Renting a house for the first time ... advice needed
- Thread starter Jogeephus
- Start date
Help Support CattleToday:
john250":3eegen9w said:
We get between $450 and $900 per house per month on less than an acre lot on the fronts of our pastures. My expense aren't much and all houses are paid for.
I can't do that with cattle.
MillIronQH
Well-known member
My mother rented out the house she bought after her and the old man divorced when she decided to move to Houston. It was close to Shepherd AFB and she told the company that handled it to only rent to officers and senior NCOs and still had problems. She finally smarted up and sold the dern thing.Z
Wewild":p30rp6bt said:
I have made great money in the rental game. No doubt about it.
The biggest mistake I see people making is "backing" into rental work. Yes I said it its WORK, treat it like so and you will be paid.
Just because you have a hundred acres of pasture doesnt make you a farmer, having an extra house doesnt make you a landlord. Do it for a reason, with a goal and a expected outcome. You will be shocked how well it ends.
MD
PS I make a heck of alot more off the houses than the land. lol
Cows are less trouble though.
Bez>
Well-known member
Wewild":p9t0m0e5 said:
No frigging way - it had to be one of frankies bulls that you bought from her!
Bez>
OP
OP
Jogeephus
Well-known member
Thanks for all the info. Ordered the "Guide" this morning.
I really didn't want to get into the rental business and really didn't need to part with the money. Nevertheless, the house came with the land and it is too nice to torch. Had I not purchased it, I probably would have a trailer park next door filled with people that talk funny or a bunch of urbanites complaining about the flies, noise or whatever. If I leave it vacant, it will just deterioate.
My plan is to rent it to a military family that will be stationed here. In doing this, I figure most married people with children will be somewhat settled. A secondary objective, is to keep the house in the event my mom or mothernlaw gets where they need help. Can let them live there so we can keep an eye on them.
Thanks again for info. I want to go into this with my eyes wide open and maybe I'll be pleasantly surprised .... but maybe not.
I really didn't want to get into the rental business and really didn't need to part with the money. Nevertheless, the house came with the land and it is too nice to torch. Had I not purchased it, I probably would have a trailer park next door filled with people that talk funny or a bunch of urbanites complaining about the flies, noise or whatever. If I leave it vacant, it will just deterioate.
My plan is to rent it to a military family that will be stationed here. In doing this, I figure most married people with children will be somewhat settled. A secondary objective, is to keep the house in the event my mom or mothernlaw gets where they need help. Can let them live there so we can keep an eye on them.
Thanks again for info. I want to go into this with my eyes wide open and maybe I'll be pleasantly surprised .... but maybe not.
MillIronQH
Well-known member
If you want to rent to a military family the good news is if they create any serious problems all you have to do is call their CO. The bad news is you will probably have to allow for short notice transfers in the lease.
Senior officers and NCOs in the non-combat branches are the safest bets. They usually land somewhere for at least two years.
The main problem my mother had was with them NOT calling the management company when they should have.Z
Senior officers and NCOs in the non-combat branches are the safest bets. They usually land somewhere for at least two years.
The main problem my mother had was with them NOT calling the management company when they should have.Z
Texas PaPaw
Well-known member
Texas Gal
Well-known member
There's definitely money to made in the rental biz. BUT, it's not without it's pitfalls. Here a few suggestions from years of being a landlord.....
1. Deposit equal to at least one month's rent.
2. Non-refundable pet deposit, if you even allow pets, that will pay for professional cleaning of carpet.
3. A "due by date" for rent with a monetary penalty that compounds with every breath if the deadline is not met .
4. Set the rent high enough to weed out most of the trailer park trash.
5. Have your attorney write up the lease - it's money well spent.
6. Hire a management company and stay under the rader.
Good Luck!
1. Deposit equal to at least one month's rent.
2. Non-refundable pet deposit, if you even allow pets, that will pay for professional cleaning of carpet.
3. A "due by date" for rent with a monetary penalty that compounds with every breath if the deadline is not met .
4. Set the rent high enough to weed out most of the trailer park trash.
5. Have your attorney write up the lease - it's money well spent.
6. Hire a management company and stay under the rader.
Good Luck!
My best advice is don't do it. I know some folks who have rentals and do well with them, but they have their nightmare stories to tell. After I divorced I bought a little house in the country, nothing special. I rented it out when I remarried after living in it for about 5 years. First two were great experiences. The last two were the kind of tenants that would make you sit up at night. I learned something.
