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Renting a house for the first time ... advice needed
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<blockquote data-quote="Lammie" data-source="post: 369202" data-attributes="member: 3306"><p>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.</p><p></p><p>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. </p><p></p><p>And above all, never never never let the tenant do <em><strong>anything</strong></em> to the house in the way of repairs. Well meaning people will destroy the house trying to paint, repair and remodel. </p><p></p><p>And remember, everyone is an idiot. Everyone lies and everyone will rip you off given the chance. </p><p></p><p>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. </p><p></p><p>Good luck. Get better tenants than I had.</p></blockquote><p></p>
[QUOTE="Lammie, post: 369202, member: 3306"] 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 [i][b]anything[/b][/i] 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. [/QUOTE]
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Renting a house for the first time ... advice needed
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