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Has anyone ever been a landlord?

Did you regret ever renting your house out? How did you protect yourself from late payments or damage to your property?

Answer Question
 
Anonymous

Asked by Anonymous at 9:40 AM on Nov. 5, 2009 in Money & Work

Answers (5)
  • Ughh! It was a pain! They ruined the place and never took care of it. Left me with a big mess. The last renters put trash in the place and cut the heat on 90 degress! Im in the process of replacing paint and carpets now. We have just decided to move back in the place to save it and money. I made them sign a lease but I still never got my money on time if at all. If I were you I wouldl def. ask for references and look into them. Also have it were you can check the place whenever you want to and let them know up front your not scared to evict if they dont pay and go over a lease with them Goodluck to you:)
    Chas21

    Answer by Chas21 at 10:02 AM on Nov. 5, 2009

  • My parents have rental property, and they only rent to people they know. That does prevent late payments and breaking a lease with little notice, however, it has not prevented damage. My dad is a nut about the lawns and outdoor maintenance, so he always offers to do it for the renters for an extra fee, or explains that they need to keep up with the lawn. They've had to replace sinks, refrigerators, flooring, etc. due to damage but they require "first month rent" deposit meaning it's the same amount as monthly rent.
    When they've been in a pinch to fill a vacancy, I've encouraged them to take out an ad, but they've stuck to just renting to people they know and it's worked for them.
    They use a standard contract that I believe they found off an internet search, and that is approved by our state's rental association.
    GL!
    redmoonintexas

    Answer by redmoonintexas at 10:13 AM on Nov. 5, 2009

  • I have 2 rental properties. I love the write offs for taxes, but to get reponsible renters is hard. I just spent 6,000 in damages these trashy idiots did to one place. The other I have a property manager that I call every 15th when money should be put in my account. They always go oops she didn't pay. I get mad because they should figure out before the 15th that she hasn't paid. GRRRRRR!!!! It's not easy and our only benefit is the write offs. Sometimes I think we would be better off without them.
    Anonymous

    Answer by Anonymous at 10:23 AM on Nov. 5, 2009

  • I own 7 large homes in So Cal I rent out. I call previous landlords and do credit checks. I also require first and last months rent as a deposit. My homes rent for 3500-5000 a month these are professionals who take care of their stuff. I would never deal in lower end rentals you do tend to get burned with rent and they trash places so much. My husband owned three apartment buildings he fixed them up very nice and rented them to low income people. After a year the building was trashed. We evicted everyone fixed it up and sold it. Not worth it to deal in low income rentals. I always get my rent and my homes are always left in pristine condition. Never had to fix much other than general maintenance issues or updates on the home.
    Anonymous

    Answer by Anonymous at 10:38 AM on Nov. 5, 2009

  • My Dh and I rented our house out to some "friends" whom we thought we could trust. They destroyed the place. They never paid rent on time and then moved out w/o telling us. We moved to Texas and the house was in Mass, so we had no way to monitor what was happening with it. We had family drive by once in a while and they would report horrible things. So we made a trip up there to find that they had moved out in the middle of summer, cut all power, and left a fridge full of food and dirty diapers in trash cans, among all sorts of other nasty things! There were maggots and flies everywhere. Our real estate agent walked in and then had to run out b/c of the smell. (This was a 300,000 dollar home!) Trash was all in the yard and the grass was high. We had to hire people to clean and reapir the house. What a nightmare, we will NEVER rent again. Thing is, we are renters now and we've done so much to improve out rental.
    kenzie07

    Answer by kenzie07 at 10:51 AM on Nov. 5, 2009

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