Post by: XocolateThundarr on July 02, 2014, 08:23:03 AM
Post by: Emo EMAW on July 02, 2014, 08:27:49 AM
Post by: XocolateThundarr on July 02, 2014, 08:42:23 AM
Post by: Emo EMAW on July 02, 2014, 08:45:27 AM
Post by: Mrs. Gooch on July 02, 2014, 08:47:12 AM
http://goEMAW.com/forum/index.php?topic=27413.msg1132475#msg1132475
Post by: XocolateThundarr on July 02, 2014, 08:52:45 AM
I'm gonna go with the old rule of if I haven't heard of that place you should probably just sell it. Anyway I think Katkid did make a thread for this stuff but I'm not sure where it is.
It's Wichita....but I am going to read what KK was talking about in the other thread.
Post by: HerrSonntag on July 02, 2014, 09:08:28 AM
Figure out the going rental rate for similar properties and add 10%, again, to make sure you get renters that aren't going to be trouble.
Rentals aren't free money, its a lot more work than you'd expect. Don't even have the expectation of making money... you're always one bad tenant or one disaster away from losing your shirt. Really, if you don't already have experience in the renal market or some background in home remodeling, I wouldn't bother, unless you have some emotional attachment to the house and just want to keep it around.
Post by: XocolateThundarr on July 02, 2014, 09:13:56 AM
Post by: michigancat on July 02, 2014, 10:56:41 AM
Post by: 06wildcat on July 02, 2014, 12:43:26 PM
No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
If you're going this route, ask for references. Look up any local landlord associations and contact them as well. If they're in Wichita, do some searching on the Internet to see what their reviews are like (take the majority of them with a grain of salt.)
They should be able to give you a fairly accurate estimate of high/low rental value and explain what each price will mean in terms of tenants, vacancy etc. The maximum fee should be 10 percent of gross rent. Some have a handyman on staff that can save quite a bit of time and money over doing it yourself. All will have relationships with qualified contractors at reduced rates.
Also, be aware that the bank will probably want to see a cash reserve of about six months to cover BOTH mortgages if you're purchasing another property. Ideally you would have a year's worth of rental revenue on hand in case something major happens.
If you've been in your current place for a decent amount of time and haven't refinanced etc., you want to do that at least 3 months before you make an offer on your new primary residence.
Post by: wetwillie on July 02, 2014, 12:44:12 PM
Post by: michigancat on July 02, 2014, 02:16:22 PM
Post by: Benja on July 02, 2014, 02:17:35 PM
Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.
as a general rule, all your tenants are pieces of crap when you're a landlord
Post by: Emo EMAW on July 02, 2014, 02:21:34 PM
Post by: 06wildcat on July 02, 2014, 02:29:42 PM
Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.
as a general rule, all your tenants are pieces of crap when you're a landlord
Confirmed.
Post by: Dugout DickStone on July 02, 2014, 02:30:31 PM
Post by: TheHamburglar on July 02, 2014, 07:47:48 PM
Post by: Johnny Wichita on July 03, 2014, 09:16:27 AM
No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
Sounds like a beautiful Thursday afternoon bar discussion topic.
Post by: XocolateThundarr on July 03, 2014, 09:22:45 AM
No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
Sounds like a beautiful Thursday afternoon bar discussion topic.
:thumbsup:
Post by: Gooch on July 03, 2014, 09:27:57 AM
Yes. I was wondering if we should rent too in the future. Our house would be perfect for renting out. Lets discuss.No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
Sounds like a beautiful Thursday afternoon bar discussion topic.
Post by: Dugout DickStone on July 03, 2014, 09:29:12 AM
Post by: Mrs. Gooch on July 03, 2014, 09:32:50 AM
Yes. I was wondering if we should rent too in the future. Our house would be perfect for renting out. Lets discuss.No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
Sounds like a beautiful Thursday afternoon bar discussion topic.
We'd have to have a property management company.
Post by: XocolateThundarr on July 03, 2014, 09:37:04 AM
Yes. I was wondering if we should rent too in the future. Our house would be perfect for renting out. Lets discuss.No emotional attachment here. I know there are a couple of property management places here in Wichita. I think I am going to speak with them to see what their fees are and whether it would make sense to utilize their services. Basically, if I can get the mortgage, insurance, upkeep, and possible management fees paid for I would be happy.
Sounds like a beautiful Thursday afternoon bar discussion topic.
Lunch at Wichita Brewing Company?
Post by: Dugout DickStone on July 03, 2014, 11:38:05 AM
Post by: ChiComCat on July 03, 2014, 04:03:33 PM
Post by: XocolateThundarr on July 03, 2014, 06:40:12 PM
Post by: star seed 7 on July 03, 2014, 06:49:31 PM
Post by: 06wildcat on July 03, 2014, 08:35:30 PM
Relevant to the tenants being pieces of crap discussion, I realized the other day that I never paid june rent. July's check has already been processed and the landlord hasn't said anything, think I'm in the clear? Should note that the landlord once told me I'm the best renter they've had
I tell this to all my tenants. Makes them happy to pay the rent.
