Anybody here lease your house out?

Discussion in 'General Discussion' started by Alucard77, May 3, 2012.

  1. Alucard77

    Alucard77 Kaon Gladiator Champion

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    Hi All,

    So I have been going back and forth on a leasing my house as of late. If I sell, I will literally lose my whole down payment on it. So I was thinking, if I can get someone to cover the cost of the mortgage and taxes, I may as well hold onto it and lease it.

    So my main question is what are the pains of leasing? In the long run, is it worth it or not?

    Thanks,
     
  2. process

    process Hanlon's razor Veteran

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    Contact a broker. What you cover generally comes down to: how much work you're willing to do versus how much rent you want to collect.
     
  3. Alucard77

    Alucard77 Kaon Gladiator Champion

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    I wanted to investigate this first. I have a broker that is helping me find a new house, I just wasn't sure if I was going to flip it on her that I am thinking of renting instead of selling at this point. So I wanted to see some peeps feedback on it first, and if it was even worth it.
     
  4. doomboy536

    doomboy536 Universe Onslaught fanboy

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    I'm not in the US so things are done very differently here (owner isn't expected to cover much in terms of replacements nor utilities) but I would certainly advise getting legal help to draft up a formal contract and have it witnessed. If you don't know your tenants well then make them get a background check (again I don't know how this would be done in the US) otherwise who knows what you're getting into.
     
  5. process

    process Hanlon's razor Veteran

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    I think that's certainly a discussion worth having. Your broker would also have a better sense of whether there is a renters market in your area.
     
  6. Alucard77

    Alucard77 Kaon Gladiator Champion

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    Brokers handle the stuff you are writing. I guess the main thing is, what is the pains in leasing your house out?
     
  7. TFW10

    TFW10 Well-Known Member

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    ^^ Try to go through a broker, but do not rent the house out to college students, because one of my mom's friend did that, and the paid a heavy price for that, the college was Rutgers University. ^^

    The house was rented out to 4 students but later on 14 students were living there instead, plus the Board of Health got involved and sent citations to the owner.

    Later on she had a contractor fix the house and sold it.


    She said "never again".
     
    Last edited: May 3, 2012
  8. Alucard77

    Alucard77 Kaon Gladiator Champion

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    My biggest fear is having a renter that totals the house. I have heard nightmare stories like that.
     
  9. doomboy536

    doomboy536 Universe Onslaught fanboy

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    Tenants can and will do stupid things, that's just in their nature and you need to plan accordingly. Ours once put a hot saucepan on the carpet for no reason other than there was no space on the stove :redface2:  Airtight contract + good insurance should set you right.
     
  10. Alucard77

    Alucard77 Kaon Gladiator Champion

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    What would you set aside for urgent items. For instance, my mortgage and taxes are $2,100 a month.

    What would be the least I should be willing to lease for (if the market allowed of course).
     
  11. Darktide

    Darktide Banned

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    I own a Property in England and Scotland - I lease the one out in Scotland as I was only living in Scotland for 3 year. I used to manage the property in Scotland myself but the tenant moved out with no notice or anything. I have since contacted a Lease Company who look after the Mortgage repairs etc. All I done was sign the paperwork and post the Keys and I can have a peace of mind. All Liabilities are now with the Lease company and not me or my partner.
     
  12. Chaos Muffin

    Chaos Muffin Misadventure Veteran

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    Maybe you can rent it to an old person or a midget and just have them live in one room.
     

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