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Toddlers: 12 - 24 Months
3003girl
member
NTR - is anyone a landlord?
3003girl
member
Dh and I are thinking of buying a triplex and renting out the other two units while living in the third.
Pros? Cons?
We have our list, but neither of us have any experience being landlords. The other option would be having a rental agency handle the rentals..
This discussion has been closed.
Re: NTR - is anyone a landlord?
I will PM you the deets.
We rent our townhouse.
Pros - for the last 2 years, it has paid for itself plus some.
Cons - the renters....well, we don't know what the eff happened except for multiple bounced checks since april, 4K in debt to us and now we are evicting them.
We will still continue to rent, but you can't be the nice guy and give anyone the benefit of the doubt unluckily.
2 years, 2 surgeries, 2 clomid fails, 2 IUIs, 1 loss, IVF #1 - 10/25/10 = BFP!, DS is now 3.5yrs!
TTC #2 - 6/12 surgery #3, FET #1 & 1.2 = BFN, 12/2012 FET #2 = BFP! DD is 1.5 yrs!
Surprise! 12/16/14 BFP, loss #2 12/31/14
I can't wait for the "im getting a divorce" post in 5 years or so because your husbands were fed up with your disgusting chair asses from playing on the knot all day and getting fired 4-5 times for not doing any work. you guys are all winners!! ~ Laur929
We are and we have our old house on section 8 (housing). No one has moved in yet but we're praying that a good tenant moves in.
Just avoid the "Friend" route. When my H moved in with me he rented to a set of close friends. They have taken advantage of us the entire time ruining my H credit. The house is almost beyond repair for us financially because of them. THey just signed another year lease (we can't afford to look for someone else because we can barely make the payments with them paying). Now they have decided they are going to go back on the lease and move out. We send them a letter yesterday with the Indiana 90 day notice clause that says they have to pay 90 days or we will take them to civil court for the sum of 5000$ the largest amount Indiana will let you sue for.
Know the laws, look into section 8 housing (wish we would have done this). Section 8 will inspect the house, tell you what to fix, put your house on there website, you can charge 25$ application fee to do a background check, interview you protential renter, give them the rules of the house (lawn, gutters, fixing things they break), and they pay section 8 and section 8 pays you.
Like pp, we rent out our townhouse because we can't afford to sell it. We use a management agency which is totally the easy way out. I'm willing to take it!
On the down side, we don't come close to breaking even. Townhouse values have topped so steeply here and a lot if people are renting them out. Jn order to fund a tenant, I had to accept a lower rent than I wanted.
I used to rent part of my townhouse and lived in the other part. I think it made a difference that I was living in the same place. Just a couple of pieces of advice:
Everyone must be on a lease. So many headaches will be avoided!
Know the landlord/tenant laws in your state (and make sure the lease makes those rights clear)
Understand that if you are renting for-profit, then you will be taxed on that income. If you rent at a loss, then it tax-duductable. I rented and never charged for the phone landline and made a killing on my tax return (much more than if I had done for-profit)
Be picky about who you rent to. Remember they will also be your neighbors.
I would suggest using a rental management company for sure! We rented my house for 3 years and it went ok, but I really wish we would have had the money to use a management company to handle the bs that comes up.
If you were making money off the other units (which I assume is the only reason you'd be doing this) then the management company would only take a small cut of that profit.
Logan 10/20/2010 ~ Addison 8/26/2014
Thanks for all of the info.
We are going to think about it more - but from what everyone is telling me, I feel like it's a good idea to go through an agency to handle the rentals, even though we would be living there. That's my biggest fear - crappy tenants.
So much to think about...
We have 16 units and I LOVE IT!! Sometimes you have tenants that are a problem but that's life.
If you do go that route....definantely check potential clients out. We do a lot on our state's judicial system website, the local cops, and facebook. Facebook tells you alot.
Personally I want nothing to do with Section 8. I would rather stay away from that. And you have to be firm....people will walk all over you if you let them. You can't let them get behind on rent etc. But with you living there, might make a difference.
Good luck. I recommend rentals to everyone.