Verify income and employment. Talk to the last landlords. If they can't or won't do that, then don't rent to them. Be extremely specific about can's and can'ts in the lease. Provide incentives for paying rent on time. Deposits are non-refundable. Period. There will be damage.
And above all, never never never let the tenant do anything to the house in the way of repairs. Well meaning people will destroy the house trying to paint, repair and remodel.
And remember, everyone is an idiot. Everyone lies and everyone will rip you off given the chance.
Being a landlord made me into a first class b*tch. I once threatened to burn a tenants belongings if he didn't move out. The next day I showed up and removed his stuff from my storage buildings and locked them. With an off-duty deputy friend of mine. It got ugly. They totally destroyed my house. I sold it as-is, trash and all. (Did I mention that they never took out the trash?) It was the happiest day of my life. It was up there, anyway.
Good luck. Get better tenants than I had.
Verify income and employment. Talk to the last landlords. If they can't or won't do that, then don't rent to them. Be extremely specific about can's and can'ts in the lease. Provide incentives for paying rent on time. Deposits are non-refundable. Period. There will be damage.
And above all, never never never let the tenant do anything to the house in the way of repairs. Well meaning people will destroy the house trying to paint, repair and remodel.
And remember, everyone is an idiot. Everyone lies and everyone will rip you off given the chance.
Being a landlord made me into a first class b*tch. I once threatened to burn a tenants belongings if he didn't move out. The next day I showed up and removed his stuff from my storage buildings and locked them. With an off-duty deputy friend of mine. It got ugly. They totally destroyed my house. I sold it as-is, trash and all. (Did I mention that they never took out the trash?) It was the happiest day of my life. It was up there, anyway.
Good luck. Get better tenants than I had.
mdmdogs3
Well-known member
My cousin has rental property.
The lease that they use is almost comical. It sets everything down - to the point of how often you must clean the kitchen floor and scrub the toilet.
His wife said that she added these when she had to use a snow shovel to get the stuff off of the kitchen floor and the white toilet was black.
The lease that they use is almost comical. It sets everything down - to the point of how often you must clean the kitchen floor and scrub the toilet.
His wife said that she added these when she had to use a snow shovel to get the stuff off of the kitchen floor and the white toilet was black.
perda04
Well-known member
Consider a home warranty company. I have rental property covered by a company "American Home Shield". Any maitenance issue costs me a $45 deductible. I've had a garbage disposal replaced, 80 gallon gas water heater replaced, a/c compressor serviced and a flood of other things. Peace of mind costs me $400 / year.
msscamp":32proc15 said:
Yes. I was a really big idiot for trying to be a landlord and for trusting some of these bozos. It was, without doubt, the most dumb, of the long list of dumb things I have done. You learn not to trust anyone, and that's sad because all I wanted, really, was to be able to make enough money to pay the mortgage and make a little profit until my son got out of high school. I thought he might like to live in it some day. I was really proud of that house. It was my first big purchase I made on my own after the divorce. No one thought I could do it, but I wanted a stable home for my kids. I worked hard to make it a good home. Then a couple of lying idiots destroyed it.
I did have two good tenants, but all I think that did was make me too comfortable. I didn't have the edge I needed. I don't like standing over anyone anyway, and I have always believed that adults can manage themselves given the chance.
Wrong. It was just a bad experience and it changed me, for sure.
VanC
Well-known member
Lammie":ayn6i51r said:
I'm sorry you feel that way, but it's simply not true.
I don't mean to sound harsh, but I had an extremely bad experience as a land lord, and I know I am not the only one. Obviously, I have not lost faith in humankind. I volunteer at the library in an ajoining town to read to kids, I take part in Special Olympics, I am a band booster. I just will never be a land lord again. I have a short tolerance for adults who won't act like adults. I had the last tenant tell me that she had cancer trying to avoid paying the rent, and it turns out she didn't. That, to me, is just not something I can get over.
Still, I do want to look for the good in everyone. And not having rental property is one way I made this easier.
Sorry if I offended.
Still, I do want to look for the good in everyone. And not having rental property is one way I made this easier.
Sorry if I offended.
Lammie,
Part of my failure as a landlord was continuing to look for the good in people when their lack of respect for me and my property was staring me right in the face.
I can't cite the particular instances that caused me grief as a landlord...because it still upsets me and angers me beyond belief...and causes me such disappointment.
Alice
Part of my failure as a landlord was continuing to look for the good in people when their lack of respect for me and my property was staring me right in the face.
I can't cite the particular instances that caused me grief as a landlord...because it still upsets me and angers me beyond belief...and causes me such disappointment.
Alice