Post by: star seed 7 on July 03, 2014, 08:40:18 PM
Post by: Stat_Cat on July 03, 2014, 09:38:42 PM
My experience is don't go into it expecting to get much more than your equity paid for, I lived in the house for 5 years no issues except the ac being replaced when I first moved in, but that was a known issue. As soon as I rented it the water pump on the washer shot crap, after that the mother board on the heater went out, didn't know it had a mother board, after that a switch in the heater went out. Nice thing about the repairs is that it offset the taxes...
The renter wasn't horrible, but not the brightest after the second month of rent being late she told us rent came from her child support check, which comes the second Monday of the month. Fine by me I just need to show income. Which brings up the biggest point, don't do it unless you can make all the payments without the tenant depending on city or county it can take awhile for an eviction, and you still have that mortgage. We just saved for six months as if the tenant hadn't paid before starting to rent to see how it influenced our finances. We then put that into the crap tenant account in case they didn't pay for six months.
After a few months we saw the tenant had a dog crate ISO on Facebook, but we had not said she could have a dog, so that was fun to get the dog smell out. Then after a few months she said the caulk around the tub had started to peel up, she would fix it if I gave her the supplies, not sure what happened to the supplies but I just dropped $500 putting in a new tub surround because the old one was never caulked.
Even after that I'm still glad I have it, it's giving me the equity to buy something else and someone is paying for it for me. You have to have the right mind set and treat it like a business, not like your friends living there.
Post by: Dr Rick Daris on July 03, 2014, 11:42:22 PM
Post by: bones129 on July 04, 2014, 12:19:34 AM
sellAgree with sell, unless you don't have a property manager and look forward to middle of the night calls wanting you to come unplug the toilet your tenants plugged with anything and everything while drunk. (True story: knew some guys who got tanked and experimented with their toilet...plugged it trying to get a whole salami to flush).
Post by: 06wildcat on July 04, 2014, 05:05:13 PM
things to ask yourself- are you handy with house type stuff repairs and do enjoy stress for absolutely no reason. if you answer yes to both then knock yourself out.
If properly managed there should be minimal stress, especially on a single property. A lot of people are generally nice, which usually leads to terrible rental management though.
Post by: Dr Rick Daris on July 04, 2014, 05:16:22 PM
things to ask yourself- are you handy with house type stuff repairs and do enjoy stress for absolutely no reason. if you answer yes to both then knock yourself out.
If properly managed there should be minimal stress, especially on a single property.
oh. ok.
Post by: felix rex on July 04, 2014, 08:40:43 PM
Now, its important to understand that this is a very, very small amount of money I'm making. But, I also can't emphasize enough how little I do.
Post by: XocolateThundarr on July 04, 2014, 08:59:03 PM
I've been renting my old house since we moved overseas. We have a property manager. I barely do anything and I still end up making a small amount of money.Maybe the next time you are back in ICT we can discuss the details.
Now, its important to understand that this is a very, very small amount of money I'm making. But, I also can't emphasize enough how little I do.
Post by: Trim on July 04, 2014, 10:56:13 PM
Post by: Headinjun on July 04, 2014, 11:45:12 PM
Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.
Can confirm.
Some trashy couple got into a huge fight a couple years ago and the lady ran over the guy with a car.
Post by: XocolateThundarr on July 04, 2014, 11:50:20 PM
That was a block or so south of us.Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.
Can confirm.
Some trashy couple got into a huge fight a couple years ago and the lady ran over the guy with a car.
Post by: slobber on July 05, 2014, 05:30:03 AM
Gonna win 'em all!
Post by: Trim on July 05, 2014, 11:19:34 AM
Post by: CNS on July 05, 2014, 12:15:35 PM
Post by: Tobias on July 05, 2014, 12:16:48 PM
Post by: 06wildcat on July 05, 2014, 12:38:23 PM
Write up some dickish clause in the lease agreement where stupid calls due to unreasonable stuff is billable to the tenant or something.
Landlord-Tenant Act tho
Post by: Benja on July 05, 2014, 08:56:05 PM
I've been renting my old house since we moved overseas. We have a property manager. I barely do anything and I still end up making a small amount of money.
Now, its important to understand that this is a very, very small amount of money I'm making. But, I also can't emphasize enough how little I do.
enjoyed this post
Post by: kim carnes on July 05, 2014, 08:59:21 PM
I've been renting my old house since we moved overseas. We have a property manager. I barely do anything and I still end up making a small amount of money.
Now, its important to understand that this is a very, very small amount of money I'm making. But, I also can't emphasize enough how little I do.
your house has (probably) appreciated in value substantially
Post by: felix rex on July 06, 2014, 02:20:43 AM
I've been renting my old house since we moved overseas. We have a property manager. I barely do anything and I still end up making a small amount of money.
Now, its important to understand that this is a very, very small amount of money I'm making. But, I also can't emphasize enough how little I do.
your house has (probably) appreciated in value substantially
Not a ton, but a pretty decent amount. Not enough to consider selling it yet.
