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Thread: Renters?

  1. #1
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    Renters?

    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.

  2. #2
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    check their references...go to currant house to see how it looks..call the landlord good luck

  3. #3
    Super Member Billi's Avatar
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    We have been renting out a home for about 4 years now the first family were kind of a pain and they left things a bit of a mess....the family we have now is wonderful they keep things great. Because we are going to sell that house at some point we provide a weekly gardener, and pool care their rent covers that the mortgage, insurance, propery taxes, and we make a profit.

    Talk to your agent about getting all the proper documents and background checks that are legal. If she is your selling agent she should give you honest advise as far as what you can or should expect and how hard or easy it is too sell while you have renters.

    Also talk to your financial/tax guy ask how it best benefits you and your situation for selling now or renting first.
    Billi
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  4. #4
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    If they've been currently renting a property since 2009, that can mean they are pretty stable. Often renters don't want to purchase because of their jobs. They may not want to mortgage a house because they can be transferred within a year or two. I had a client who leased a house with the intent of staying for at least 2 years. Then he got a job opportunity he couldn't pass up and moved 6 months later. Have your realtor (or you can do it also) a thorough background check.

  5. #5
    Super Member Lisa_wanna_b_quilter's Avatar
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    We owned rental property for years. I'd say it is luck of the draw. Some renters are wonderful. Some are awful.

    I've had previous landlords flat out lie to me about a renter. Of course, you don't find that out until after the fact.

    Typically arranging to have repairs done is your responsibility. That may not be a big deal, but if you are moving far away I would think it would be a pain.

    I'd have to say overall our landlord experience was tolerable and profitable. We sold out when my husband lost his job because we didn't want to own here if we were moving away.

  6. #6
    Super Member JenniePenny's Avatar
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    Maybe they have decided to rent until the youngest child finishes high school, and then they will be ready for the empty nest phase and will re-evaluate. Who knows...

    My husband and I were renters in the same house for 8 years. The owners loved us - we took nice care of the place and the yard and even did some upgrades (with the owners' blessings).

    Look for document templates that you can use as a rental contract. Put some kind of clause in it if you decide to put the house on the market again that gives them a fair amount of time to relocate, if the house sells.
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  7. #7
    Moderator QuiltnNan's Avatar
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    since my rental properties are in another state, i recently engaged Renters Warehouse in MN to get a new tenant for me. They charge 1 month's rent to do that. The agent I'm dealing with does not pursue renters with less than a 600 credit score. They guarantee their tenant for the first year. previously, i had used craig's list to find tenants and they are hit or miss. and, yes, previous landlords do lie.
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  8. #8
    Power Poster nativetexan's Avatar
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    with some people making drugs in homes, it always scares me. But still, there are nice people out there. Good luck.

  9. #9
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    The only experience I have had wasn't a good one. We had rent property for years and had nothing but trouble. About 1 out of 3 rents turned out good. They tend not to take care of your property like you would. Also, anything that goes wrong is your responsibility day or night. If you decide to rent your home make sure you get at least the first and last months rent as a deposit. I personally don't think that is enough. If they are experienced renters they won't be suprised by your deposit request so don't let them make you feel your are being unresonable. Just remember there is a certain amount of risk involved with renting. I certainly hope all goes well for you.
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  10. #10
    Super Member MaryMo's Avatar
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    Your agent is a selling agent ... why is she not working to get buyers rather than renters. If it were me, I'd go with renting the house only if you could not find buyers. Is your real estate agent also into property management? I would contact a real estate lawyer in your community to make sure you are well protected and a thorough background check would be mandatory. I've had good renters that were wonderful, especially when I lived near the rental property but the hellish ones have far outnumbered the good ones and in one case it took almost a year to evict one group. Document carefully and thoroughly.

