Welcome to the Quilting Board!

Already a member? Login above
loginabove
OR
To post questions, help other quilters and reduce advertising (like the one on your left), join our quilting community. It's free!

Page 2 of 3 FirstFirst 1 2 3 LastLast
Results 26 to 50 of 53

Thread: Renters?

  1. #26
    Super Member
    Join Date
    Nov 2009
    Posts
    2,061
    Check ALL references, jobs, utility companies, past landlords, etc. Get a good damage deposit. Still, it can be an uphill proposition. Our daughter owns a bunch of rentals and some turn out fine and others?????

  2. #27
    Super Member
    Join Date
    May 2012
    Location
    Central Wisconsin
    Posts
    4,230
    We have a "nun" living upstairs. She has been here for 18 years, is an artist, is single, and teaches Sunday School. You should see what she had done to my yard. Stone walkways, stone walls around the flower beds, lots of plants and wild flowers, and snow sculptures in the winter. She's a regular Michelangelo with snow. We don't really make a profit from the rent she pays, but it covers our taxes and insurance.
    But I've had a few bad ones, too. Holes in the walls, bleach on the carpet where they tried to clean up candle wax, and a few things walked away from my garage when they left.
    All in all, I've been very happy that I made my upstairs into an apartment. We don't need all of this big old farm house.
    Mavita - Square dancer and One Room School Teacher

  3. #28
    Power Poster nativetexan's Avatar
    Join Date
    Feb 2009
    Location
    home again, after 27 yrs!
    Posts
    19,201
    Blog Entries
    2
    When I first got an apartment I got renters insurance and always had it. but it was for my things, not the apartment owner or home owner. If a renter damages something and moves out, how would you get their insurance money? it doesn't work that way. Try finding someone through a Church perhaps. There are still nice people out there but everyone is feeling the money pinch and that does change people. Again hon, good luck.

  4. #29
    Senior Member
    Join Date
    Nov 2008
    Location
    SoCal
    Posts
    691
    I called the previous land lord and he said, Ohh they are great people. I hope you rent to them. It was our first rental, so we rented to them. They paid one months rent. PERIOD! Old landlord wanted to be rid of them.
    Check the old house, neighbors..etc. Do your homework.
    We now have some great tenents.
    Last edited by linhawk; 04-04-2014 at 07:51 AM. Reason: adding info


    ·What does a clock do when it's hungry? It goes back four seconds.

  5. #30
    Senior Member stitchengramie's Avatar
    Join Date
    Jan 2011
    Location
    Allegan, MI
    Posts
    766
    I rent, and where I am renting I had to pay a deposit plus first and last months rent. They do this because sometimes they have renters that up and move out without giving a notice they are moving.
    "Our deeds determine us as much as we determine our deeds" George Eliot

  6. #31
    Super Member
    Join Date
    Sep 2012
    Location
    Homosassa, FL
    Posts
    2,259
    We have two older mobiles on our property and have had more bad than good renters, had to evect a few. Now have 12 x 60 and not sure if we want to rent again, but money sure comes in handy. Just got rid of a guy who owed electric and part of one months rent, found out he was a coke head and having it delivered here, but at least we didn't have to go through eviction process, gave him a three day notice and he found another place and moved. Not sure we will rent again, or fix some things to make it into guest quarters and sewing/quilting room for me.
    Income sure helps with medical bills, but first we have to do some fixing up. Daughter who helps us with dogs and things around here lives very cheap in other one ( she is on disability). Be careful, check refrences and be sure you get enough rent and deposits and refrences.

  7. #32
    Senior Member
    Join Date
    Oct 2011
    Location
    the beach
    Posts
    626
    I have owned rental houses since 1979 and still have seven. My best advice is to get an agent to handle rental applications. The agent will verify employment and income and check credit references, etc. They can advise you on the rental market and help you set a fair rent amount. The money you pay him/her (typically one month's rent) will be money well spent -- and it's deductible as I will explain below. The agent will get the tenants (and you as landlord) to sign the lease. That will offer some protection for you in case anything goes wrong.

