Anyone happen to own a rental property?

AngelPack · June 2011

Please let me know! Thanks!

withoutshoes · June 2011

Are you looking to move, or do you need info.?

akspriss · June 2011

i know fiesty's DH had a house when they got married and i think MrsJones rents frm them but Fiesty might be able to answer some questions for u.

AngelPack · June 2011

withoutshoes:
Are you looking to move, or do you need info.?

We are toying with the idea of renting ours again. We have always wished we could afford to keep it and rent it out because we are in such a great area to rent but just didn't think it was possible to buy a new house without selling it. I have been researching and it looks like we could actually do it. Now I need someone to talk to about it.

withoutshoes · June 2011

Do you still have my e-mail address?

AngelPack · June 2011

I do, I am sending you an email now.

feistyred23 · June 2011

DH and I have a rental property as of now, but I don't know how much I can help. We have awesome renters(MrsJones2005) as well.

AngelPack · June 2011

feistyred23:
DH and I have a rental property as of now, but I don't know how much I can help. We have awesome renters(MrsJones2005) as well.

Do you guys use a property management company or do it all yourselves?

feistyred23 · June 2011

Angel- We do it all ourselves, but would consider using one if we didn't know our renters very well.

AngelPack · June 2011

feistyred23:

Angel- We do it all ourselves, but would consider using one if we didn't know our renters very well.

Thank you! I am trying to get some info on using a property management company since we know very little about renting and don't really like the idea of dealing with our renters too much.

JuberP · June 2011

We have rental property in Minnesota. We have a management company administer the whole thing, so we don't have to do much of anything. The mgmt company sets up showings, conducts background checks on applicants (and gives us final say on approving renters), collects and holds the security deposit, collects monthly rent, subtracts their fee (8%) and direct deposits the balance to our account.

There is also an finders fee (85% of first month's rent if it's a new lease or 20% of one month at each lease renewal).

They are in charge of responding to all of the renter's requests around lockouts, repairs, and communication with us. The mgmt company is allowed to make repairs up to a certain dollar amount without our approval, otherwise they need to contact us. We pay for all repairs.

I don't love paying them so much, but we found it easier to rent for now while the resale value is so low. There is admittedly some stress when it comes time for rent renewal - wondering if the tenants will renew or if we have to eat some months of mortgage while a new renter is found.

GL!

AngelPack · June 2011

Oh, thanks, this is all information we were looking for. That finder's fee is a little hard to swallow though, ouch! Do you have the option of listing it yourself for rent to get any sort of discount on that?

JuberP · June 2011

AngelPack:
Oh, thanks, this is all information we were looking for. That finder's fee is a little hard to swallow though, ouch! Do you have the option of listing it yourself for rent to get any sort of discount on that?

Yep - it's pricey. Since we aren't in the area, and can't be available to show the place, that isn't really an option for us to skip that part. However, if you were to find renters on your own, I'm sure you could get a management company to manage the property with a lower intro fee. It can't hurt to call a few and ask.

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Anyone happen to own a rental property?

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