[vtcowgirl]

Hi everyone, I'm new to this forum but have been on other forums and find them extremely helpful.

My question is... has anyone out there who lives/lived in Vermont rented their house out either long term or short term? If so, what were the good and bad aspects of doing that and what is the rental market like these days for people looking for homes to rent? Has anyone gotten badly burned?

I am asking because I am a single mom and soon to be an empty nester. Instead of selling my home which I just finished renovating (and as it's in such a beautiful spot) I was considering renting it out for a year and explore other options that are easier for someone who's getting older. It's a lot of upkeep for a 52 year old woman by herself, but I hate to part with it.

Any advice would be appreciated. Thanks!

[Lilybeans]

Here's what I can tell you from lots of rental experience. Get first, last and security. People will complain that it's too much, they can't afford it, whatever.

If renters have a hard time coming up with the money or only want to give you some of it, then the red flag should go sky high. They will always be having a problem getting the money and you will not get paid. You will have nothing but trouble.

[tkln]

We own a small condo in Stowe, and contract through an agency for our rentals...granted, we get mostly people coming up for weekends and such, but we have had several renters who came in for 3-6 months. I know a lot of people who rent on their own, but I could not be bothered with getting deposits and security, making sure nothing was damaged, stolen, etc, especially from down here in NY. Obviously, the agency takes their share of commission, but for me, it's a worthwhile trade off.

I'm not sure where you are located, but if you are not keen on doing this on your own, you might consider talking to a real estate or rental agency to see if they can handle the details for you...we've had some damage done to our place (minor stuff) but having the agency deal with the clients and the money and then fixing everything was great.

[vtcowgirl]

Yes, maybe an agent would be the best way to go. I know there are lots of tenants rights in every state and I am worried about getting into a situation where I'm not getting the rent paid but I can't get the tenants out either.

There are also laws, I believe, that landlords have to follow as far as egress, carbon monoxide detectors, etc. There's no fire escape from the upstairs bedroom!

Thanks for input. I appreciate hearing what others have to say.

[vtcowgirl]

Also... if a tenant didn't pay the rent it would be a financial disaster for me. I don't want to lose everything, I want to try and keep it!

[MRVphotog]

As a landlord your still responsible for the general upkeep of the place. If you pay someone to do it for you then it gets tougher to pay the bills.

Renting looks easy but it requires alot more time and effort than people realize. Good tenants and having nothing breakdown or having no major maintainence issues it can work well. Just one bad tenant or a major maintainence/utility issue
can turn it all to hell.

I owned rental properties in Maine and Vermont. Having construction/carpentry/plumbing experience can help alot. Only a licensed electrician should handle electrical issues.

[vtcowgirl]

hi MRV, thanks for the advice... and yep finding a good tenant is the key. Someone I know and trust and someone who can handle repairs and emergencies as they arise. I wasn't planning on staying in the area so it would be difficult for me to keep an eye on things. As I said, I just renovated the whole inside of the house exactly the way I like it. Everything is super nice and top of the line. In addition to maybe not getting the rent paid, I would just hate for someone to undo all that work I just spent three years of sweat equity on. Maybe it's like a divorce, cut the ties cleanly by selling it and forget renting.

[VTky]

Hi, I saw your post as I am also new to the forum looking for ideas of where to live. I'm new to Vermont, but my fiance has lived here for the past decade. We are looking for a house to rent where we can also perhaps upkeep in exchange for some rent. We are quiet, responsible, late 30's/early 40's. I'm a teacher and he works for an environmental company and loves to garden and maintain the house. I'm wondering where you live and if you might be interested. Thanks!

[greenmountaingirl]

Originally Posted by MRVphotog

Renting looks easy but it requires alot more time and effort than people realize.

As both a renter AND a former property manager, I do believe you've just stated the reason there are so very many slumlords in the state of Vermont.

As for first, last and security...best of luck to you obtaining that in this economy. When owners are charging appalling rents to begin with, there is little chance they are going to find someone capable of producing three months of rent on the spot. I think that's an absurd assumption, and first/security is more than sufficient.

I think if you take the time to find a good tenant (there are a LOT of us out there), you'll be fine. That said, if you're not going to be around, it is imperative that you are honest about being an out of state or out of area owner and what you plan to do in order to be present even when you're miles away. Many of us have been gouged and burned beyond recognition by owners who collect a rent check and feel their responsibility ends there--impossible to reach when something is wrong, impossible to push into action. Our suspicions are compounded a million times over when we learn an owner isn't around. Renters who aren't college kids looking to design a party house have red flags all over the place when it comes to out of state owners. Out of sight, out of mind many of us have found.

Should you decide to take this route, just be a good owner. Be reasonable on the rent, attentive to the property and responsible for your own behaviors. Trust me when I tell you this: get a good renter, be a good owner, and you will be pleased. Don't do the work/due diligence to FIND a good renter and be a neglectful and greedy owner, and you will find yourself regretting ever having made this decision!

With the real estate market so miserable, you may be better off.

[vtcowgirl]

Hi Greenmountaingirl,

I'm pretty particular about my home especially after all the high end renovations I did on the inside and much of it by myself! so it would be in my best interest to be easily reachable when a renter might have a difficulty that requires outside help. I've lived in the area for 18 years so know many tradesmen I can call.

I'm not looking to make a profit, just want to make sure there are responsible adults living in my home who won't make a mess of all I've accomplished and would think of it as their own. Just that I've heard it's really hard to find people like that.

I've been a renter when I was younger, and ALWAYS took very good care of the property. Seems that these days though, lots of people just don't care if they destroy your property or pretty much steal from you. So I have apprehension about renting...