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Old 04-06-2014, 04:36 PM
 
40 posts, read 50,641 times
Reputation: 27

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Thank-you, to all of you for your comments/advice.

I have never owned or rented out property before. So, this is all new to me. You have given me a lot to think about.
I am pretty sure I am not equipped to handle this on my own. If I did decide to go this route, I would definitely use a management company.

Thanks again.
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Old 04-07-2014, 07:24 AM
 
3,826 posts, read 5,784,652 times
Reputation: 2397
Quote:
Originally Posted by 071402 View Post
Ugh. Don't they care about their deposit money? All those costly damages will come out of their deposits. Some landlords are now asking for 1 1/2 months deposit. Maybe you need to up it too. Sadly.
We had a deposit equal to monthly rent (1300). Well, people were not paying last month assuming their deposit will be used towards last rent month and left a mess. We even tried a small claim court twice - first time because of contract length (lost it due to people moving so many miles away due to job which we didn't know about and I am still convinced it was all faked out) and due to damage - basically we won, but see no money from prev. renters anyways...
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Old 04-07-2014, 07:28 AM
 
3,826 posts, read 5,784,652 times
Reputation: 2397
Quote:
Originally Posted by MortonR View Post
It's not, but it is a long drawn out process that favors the renter in many instances.

I know because we were working on a short sale that had a renter, and the owner lied about their "contract" (there was none) and giving them notice (they didn't.) They wanted us to go ahead and take the property and wait for the renter to be evicted. Right. The renter lawyered up five days before the third closing was scheduled and that pretty much put an end to the deal.

And did I mention that they told us (the buyers) that they wanted $5000 to move out or they wouldn't go for three months?

Ahhh, the joys of short sales…..

RM
^^^ This is so true!!!
I have a friend who wasn't able to evict a family who stopped paying for 4 months... he went to the court and do everything he could, but this process was delayed and people were living rent free for a long time until they decided to move. I am not 100% sure, but I suspect it had something to do with minor living there and having no other place to go... Thanks God we never had to evict anyone!!!
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Old 04-07-2014, 07:34 AM
 
2,054 posts, read 3,329,887 times
Reputation: 3909
I would not recommend that at all. Why increase your monetary risks and complications? Simply rent someplace until you sort out where you wish to live. And make sure you get a short term lease on the apartment/condo that you rent. If you don't know the area good enough to decide where you wish to live, I would also say that you don't know if an area is good enough to buy a rental property in either. If you want to depend on someone else's advice, especially from someone that has a financial gain to be made on whether or not you buy from them......
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Old 04-07-2014, 07:36 AM
 
3,826 posts, read 5,784,652 times
Reputation: 2397
Quote:
Originally Posted by vml68 View Post
Thank-you, to all of you for your comments/advice.

I have never owned or rented out property before. So, this is all new to me. You have given me a lot to think about.
I am pretty sure I am not equipped to handle this on my own. If I did decide to go this route, I would definitely use a management company.

Thanks again.
Be aware management company is not always on your site. The one we used for example gave 80% of deposit money to people who left early braking the contract. They kept 20% for us for repairs (around $250) - we had to repair drywalls in few places, changing glass in one of the window, painting one room back to neutral color (renters painted it in dark green color)... Management company estimated all these would cost us $250!!!! and refunded the rest to people! When I asked management company to send someone to do all these repairs for $250 they couldn't.... they used fair market estimate to come up with repair cost.... fair market estimate is my ... Oh, and somehow it was not a question about deposit - if they even had to gave anything back to renters because they broke the contract by leaving 5 months earlier - management company decided to return 80% deposit because "if people will go to court we might loose it"... and in contract we had it the way we keep the deposit if people leave sooner....
So, please be aware!
I had an experience with another management company. They couldn't rent our unit for few months due to "no interest from renters to our property". But when I placed my add on craigslist, I had 5 emails within few hours....

Oh, and ask how much management company is charging. In our case it was anywhere from 50% for first 4 months and 10% each month until the end of lease to 90% first month and 25% each following months... Factor people were braking their lease sooner and you had to go by paying higher $$ at the beginning of new contract.
People broke glass in the window? No problem, management company send someone to change the glass and gave us less $$ the following month for the amount they paid for replacement... Blinds on windows were broken every other months and we received less money from renters because our money was used to purchase new blinds.... When I tried to argue with management company, they decided they don't want to work with us anymore....

Last edited by EngGirl; 04-07-2014 at 07:48 AM..
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Old 04-14-2014, 12:54 PM
 
Location: St. Petersburg
18 posts, read 22,195 times
Reputation: 25
There are a few factors when deciding to rent out your property. Is there going to be positive cash inflow? Are you going to be personally managing the property? If so, are you willing to become a full time landlord? There are many more of course. In regards to others about evicting a person, it is not an easy process and usually takes a few hundred dollars and a few months to throw them out to skim the topic.s

Last edited by Keeper; 04-21-2014 at 03:33 PM.. Reason: soliciting
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