    Also contact your tax advisor. Renting the property will change it to an income property and you will file a Schedule E with your return next year. There are huge advantages to converting a property to a rental -- 1. you get to depreciate it (something you cannot do with your residence) and 2. practically every penny you spend on it will be tax deductible, except the principal on any mortgage on the property. Your tax person can explain the details.

    In all my experience (35 years times an average of six or seven houses each year,) I have only ever had one case of intentional damage to the property and one eviction. PM me if I can be of further help.
    "Accomplishment is a consequence of effort" -- Michael Crichton

  8. #33
    Super Member auntpiggylpn's Avatar
    Join Date
    Jun 2011
    Location
    Michigan. . .FINALLY!!!!
    Posts
    6,911
    Blog Entries
    1
    I guess the real question is do you want/need to be done with the house you are selling? Are you selling your house because you are buying a different house? Will you have 2 mortgages to pay if the renters fail to pay rent? Are you in a position to pay taxes on 2 properties? I'm not sure what the real estate market is like in Arizona but we have a home in Indiana and just moved to Michigan in the middle of January. My MIL's apartment lease was up at The end of February so she moved into the house so it wouldn't be sitting empty while we were preparing to put it up for sale; she was hoping she was going to have at least six months she wouldn't have to pay rent. We put the Indiana home on the market March 10 and it sold in 8 days!!! Only you and your husband can determine if hanging on to your house and becoming landlords is in your best interest. Good luck in whatever you decide.
    No one has ever become poor by giving. - Anne Frank
    Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that. - Martin Luther King, Jr.

    http://www.etsy.com/shop/TheQuiltedPig

  9. #34
    Power Poster Jingle's Avatar
    Join Date
    Dec 2009
    Location
    Outside St. Louis
    Posts
    35,104
    Good luck, we don't have any place to rent and don't want the hazzle of renters. Our sanity is worth more than money.
    Good luck with whatever you decide to do.
    Another Phyllis
    This life is the only one you get - enjoy it before you lose it.

  10. #35
    Super Member Peckish's Avatar
    Join Date
    May 2011
    Location
    Pacific NW
    Posts
    7,218
    Blog Entries
    1
    Quote Originally Posted by nativetexan View Post
    When I first got an apartment I got renters insurance and always had it. but it was for my things, not the apartment owner or home owner. If a renter damages something and moves out, how would you get their insurance money? it doesn't work that way.
    It's mainly because of the liability protection. For example, a renter's policy will cover the tenant if a guest falls down the stairs and gets hurt. The injured guest will typically go after the deepest pockets, which would be the tenant's insurance company since the tenant's insurance policy would cover it. That protects the landlord from getting sued by the injured guest.

    Also, another thing that I remembered: You will want to check with your attorney about the laws in your state, but another way you can limit liability and protect yourself and your properties is to form a separate LLC for each property. That way, if someone pursues legal action against your rental property and they win, they are unable to get a judgement that includes you losing your personal residence.

  11. #36
    Super Member
    Join Date
    Sep 2010
    Location
    Upper Michigan
    Posts
    8,824
    Blog Entries
    14
    Background checks, first, last n security deposits, plus take pictures!! Before they move in, when they leave! Spell everything out, what are they responsible for? Pay all utilities? Clean place when leaving, any pets allowed? How many? Yard maintenance? Ect like was said be nice to have someone close by tp keep eye on place, proff company, trusted friend????

  12. #37
    Super Member
    Join Date
    Sep 2010
    Location
    Upper Michigan
    Posts
    8,824
    Blog Entries
    14
    Good luck!! :-)

  13. #38
    Super Member CAS49OR's Avatar
    Join Date
    Mar 2011
    Posts
    2,653
    If you don't have to rent, don't. I have rented many places and the state of them was horrible.

    On the other side, I'm a responsible renter and have always left a place better than it was when I moved in.

    I was treated with disrespect by property managers immediately, before they knew me. I wanted to show them pictures of my beautiful home I left, which was spotless. (or any of the homes I bought)

    I mean, I had almost white beige carpet that was spotless!!!

