Renting and being a landlord.

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Renting and being a landlord. Moderators: luluwhit, gotothewhip, cindyt, crossspur, ForumAdmin Jump to page :	Last activity 2014-12-05 11:40 PM 22 replies, 4687 views View previous thread :: View next thread
General Discussion -> Barrel Talk


BBrewster Reg. Jun 2012	Posted 2014-12-05 4:41 PM Subject: RE: Renting and being a landlord.
Elite Veteran Posts: 600 Location: Oklahoma & Texas	OK - I am in same boat as you... I made the choice to rent out my ranch... my husband and I both were offered promotions we couldn't refuse to move to Lubbock, TX - we didn't want to sell the ranch because it was our dream home and place and it took so long to find it - and we're pretty sure eventually we'll move back to Abilene... anyway.. we are using a realty company - which I highly recommend using someone like that.. they only take 10% - and didn't charge us any marketing costs - they do all the marketing to get it rented and show it for free.. houses here rent fast but its still important - ours rented w/in a month once we put it up.. however.. that being said.. there are a lot of people - not like us - who take advantage and have no regard for other peoples things/dreams. We require a 2k deposit for each tenant that is reimbursed depending on cleaning/repairs at end of lease - we also have background and credit ran by the company for each applicant.. I have good renters in mine - they've been in there about 5 months.. they've been late w/the rent twice already.. once last month by 10 days.. and then this month just a couple days.. rent is due no later than 3rd and they paid today.. that being said - the realty company is the one that enforces that, calls them, and follows up - and sends the letters and handles it w/the local county court if they have to be evicted... i'm hoping we dont run into that - but you never know.. anyway its a huge weight off my mind to know that i dont have to do any of that - especially living 2 hours away... So in my experience - definitely use a realty company worth every bit of the 10% they charge.... also - make sure you have a side pot - of savings - because repairs will come up and with tenants there is no - wait til payday or wait til you can save to fix it - the laws protect them too so have to be able to do those repairs when needed. We have a 300 dollar account w/the realty company for small repairs and anything over that they have to call for permission and money for... that 300 as they use it they refill it w/the monthly rent money thats paid so occasionally I dont get the full amount if the septic needs emptied or small repairs need made... I was like you - very fearful ofsomeone detroying my home... the only consolation is really - make sure yuo have a great home insurance policy - to cover yourself (liability) as well as the home.. and make sure you get a decent deposit... most people aren't willing to part with 1500-2k the same way they are 500 bucks... not to mention a contract that holds them liable in court. Good luck w/yours !!!!!
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Rockyroad Reg. Dec 2003	Posted 2014-12-05 10:10 PM Subject: RE: Renting and being a landlord.
Star Padded Honey Posts: 8890 Location: NW MT	We had 2 rentals but are down to one now. MOST of the renters have been pretty good, but the couple nightmares are the ones that stick out the most in the mind. We have had to go to court over 2 of them, the other couple bad ones were not worth the whole effort. The one renter we have now has been there for over 7 yrs & she is great. She is a past horse owner and vet tech & has been invaluable with animal things here ... we both take care of each others' animals, help each other as much as we can. She is more of a friend/neighbor than a renter! As someone suggested, either go w/a GOOD rental company to oversee all of it or get a very particular contract for them to sign after doing credit & background checks, plus be sure to have someone really keep an eye on it for you. You can also have it written in your contract that you or your representative can "inspect" things every month, 2 mos, etc if you want.
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want2chase3 Reg. May 2009	Posted 2014-12-05 11:40 PM Subject: RE: Renting and being a landlord.
Warrior Mom Posts: 4400	Ive rented 3 "ranches". Left them in better condition then when we moved in. Got all 3 full deposits back plus extra cash.... for all the work we did... not all tenants are pigs. I have 3 big dogs 3 young children and 5 horses. We have always taken care of the places we were blessed to move to. I loathe nasty tenants because they ruin it for us good folks that just need a temporary place!
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