine. Also, if the rent is late, start eviction process immediatly. do not fall for sob stories or in a few days. if that starts they will get worse. I've done it a few times, but eviction tells them you will not fall for sob stories. You know the rent is due...pay it!!!
That is one area I turn biotch in 2.3 seconds.
Enjoy Texas. God made everything else and when he saw all his mistakes, he created Texas with no errors.

[kinkytoes]

If you have earned income from another job I suspect you will be much happier after you do your taxes.

[tony23]

Originally Posted by ShaneSA

I have been very lucky. people who rent them appreciate the style and location. I never do credit checks. I look at credibility and initial reaction to the house. People who like the house will usually take care of it and appreciate the style and amenities.
with a property manager close by and regular inspections, you will be fine. Also, if the rent is late, start eviction process immediatly. do not fall for sob stories or in a few days. if that starts they will get worse. I've done it a few times, but eviction tells them you will not fall for sob stories. You know the rent is due...pay it!!!
That is one area I turn biotch in 2.3 seconds.

Do you have any properties in NC?

It's tough on both sides, it seems. It's difficult for landlords to find good tenants, but it's also difficult for good tenants to find good landlords, too.

[mkfarnam]

Originally Posted by tony23

Do you have any properties in NC?

It's tough on both sides, it seems. It's difficult for landlords to find good tenants, but it's also difficult for good tenants to find good landlords, too.

As a good tenant..I have to agree 100% with you there. I've mentioned that I would not go through a 3rd party, I only deal directly with the LL. I've always been a good tenant,,never late with anything. I'm also the type that knows my rights and responsibilities along with the LL's. I will(and have) call the LL out when ever my rights were neglected. This kind of action brought out more respect for one another.

[DonnaReed]

Originally Posted by Tropical Trouble

I'm preparing to move out of Arizona to Texas and am very happy to be moving on from a bad personal situation. However, because the housing market has absolutely tanked in the past couple years I can't sell my house without losing every dime I put into it, so I'm choosing to rent it out until the market improves (2 years? 10 years? whatever it takes).

I've never rented out a house before and am very nervous. I have a property manager, and it was rented within a week of listing it for more than I was asking. The couple renting it have pretty mediocre credit scores but excellent references and are gainfully employed, with teenagers but no pets. I plan on being a model landlord, whatever needs fixing will get fixed. After all, I do want to sell it as soon as the market improves.

I just would like to hear some positive stories from people who have rental properties and found it to be a good investment. Even if you didn't want to rent it, but had to because of the market, are you glad you made the choice to hang on to the house?

I've been a landlord for several years, a few properties, including the one I live.

I've had very positive experiences with tenants who are very nice, keep nice, clean apartments and pay on time, although I've had significant vacant apartment time because I'm rather strict with qualifications.

I ALWAYS do credit history checks, wouldn't dare rent to anyone without knowing their history.

I require a month's rent and security and a month and a half if the credit score is less than 700. It's difficult for a prospective renter to sell him/herself to me with bad credit.

I always require driver's license for identification, social security numbers and authorize for "background check" on all applications.

I interview all prospective tenants. There's only so much one can learn about a person in a few minutes, but instincts come into play.
I spend a little time with them, see what they're talking about, their mannerisms, etc.

I always drive past applicants home to see where they're coming from and what it looks like.
I haven't asked to visit a home yet, but if I ever feel the need or desire, I will request it.

I only accept personal checks after one year of perfect on-time rent payments.

Generally no pets, although I did make an exception for a cat once.
Nooooo dogs.

Generally no smoking in the apartment. Ashtrays placed outside.

I respond to tenant requests/complaints immediately.

I read landlord forums avidly and have heard the worst nightmare stories and every scenario that could possibly arise and what landlords did about it, can't do, shouldn't do, shouldn't have done, have done, how they won (court cases, etc.)

When I was landlording with my ex, we fired a property manager of a property in another city who was sending us inflated bills for work done.

We dismissed him, gave the tenants our telephone number it worked otu fine. We didn't need even need him.

I have one two-family property now that I'm holding onto for dear life, and I'm managing another that the owner is holding onto for dear life.

I do not want to be looking back years from now, crying about what I could have gotten for my home if I had only waited.