30 replies to this topic

[SCP]

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

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.

[PhillyB]

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.

[PhillyB]

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

[SCP]

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

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."

[PhillyB]

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."

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

[SCP]

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

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

[Boner Champ]

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.

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.

[Anybodyhome]

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.

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.

[Tensor]

Pretty sure that is illegal.

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

[pstall]

scp if you need some names, leads for good prop mgt holla.

got one buddy who has lots of rentals the dude, while rolling somewhat, is ALWAYS fixing this or doing that or what have you.

im a set it and forget kinda investor. pay someone to do it for you and be the firewall you need.

totally a renters market in Charlotte area. oh and if congress gets rid of the mortgage interest deduction..oh man. look out.

[SCP]

scp if you need some names, leads for good prop mgt holla.

got one buddy who has lots of rentals the dude, while rolling somewhat, is ALWAYS fixing this or doing that or what have you.

im a set it and forget kinda investor. pay someone to do it for you and be the firewall you need.

totally a renters market in Charlotte area. oh and if congress gets rid of the mortgage interest deduction..oh man. look out.

Thanks, might take you up on that.

[catfang]

scp if you need some names, leads for good prop mgt holla.

got one buddy who has lots of rentals the dude, while rolling somewhat, is ALWAYS fixing this or doing that or what have you.

im a set it and forget kinda investor. pay someone to do it for you and be the firewall you need.

totally a renters market in Charlotte area. oh and if congress gets rid of the mortgage interest deduction..oh man. look out.

The area where my house is located, the rental market was tight, according to my agent. Maybe it was my price range or something. SCP, I'm talking Steele Creek area, just north of you across the state line.

[SCP]

People on my street are getting some pretty high rental rates. I couldn't believe it when talking to some of the property owners.

[Kurb]

People on my street are getting some pretty high rental rates. I couldn't believe it when talking to some of the property owners.

Seems for a multitude of reasons people will rent for more money than a house payment would be.

[SCP]

Seems for a multitude of reasons people will rent for more money than a house payment would be.

Yep. I never looked into it until this week. Some people are making $500-$600 more than their mortgage payment each month. In one case even more than that.