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Anybody on here rent property?

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Posted · Report post

And I'd pay it every time.
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I do! But I'm the lowly renter, not the landlord. I pay my rent on time every month and take good care of the place, rarely call for any fixes either. That must be why I've had landlords fighting over me as a tenant.

We'll be buying a house in the next couple years though, that'll be nice.

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I'm looking for a house to rent now. Is it nice?

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[quote name='GAme' timestamp='1354570587' post='2029725']
I'm looking for a house to rent now. Is it nice?
[/quote]

It's a starter home in a nice town. Tega Cay, SC. I'm not ready to do anything just yet. Just started researching options yesterday.

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SCP i'm in the same boat. about to pay off our first house and i want to get into investing in properties. the goal will be to purchase a new foreclosure and either rent it out and stay in our current house or move into the new one and rent out the one we have now. it'll really depend on what we can find that's a good value.

i have no experience renting a house to a tenant, but i've heard enough horror stories about it to really question whether or not it's a good idea to do without the benefit of a management company. i guess ideally you'd find someone you know and trust and rent it out to them... which isn't foolproof by any means, but probably an improvement on your odds.

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though i really can't stand the thought of shaving 10+% off every month so some yahoo can run a background check and unclog the toilet now and then. i might take my chances with my own contracting

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[quote name='PhillyB' timestamp='1354585206' post='2030086']
though i really can't stand the thought of shaving 10+% off every month so some yahoo can run a background check and unclog the toilet now and then. i might take my chances with my own contracting
[/quote]

You'd hate me as a tenant cause my dumps clog the toilet on the reg. I'd be calling you 5-6 times a day. "Phily B something is wrong again."
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[quote name='SCP' timestamp='1354586639' post='2030158']
You'd hate me as a tenant cause my dumps clog the toilet on the reg. I'd be calling you 5-6 times a day. "Phily B something is wrong again."
[/quote]

for you i'd remove the toilet and we'd go all philippine latrine with a hole in the ground and a bucket of water. maybe a butt hose if you're lucky

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[quote name='PhillyB' timestamp='1354586887' post='2030177']


for you i'd remove the toilet and we'd go all philippine latrine with a hole in the ground and a bucket of water. maybe a butt hose if you're lucky
[/quote]

Now we're talking. Fug buying a new house I'll just rent from you.

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[quote name='SCP' timestamp='1354571243' post='2029742']


It's a starter home in a nice town. Tega Cay, SC. I'm not ready to do anything just yet. Just started researching options yesterday.
[/quote]

Just be careful about renting your house out over state lines. I owned a house in NC, was moving to SC and thought I could keep my house and rent it out...,but the taxes went out the wazoo because it wasn't my primary residence.

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[quote name='Boner Champ' timestamp='1354588198' post='2030242']
Just be careful about renting your house out over state lines. I owned a house in NC, was moving to SC and thought I could keep my house and rent it out...,but the taxes went out the wazoo because it wasn't my primary residence.
[/quote]

Very good point. The idea of just throwing a number out there like $750 a month for rent needs a considerable amount more thought than what sounds like a good number. Obviously you want to start with the mortgage nut to cover, then the taxes (as Boner mentioned- talk to your financial person about the tax burden), figure in the percentage you're going to pay the real estate/mgmt company, etc.

Then run comps just like you would for homes that are for sale and rent and see where you are. You may not be able to afford the luxury of a mgmt company to keep the rent number in line with the rest of the area.

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[quote name='Kurb' timestamp='1354567665' post='2029646']


Pretty sure that is illegal.
[/quote]
It is very illegal. They do not have to fix air conditioning because that is considered a luxury, but heat is required by law.

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