  11. #11
    Power Poster nativetexan's Avatar
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    rental management is a good thing to have. someone who can drive by and even check inside once a month. write into contract. it's your property and it needs to be checked on. My husband and I were good renters while still in Houston but his renters in this house we moved into, were not.

  12. #12
    Super Member Kimkankwilt's Avatar
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    I've heard that it's a good idea to collect the rent in person. Most nice folks shouldn't have a problem with that.
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  13. #13
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    We have a rental home in Phoenix managed by a wonderful property management company that I highly recommend. There are good and bad management companies and they can make all the difference. AMHIK Sending you a private message with their info in case you go that way.

  14. #14
    Super Member KalamaQuilts's Avatar
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    My friend requires a $40.00 payment with application, and she checks the credit herself.

    I would NOT get the rent in hand in person. If you think they are 8 year olds, don't rent to them.

  15. #15
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    Your home has only been on the market for a couple of days. Unless homes in the area aren't selling, then I think I'd wait a bit before considering renting.

    Things to ask yourself before you rent:

    Will you be staying in the local area so that you can actively manage the rental?

    Will you be willing to fix things on a moments notice? That's not too terrible if you live near the rental, but when you're quite a distance away, that becomes a problem.

    Can you cover the mortgage and other house expenses if the tenant doesn't pay and you have to evict them? Depending on state laws, this can be a long drawn out nightmare. Sadly, I know that from experience.

    Some of the nicest people turn out to be the worst tenants, so be sure you check references and get a credit report. Have your tenant pay for the credit report and present it to you.

    Talk to the possible tenants for at least a half hour. You will be amazed at what a person reveals to you in that time. We have decided to not rent to several potential tenants based on what those short conversations told us.

    Of special importance to you: tenant complains about their current landlord, of their current neighbors. They will do the same to you and it starts on the day they move in to the house. We had tenants who liked each other and recommended each other until they were renting in the same building. Then they hated each other and each tenant refused to pay rent.

    Specify in the lease that they are responsible for yard maintenance, that you are allowing them to use the appliances that are in the house now, but other than the stove and refrigerator, water heater, they are responsible for replacing things like the washer and dryer should they break down. Tenants tend to be more careful of the appliances if they know that they have to replace them if they go bad. The down side to this is that the washer/dishwasher may leak and cause damage to the house if something does go wrong and the tenant decides to live with it.

    Utilities - in my town, the water and sewer is provided through a public utilty. If the water bill isn't paid, the town can put a lien on the home. If that's the case where you are, then you MUST pay the water bills. It's the only way to be sure they are paid and your home has no liens on it. Build it into the rent.

    Pets: Since I have been in homes where there was dog poop all over the floor - required major work to get the urine and poop smell out - I say no pets to tenants because some people are really careless with their pets.

    Have to go. You have lots to think about. Good luck.
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  16. #16
    Senior Member Three Dog Night's Avatar
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    It's the luck of the draw on renter's. We rented our home in Spokane for several years. Had both good and bad (family member was one of the worst) and checking references never helped-we finally had to hire a rental management firm which took care of replacing and fixing all the damage they did. Our neighbor from here moved to Spokane when it was just vacated and she was the best renter we ever had-were so glad when it finally sold. I would never put home up for rental again.

  17. #17
    Power Poster lynnie's Avatar
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    My dh and I rented b4 we bought our condo. we left the place better. we also had an indoor cat who was a pleasure. no destruction. we painted b4 we left. put up window treatments and planted flowers all around. when I was a kid, we rented and again, planted beautiful flowers and trees and left it better. I have a friend renting a condo and she's put in hard wood flooring and redid the kitchen and bathroom. another friend got a ss oven for her apt, bc she lives there and wants it to be her home. good luck
    put off till tomorrow what you can do today, and if you procrastinate long enough, you may never have to do it.

