Reply to Sell or Rent out?

Forum Index » Money and Finances

Reply to "Sell or Rent out?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are in a similar position and will be renting our home out. The house has a 2% mortgage and is inside the beltway walking distance from a Metro stop in a highly desirable school pyramid. We are going to hang on to it.

Not thrilled about becoming a landlord, but we have the skills and time to do it. [/quote]

Do you have a separate fund for repairs on the rental home? Tenants are much more damaging to homes than owner occupants usually. Landlords can only recoup so much from tenants. Most of them are broke and tenant protections mean that you as the owner are on the hook for most of what they break. FYI.

I just had a tenant move out and do well over 10k worth of damage to the property but all I could do was withhold most of the security deposit. It happens sometimes. You need to be prepared for that liability if you want to be a landlord.[/quote]

Plus, even with good/decent tenants, most are not going to notice issues in the early stages.  Once they tell you something is wrong, there might be water damage/major issues.  Whereas if you were living there, you'd notice the slightest issue and address it before the issues compound.

[/quote]

In my experience, when tenants do damage and know they are responsible, they live with the damage, never say a word about it, and only mention it if it is noticed in the final walk through. The deliberate sabotage tenants are the worst. Good tenants can turn bad when they are notified that their lease will not be renewed. Even fraudulent. It’s a liability. Very few people think about these risks before they rent out their homes.[/quote]

Yup!  More bad tenants out there than good. Most who have caused hidden damages are not going to fess up.  [/quote]

Not if you know what you're doing.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics