Carol34446

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.

gramma nancy

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.

auntpiggylpn

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.

Jingle

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.

Peckish

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.

Painiacs

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????

Painiacs

Good luck!! :-)

CAS49OR

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.

cwcquilters

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.

FroggyinTexas

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