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I am a Freak
Posts: 3326
   
Location: Nowhere Special | I think I have finally commited myself to leasing/renting out my place. I have never rented, nor had rental property and I have no idea what to do. Not sure what to charge? Not sure what kind of security deposits should go along with the property? I'm pretty sure I should hire a property manager and maybe they take care of all that too? IDK.. I'm more nervous about letting my barn rent with the house then just renting the house and shop.. (thats awful I know) but my barn is AWESOME and I really do not want it trashed nor do I want my pastures ate down to the dirt. Is there anything you can tell me or advise you can give either as a renter or someone that has had rental property before? I have a number in mind that it will take to make it "worth" renting for me, considering I am going to have to move and pay storage on all my stuff, give up some pasture, stalls and well just my saftey net of always being able to go home whenever I want. But on the other hand I really don't want the place to sit empty either. Thanks in advance |
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 The Vaccinator
Posts: 3810
Location: Slipping down the slope of old age. Boo hoo. | Get yourself a lawyer to draw up paperwork regarding the rental agreement. Preferably one with real estate experience. And talk to your insurance agent to make sure you have the appropriate coverage. AND do background / reference checks of the person you plan to rent to.... |
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Expert
Posts: 2685
| you can message me if you like- location? |
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 Elite Veteran
Posts: 600
Location: Oklahoma & Texas | We are renting our ranch and home out for the next few years...we use a realty company and they handle everything. ..definitely worth it...i was like you ..more worried about my barn n land at first too lol but we set our minds that with the rent and money we save not paying for 2 places ( since promotions with our jobs took us a few hours away ) we will be able to remodel our house when we do move back and the last year before we do we'll pay to have the grass replanted and get it ready for us so i can sleep better at night knowing likely the renters won't treat it like i would but with a 2k deposit tthey'llbe more inclined to not completely ruin it either lol |
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Regular
Posts: 93
| I rented out my house/property to a lady. She was only there 3 months and just trashed my place. Cat urine and cat litter all in the carpet! Hair and dirt everywhere even in the fridge,...just gross... Yard/pasture never mowed, trash everywhere.....list goes on and on. So I don't recommend renting to anyone even with the security deposit, they can easily destroy your home and property costing $$$ more than any deposit you can get from them. Good luck! May be you can find a better renter than I did. |
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 Warrior Mom
Posts: 4400
| We were THE renters that came in and did quite the opposite.. we cleaned the place up, cleaned the barn, the property the round pens and cleared out the huge roping pen and got it all usable again and looking fantastic! It even had a small indoor arena we cleared out and made useful. We went thru a real estate company with a contract. Only thing is.. after about a year the owners came to check on the place and saw what we did and decided to move back and use everything. They parked rvs in the back part of the barn and started working horses again and stalling horses. Said it was just for a week or 2. We put up with that for about 6 months and we ended up leaving. So we were living in their house and they were staying in the rvs.. it was weird .. they kept telling us we could stay but it just became too much. But we sure enjoyed the year we were there. The place was a total mess when we first got there... barn was trashed arena was trashed, we even got all the arena lights working again. Glad they appreciated our hard work lol
Edited by want2chase3 2021-10-01 3:45 PM
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Miracle in the Making
Posts: 4013
| well 4 years later 19600 in lawyer fees 60,000 in fixing house. i still have yet to collect from a even though i won a judgement of a whopping 19.900.00 no way i would rent out unless they can put up at least 6 month reat as security if you go with a real estate maagement be prepared get a lawyer thaty know read if if it has a abrition clause in itdo not sign it. i did i am still trying to get something done she got paid i got bills 20,000.00 worth of fixing i no longer own anything except my home fyi these were nice place covered arena 5800 sq home on 71 a the other 10stall barn on 10a with 2800 home make sure no pets in house and surprise visit and month check
Edited by vjls 2021-10-01 8:45 PM
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