    I think the problem here (OR) is the month to month rent. I think anyone can move into a home and destroy it in a month and leave. Where I come from, ND, you had to sign a year lease.

    You may choose to lease your property that way. There are some here that do. Get first, last month, and a hefty deposit. Make sure it is all legal.
    :-)
    CAS

  14. #39
    Junior Member
    Join Date
    Nov 2011
    Location
    Newark, Ohio
    Posts
    138
    Quote Originally Posted by ScrappyAZ View Post
    Does anyone have any experience with renters? Hubby and I put our home on the market Tuesday, and last night, our realtor called to say a family would like to rent our home. They have two older children (15 and 20) and have been renting their current residence since 2009. Not sure why they prefer to rent, but I guess that's their business. The monthly rent they are offering will offset our current mortgage so hubby is thinking this may be a good idea. All I hear are renter horror stories. Are there any good stories out there? We have until Sunday to make a decision.
    We have 3 rentals. At present they are long term ones, so we are very blessed at present. In the past we have had horror story renters. Make sure your lease papers are good ones, get a deposits equal to 2 months rent up front with the first months rent. If there are pets, get extra deposit money for that.
    Pets in one of our rentals cost us $15,000.00 in repairs. Have a credit report as requirement and references as well as an application form with all of their pertinent information on it. Do periodic visits so you can inspect to make sure everything is as it should be. Your lease should have specifics as to any maintenance, such as plugged drains, yard mowing, etc. Good luck.
    Last edited by cwcquilters; 04-05-2014 at 06:37 AM.

  15. #40
    Super Member
    Join Date
    Mar 2007
    Location
    Here and there
    Posts
    1,660
    One of the best days of my life was the day I got rid of my rent property. Just be prepared for the worst while you hope for the best if you decide to rent the house. froggyintexas

  16. #41
    Super Member JoanneS's Avatar
    Join Date
    Mar 2008
    Location
    AZ and CT
    Posts
    4,885
    Blog Entries
    1
    Quote Originally Posted by puppy View Post
    check their references...go to currant house to see how it looks..call the landlord good luck
    Ditto to what puppy says. We have rented several condos out for many years, and we have had mostly good luck with tenants. We ALWAYS have a contract between us and the tenants signed by both of us. No lawyer needs to be involved. Set the rent to cover taxes as well as mortgage plus whatever profit you want, and include that you may increase the rent annually, especially if your expenses on the house increase (ie your mortgage and/or taxes). Check around to see what comparable houses are renting for. Ask for the first and last month's rent in advance, plus an extra month to be returned if the house is left in good condition when they leave. Require a month's notice when they leave. Specify in the contract exactly what you mean by 'good condition.' Specify what their responsibilities are eg mowing and watering the lawn, keeping the inside and outside clean, contacting you when repairs are needed, paying for all utilities. If you're not going to continue to live in the area, you'll need to have a handyman you can contact should repairs be needed - someone who is licensed for electrical and plumbing work.

    All this sounds a bit negative, but it doesn't mean bad things will happen. You need to protect yourself 'just in case.' We've only had 1 tenant skip out on us and leave a mess in the 35 years we've been renting out.
    Last edited by JoanneS; 04-05-2014 at 01:16 PM.

  17. #42
    Super Member Sandygirl's Avatar
    Join Date
    Apr 2011
    Location
    Midwest
    Posts
    4,871
    O was a renter until I bought my house in 1993. I always got my deposits refunded. I took care of the property too. (Apartments) i hate the horror stories of renters being such slobs.

    Sandy
    Sandygirl

    Janome 9900 / Janome 9700 / Janome 3160 QVC/ Janome 1100D serger, Juki 2020 Mini
    Singer Centennial model (inherited from my late, fav aunt!)

