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Regular
Posts: 94
Location: Texas | To Rent or Not to Rent....that is the question.. Ok Ladies (and gentlemen) I need your help.... I am on the fence about whether to rent my home/property. One side of me says yes and the other side says no. I need to get off the fence and decide so your input in vital in making this decision. Ok here we go... I have 13 acres and a 1200sf home. If I rented out my place it would be the house and about 5-7 acres. I would still live on the other acreage and maybe buy a cheap travel trailer to live in for awhile. Pro's and Con's for this idea? I am worried about getting the wrong renters and having them destroy my house or heaven forbid they stop paying rent and I have to evict them. We would have to share the electricity and water as I do not want to go to the expense of getting a separate meter for the electricity (on a well for water). I live in a rural area of Texas and on a county road (rough dirt road). I sure could use the money that the rent would bring in but at what cost (safety, security, privacy). Please help, your suggestions would be greatly appreciated. |
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I Really Love Jeans
Posts: 3173
  
Location: North Dakota | Rent out the property to someone who passes a credit check and sign a good contract. When you own property you are building equity and future wealth. rent some of the space to other travel trailer owners and other horse owners. lots of people will rent your pasture to keep a few horses. rent pasture space for $100 a month or so per horse!!! Never let go of land and the equity!!!!!!!! |
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Expert
Posts: 5321
Location: Texas | I like your idea of renting half of your place and you living on the other half. I am trying to do something similar. I would make sure that you have a good rental contract and that you cover everything in writing. Good luck!! |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | No I would not do it. I just could not see someone else living in my home while I lived in a travel trailer. If I was needing money I would put a few RV spots in and then rent those out. |
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Regular
Posts: 94
Location: Texas | Great info, thanks I'm just worried about living so far out of a major town (30 miles from College Station area). Not sure someone would want to rent a pasture that far from town. Renting to other travel trailer owners is an option but not sure they would travel down this dirt road or not. Plus I would have to dig sewer and water lines. Appreciate your info..... |
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Regular
Posts: 94
Location: Texas | Thank you, I will get a good contract together....Good luck to you as well... |
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Regular
Posts: 94
Location: Texas | Yes it would be very hard for me to see someone else living in my home. But hopefully it's only temporary until I can get back on my feet. I may look at putting in a few travel trailer spots. Thanks so much for your help. |
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 Regular
Posts: 92
| I'm on the "other" side of the fence lol. Im the tenant who rents the mobile from my landlord ..while she lives in her house a few acres away on the same property, which is 40 acres total. It has worked out perfect for all involved , for the past 3 yrs. She allows me to keep my horses here,and I caretake for her when she's gone for the winter. Plus, we have become close friends :) |
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Cold hands and Warm Heart
Location: oklahoma | I wouldn't do it for the exact reasons you stated. Evicting someone is a very long drawn out and sometimes, expensive project in itself. Even boarding at your barn comes with legalities. I'd fence off some pasture and rent it to other horse owners.
btw, how are you going to live without a sewer/water hookup? Are you sure that you'd even make money renting it out? You're responsible for all repairs too. |
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Regular
Posts: 94
Location: Texas | Good suggestions thank you, however I live in a rural area and I don't think anyone would rent my pasture to run horses on, it pretty far out in the country. As far as living without sewer/water. I would have water hookup but to sewer for now. Travel trailers have some black water holding tanks on them and that should work for a while. I regard to repairs I just have to pray that things don't break to often and if they do they are not expensive to repair. Great advice I appreciate your input. |
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Regular
Posts: 94
Location: Texas | wow that sounds like the perfect situation for both of you, I wish I could find that....thanks for sharing. |
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 Shelter Dog Lover
Posts: 10277
| Like you have said, the key is finding good renters. Do a thorough back ground check, if they have one, look at their FB page to get a feel of who they are. LIke others have siad, be sure you are able to rent it for enough to come out ahead in case you get a bad tenant and have issues to deal with. I applaud you for taking the steps to get yourself in a better financial situation. So many people people are not willing to sacrifice a little now for the good of the long term. I have a SIL swimming in all kind of debt but they refuse to downsize from their huge house with a pool. Time goes by quickly and the benefit will outweigh the short term sacrifices. Good luck!
Edited by rodeomom3 2014-08-11 7:47 AM
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Shelter Dog Lover
Posts: 10277
| You also need to check with whoever insures your home. We had moved and were selling our home and St. Farm sent us a notice that our rates were doubling because they thought we were renting. |
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Expert
Posts: 5321
Location: Texas | Good tenants are out there! If you have a good contract and do a back ground check you should be fine. I have a few rentals and have been on both sides and more times than not it has been good. Just make sure everything is in writing! There are a lot of good people going through some hard times and this could help you both. |
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 Expert
Posts: 2457
| I am a renter in this situation right now.
Do a background check. Do a credit check. Make sure that your contract is very clear in what they can/cannot use on your property. Make sure that the bills involved are clear as to who is responsible for what and how much. Also, when you say that you'll do something, do it. Don't beat around the bush and then expect your renters to cover things/fix things for you. As long as you are clear about it all, you'll be fine.
Don't be afraid of renting your place. There are good renters and you may run into a younger couple looking for a place. It can be a beneficial situation for all involved as long as you are CLEAR in the contract. Also, don't be afraid to have a lawyer review your proposed contract. It won't cost an arm and a leg - but it will make sure you are not screwed later too!!
Good Luck! |
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Regular
Posts: 94
Location: Texas | Thanks for the info and encouragement I appreciate it. And I didn't even think of checking there FB page. Great advice. |
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Regular
Posts: 94
Location: Texas | Thanks for the encouragement. I will get everything in writing and be clear up front. Hopefully I won't forget anything. Ya'll have given me some really great advice and encouragement and I sure do appreciate it. I think I will go for it and see what happens. |
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 Not Afraid to Work
Posts: 4717
| As someone looking to rent, I think there need to be more rentals. Get a decent deposit and a good contract. The thing with eviction is yes its a lengthy process, however most cases people are not educated about it and dont wanna spend the court costs to fight you on it...
Do a good background check, credit check and references. There are plenty of good renters out there that are responsible and will fix the minor things that come up. |
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 Expert
Posts: 3815
Location: The best kept secret in TX | We built a small one bed one bath and put appliances it it to rent out on our property. Horses are sepereated from ours and are $150/month per horse. Each horse must have a coggins and must be fed and excersised by the renter.
We did a small house so that only one or two people would be able to live it. It's easier and cleaner the fewer people that live there. We live on the 100 acres that the house sits on and we share the same drive.
We've never had a problem. Make sure it's all in writing, make sure you specify when "Quiet" time is (loud music, etc.) and if they want to have a party or any other guests over our contract states they have to ask permission a week in advance. Yes it's strict, but i'd rather be "That" guy than have someone degrade my property, houses and horses. |
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Regular
Posts: 94
Location: Texas | Excellent suggestions, I didn't even think about adding "quiet time" to list....Thanks that's great advice.
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