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Mehpic
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Discussion Starter · #1 · (Edited)
landlords (evil and otherwise) please step inside

due to recent significant family changes, we're moving in with my dad. we want to rent out our house as we'll be able to pay the mortgage, a few utilities for the renters, and still make a profit, which is nice.

so, what do i need to know? have a lease drafted up by an attorney? (can be done with ease) as for around-the-house fixes, I'm already handy (code? you decide!) and fix most stuff around the house anyways.
 

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Sticky Valentine
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28,404 Posts
I will rent your house for $500/month.


joe
 

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Sticky Valentine
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Just know that come tax-time you'll have to declare the entire monthly rent (you can't subtract for mortgage) you receive as income.

So make sure ANY and all expenses related to the upkeep of that house including any travel to and from, anything at all, you keep a record of and recepits for.

And $575.
 

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Sticky Valentine
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OldEndicottHiway said:
Just know that come tax-time you'll have to declare the entire monthly rent (you can't subtract for mortgage) you receive as income.

So make sure ANY and all expenses related to the upkeep of that house including any travel to and from, anything at all, you keep a record of and recepits for.

And $575.

Damn you people!

$576.


joe
 

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Sticky Valentine
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OldEndicottHiway said:
$580, and a bewbie.

I win.

Just one?

My moobs are delicious.


joe
 

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Mehpic
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Discussion Starter · #9 ·
you all are jerks. and flatbar...except OEH- she at least offered good advice (ha! like i expected total good info from teh lownge)










and a boobie.
 

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Now for the first serious reply ... Just download a lease which is applicable to your state. Edit it if you want. When somebody calls with interest just meet them at the property and show them around. That's when you can talk with them and get a feel for their trustworthiness. If you don't like them just hand them a rentor's application and tell them to fax it to you after filling it out. Tell them you want the rent in cash and if they want the place they can just give you 1 month's rent to hold the place. That will be their security deposit. Keep track of all your expenses and turn them in to your tax person every year. Make sure you make a loss on paper with the property while that little nugget grows in value until somebody else pays for it. It can be a beautiful thing. Very simple.
 

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Shirtcocker
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2cflyr said:
due to recent significant family changes, we're moving in with my dad. we want to rent out our house as we'll be able to pay the mortgage, a few utilities for the renters, and still make a profit, which is nice.

so, what do i need to know? have a lease drafted up by an attorney? (can be done with ease) as for around-the-house fixes, I'm already handy (code? you decide!) and fix most stuff around the house anyways.
Will you be living close to the house you're renting? If not you may want to just use a property manager. Will you be able (or want to) to fix a leaky toilet at 2am?
 

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Mehpic
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8,162 Posts
Discussion Starter · #14 ·
Bocephus Jones II said:
Will you be living close to the house you're renting? If not you may want to just use a property manager. Will you be able (or want to) to fix a leaky toilet at 2am?
about 20 minutes away. it would suck, but i'd do it.

we did think about the "property manager" idea- any idea what a typical percentage is their take?
 

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Shirtcocker
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2cflyr said:
about 20 minutes away. it would suck, but i'd do it.

we did think about the "property manager" idea- any idea what a typical percentage is their take?
No idea, but we are going to be renting out property we own soon so we'll find out. We're about 10 hours away though so not practical to do it ourselves.
 

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Sticky Valentine
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2cflyr said:
...and why do you hate your end of teh ornage county?

South County Snob!


joe
 

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Mehpic
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Discussion Starter · #17 ·
Bocephus Jones II said:
No idea, but we are going to be renting out property we own soon so we'll find out. We're about 10 hours away though so not practical to do it ourselves.
just out of curiosity, how much over the mortgage were you going to be renting for? from what we know of our local rental market and how much is left on our mortgage, we're increasing it by just under 25% and still undercutting everything in the surrounding area for detached home rentals.
 

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Sticky Valentine
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2cflyr said:
BAM!


ouch.

one worse: dad lives in coto. yea, where "the real housewives" are. FML.

Wow. Have fun with that. Yikes.


joe
 
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If it's just one single family home...................

I'd suggest not going the property management direction. Most in our area charge a monthly flat fee regardless if they perform repairs/maintenance or not. Any repairs are in addition. Some charge mileage, some just a flat service fee.

I'd talk to any surrounding neighbors that you have a good relationship with, ask them to give you a heads up if problems.

Most state's have generic lease documents available. They usually work fine.

Spend time during the screening, it will save you serious headaches down the road.

Make sure you have a condition form that the tenants complete within 10 days of moving in. Ours is 3 pages long. It asks for condition of "carpet, woodwork, window(s), screen(s), walls", etc. for each room in the house. Covers each appliance and each bathroom fixture. The tenant completes and signs the document when they move in and return it to you within 10 days. You use the same form to complete the condition of the property when the tenant moves out. Condition issues are the biggest issue we deal with. PM me if you'd like me to mail you copies of our docs.

And just so you know, a toilet always goes on the fritz between the hours of 2:00 and 4:00 AM, and almost always on a major Holiday. Ditto furnace/AC/sump pumps.
 
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