  18. #43
    Super Member Nanny's dollface's Avatar
    Join Date
    Feb 2013
    Location
    So. California
    Posts
    1,443
    Just had to put my two cents in...not all renters are irresponsible . Having been a home owner for over 20 years, my husband and I lost everything due to medical reasons between him and my mom. Out of pocket expenses were $3k a month just for my Mom's cancer medications. My DH had quadruple bypass surgery, an abdominal aortic aneurysm , renal stent, cardiac cath, and vascular surgery all in a 5 month period. Things were very bleak but faith carried us through. When we lost out home ( bad economy and houses not selling) we needed to be renters ....luckily we found a great home and a great landlord. We take care of the home as if it was our own. Please give thought to those individuals who may have been down on their luck for reasons outside their control. Some people deserve a second chance.

  19. #44
    Member
    Join Date
    Dec 2012
    Posts
    50
    We opted to rent our home when the market went south in late 2009. It was to be our retirement fund as the mortgage was almost paid off at the time.
    Long story short: We have paid more in repairs than we have earned in rent. Unless you live very close to the original house: do not do it.

  20. #45
    Member
    Join Date
    Dec 2012
    Posts
    50
    You are not the norm in my experience. I wish you had been our renters. We had three sets before we closrd the house to renters. Even though our house was almost paid off we almost lost it in foreclosure when our renter kept paying just enough to lead us to believe they were sincere in wanting to catch up on the rent. This went on for too many months. Never again.

  21. #46
    Super Member
    Join Date
    Jul 2010
    Location
    Lebanon Missouri
    Posts
    2,662
    Blog Entries
    1
    Quote Originally Posted by puppy View Post
    check their references...go to currant house to see how it looks..call the landlord good luck
    You can also talk to their neighbors. Ask if they were good or bad neighbors. Now a days it is very easy to check out peoples arrest records. The worst kind of tenants are those that have drug priors and domestic dispute calls/arrests. We were landlords for several years and the only bad tenant we had was my husbands brother. He felt that being family he did not have to pay rent. As new landlords make sure you are explicit about repairs or painting etc.. Also get a hold of your area's Landlord and Tenants handbook. This will help you out in writing up your lease agreement. And get 1st and last months rent and a deposit up front. Saves you a lot of headaches when they move on.

  22. #47
    Senior Member
    Join Date
    Mar 2011
    Location
    Sun City, AZ
    Posts
    400
    Update: Our house was on the market for only four days, and we received a full-price offer! Although I'm sure there are good renters out there, I am very happy that we won't have to rent our home. Thanks, everyone, for your input and advice!

  23. #48
    Super Member auntpiggylpn's Avatar
    Join Date
    Jun 2011
    Location
    Michigan. . .FINALLY!!!!
    Posts
    6,911
    Blog Entries
    1
    Quote Originally Posted by ScrappyAZ View Post
    Update: Our house was on the market for only four days, and we received a full-price offer! Although I'm sure there are good renters out there, I am very happy that we won't have to rent our home. Thanks, everyone, for your input and advice!
    That is wonderful news! You beat our recent sale of our home in 8 days!!!! The market is good right now (according to our realtor)
    No one has ever become poor by giving. - Anne Frank
    Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that. - Martin Luther King, Jr.

    http://www.etsy.com/shop/TheQuiltedPig

  24. #49
    Power Poster nativetexan's Avatar
    Join Date
    Feb 2009
    Location
    home again, after 27 yrs!
    Posts
    19,201
    Blog Entries
    2
    Oh I'm so pleased for you!!

  25. #50
    Super Member jlm5419's Avatar
    Join Date
    Aug 2010
    Location
    My Sewing Room
    Posts
    1,184
    Blog Entries
    1
    My home in Oklahoma is currently occupied by renters. They have been wonderful. They always pay, and if they are late, they pay the penalty without complaint. I have visited the home on occasion and found it to be in great condition. There are bad renters out there, but we got lucky. Just be sure your realtor screens them carefully.
    jlm5419-an Okie back in Oklahoma!
    http://according-to-ginger.blogspot.com/

Page 2 of 3 FirstFirst 1 2 3 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SEO by vBSEO ©2011, Crawlability, Inc.