school me on renting out a home...

[czygvtwkr]

Keep a short leash on your tennants. Even people you think are good people and trust sometimes screw you on the rent, destroy things etc etc.

This is one situation it absolutely does not pay to be a nice guy.

[chrissyhh]

Check out this site.. Alot of good information on the forums Welcome to MR LANDLORD for free rental forms, management software, real estate books and landlord advice to better manage and lease rental property.

[smilin]

Originally Posted by czygvtwkr

Keep a short leash on your tennants. Even people you think are good people and trust sometimes screw you on the rent, destroy things etc etc.

This is one situation it absolutely does not pay to be a nice guy.

Read this again.... then again, and don't forget. Look at it as you would a business and make your decisions that way.

[vanbells]

My parents rent 6 houses and it works out great. There was one time when we had to go to court to kick people out because they missed rent two straight months.

[MrX (Premo)]

Nice place! Im sure it wont take long to find tenants.

[Roxy1104]

Originally Posted by smilin

Read this again.... then again, and don't forget. Look at it as you would a business and make your decisions that way.

And if you're thinking of renting with the option to buy - I wouldn't suggest owner financing.... we had a client who did this and boy did he get screwed. The owners separated, the hubby filed banko, and the wife was still in the house w/her daughter. She didn't make a mortgage payment for over a year. It ended in foreclosure and the original owner bought it back. Then she called and asked if we thought the original owner would rent to her. Anyway, it took a good 6 months + to get her out of the house.

[Roxy1104]

And BTW, that is a gorgeous home. I wish I could afford it!