  18. #18
    Super Member CookyIN's Avatar
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    Be sure you know exactly what your monthly costs will be. For instance, where I live the property tax on rental property is much higher than on a home you personally occupy. Check with your insurance agent too. And figure enough into the rent to cover lawn maintenance, etc. You might also check to see if you have a local group of "landlords" -- I'm sure they could offer some great insight. Good luck with whatever you decide!

  19. #19
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    ***
    *** Renters can do more damage in one year
    *** than you can recoup in rent.
    ***
    *** Also if they quit paying you have to go through the Eviction procedure to get rid of them
    *** then they will take it out on the property.
    ***
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  20. #20
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    We're reluctant landlords, and if we could sell our house for what we need, we would sell it in a heartbeat. In 2012, we evicted tenants from h==l, it costs us $20,000 in clean up and repairs plus 4 1/2 months to get it ready to rent, the next tenants left owing us $2,300, and we spent roughly $4,000 in clean up and repairs, hopefully, the tenants we have now, will be good ones. It doesn't seem to matter how good their credit or background is. We aren't making any money off the rent, it pays the mortgage, taxes and insurance. There is NO WAY that I want to be a landlord once we can sell that house. We're still recovering from 2012, then had to spend $9,000 just a couple of weeks ago, for a new A/C and heating unit.
    Last edited by pocoellie; 04-03-2014 at 01:56 PM.

  21. #21
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    Make sure your contract states that you will be able to come into the house monthly to change the filters (and do a quick look-see for outlandish rule breaking). Our renter "didn't know" she was supposed to change the HVAC filter, and never did it in 2 years. She kept the place immaculate, we never dreamed she'd cost us so much until the unit blew up. Of course, it was winter and we had to replace it quickly. Her security deposit was not enough!

  22. #22
    Super Member ILoveToQuilt's Avatar
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    One thing no one has brought up...if there will be children living in the home, check your local lead paint laws. You might have to delead the apartment prior to tenants moving in. Very expensive to do. You are responsible for checking to see that your home does/doesn't contain lead paint before being able to rent the unit. You cannot rent an apartment that has lead paint even if you have a signed agreement from the tenants stating they don't care about the lead. Different states have different age limits on children and lead paint, so check your state laws (usually the Health Dept in the city or state will have this information). Don't rely on the realtor for this information, check it yourself.

    Good luck. Personally, if I was in this situation, I'd wait to see if the house sold. Renting it out would be the last option I'd take. Yes, I've been a landlord and have had both wonderful tenants and tenants from H&*L. Had to delead one unit before we could rent it - tenants only stayed 5 months, so we never made the money back.
    Last edited by ILoveToQuilt; 04-03-2014 at 04:36 PM.
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  23. #23
    Super Member Quilty-Louise's Avatar
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    My hubs & I are renters. We have been renting the condo we
    live in for 11 years. We would love to buy a home, but
    quite frankly it is a darn good thing we didn't do it 13 years
    ago as we was thinking of doing we would have lost the house
    by now if we had purchased.
    Louise - Ya-ya to Zachary April 13 2015. I collect mugs from the U.S. and around the world. Also collect handmade pincushions, sewing/quilting themed fabrics, and fabric in general.

  24. #24
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    Instead of renting maybe sell it Contract for Deed. I do not understand why the realtor would want to rent it instead of sell it.

  25. #25
    Super Member Peckish's Avatar
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    My grandparents owned several rental properties throughout the years, and my brother had one for a while. Nuggets of info I've taken from watching:

    1. Require them to purchase rental insurance, and they have to show you proof.
    2. Get more than one reference. Their current landlord may give them a good reference just to get them out of his/her hair.
    3. I believe Clark Howard has some landlord tips on his website somewhere. I remember him saying he offered a discount of $50 or some such thing if they paid the rent before the 1st of the month - he's never had a late payment.

    ETA: Here's a link to Clark's website. He did a series of articles about renters, this is only one of them, so you might want to did for the rest.

    http://www.clarkhoward.com/news/clar...-tenant/nYRL3/

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