Post by: puniraptor on August 13, 2015, 01:40:51 PM
Post by: wetwillie on August 13, 2015, 01:44:42 PM
Post by: star seed 7 on August 13, 2015, 01:46:32 PM
Post by: puniraptor on August 13, 2015, 01:50:35 PM
Post by: XocolateThundarr on August 13, 2015, 01:53:42 PM
nah. i guess thats the thread title, but i have already decided to not sell it. maybe i should have started a new thread.
I'm still wrestling with this decision.
Post by: Mrs. Gooch on August 13, 2015, 02:00:02 PM
Yeah, just sell that shizz
I don't think puni has time for that.
Post by: puniraptor on August 13, 2015, 02:01:54 PM
Yeah, just sell that shizz
I don't think puni has time for that.
i didnt build half a fence to just walk away forever. you guys arent understanding how nice my half fence is. mona lisa of fences.
Post by: wetwillie on August 13, 2015, 02:26:09 PM
Post by: mocat on August 13, 2015, 02:38:12 PM
mona lisa of fences.
so it's too small to see unless you get really close to it which you can't because it's surrounded by asians 247365?
Post by: puniraptor on August 13, 2015, 02:40:33 PM
mona lisa of fences.
so it's too small to see unless you get really close to it which you can't because it's surrounded by asians 247365?
is this a lightning review of your eurotrip?
Post by: michigancat on August 13, 2015, 02:49:35 PM
mona lisa of fences.
so it's too small to see unless you get really close to it which you can't because it's surrounded by asians 247365?
is this a lightning review of your eurotrip?
eurofanningbrag :gocho:
Post by: puniraptor on August 13, 2015, 02:50:06 PM
Post by: Stevesie60 on August 13, 2015, 02:59:33 PM
Post by: mocat on August 13, 2015, 03:11:18 PM
Post by: puniraptor on August 13, 2015, 03:12:26 PM
Which half of the Mona Lisa would you say it's comparable to, puni?
definitely the sexy half
Post by: mocat on August 13, 2015, 03:12:57 PM
Post by: puniraptor on August 13, 2015, 03:17:18 PM
Post by: Asteriskhead on August 13, 2015, 05:01:37 PM
just to clarify, it is not my old house. it is my house, i just wont be there for a while.
I'll dog-sit for three years.
Post by: puniraptor on August 13, 2015, 05:04:12 PM
just to clarify, it is not my old house. it is my house, i just wont be there for a while.
I'll dog-sit for three years.
:frown:
Post by: Asteriskhead on August 13, 2015, 05:05:39 PM
just to clarify, it is not my old house. it is my house, i just wont be there for a while.
I'll dog-sit for three years.
:frown:
[/quote
what?
Post by: puniraptor on August 13, 2015, 05:08:25 PM
Post by: Asteriskhead on August 13, 2015, 05:11:11 PM
:frown: cause our dog. its only six months from yesterday, and i still dont know exactly how long until we go so it might not end up being that long anyway.
i'm sorry, i must have missed that development. :frown:
Post by: puniraptor on August 13, 2015, 05:12:53 PM
:frown: cause our dog. its only six months from yesterday, and i still dont know exactly how long until we go so it might not end up being that long anyway.
i'm sorry, i must have missed that development. :frown:
dog thread! unless i typed it up and never actually posted it. anyway we have lots of friends and family on deck to take her until we can bring her over.
Post by: michigancat on August 13, 2015, 05:16:45 PM
Post by: sys on August 13, 2015, 05:25:51 PM
it will be so nice to not have to take that dog outside
taking dogs outside is a joy.
Post by: michigancat on August 13, 2015, 05:26:37 PM
it will be so nice to not have to take that dog outside
taking dogs outside is a joy.
yeah how's the fresno weather this afternoon?
Post by: michigancat on August 13, 2015, 05:27:12 PM
it will be so nice to not have to take that dog outside
taking dogs outside is a joy.
*second response*
yeah taking myself outside without a dog is even more of a joy.
Post by: sys on August 13, 2015, 05:29:09 PM
how's the fresno weather this afternoon?
i take them out at night and early in the morning. so it's great.
Post by: sys on August 13, 2015, 05:30:10 PM
*second response*
yeah taking myself outside without a dog is even more of a joy.
*second response to the second response*
nope. with dogs is better.
Post by: HerrSonntag on August 14, 2015, 12:07:28 AM
Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.i just re-read this thread and saw this post and my previous post and had a moment to contemplate. This post is correct. I was trying to get across that you never want to be the cheapest option on the market. You can list a Kechi place for an above market price just as well a place down in College Hill.
I don't think XChocolate posts here anymore, JohnyWichita, know if he ever ended up becoming a proper slumlord?
Also, i know a guy who has a few properties he rents out in MHK, theres a chance he might be interested in managing one for someone else on commission. PM if interested.
Post by: puniraptor on August 14, 2015, 02:31:39 PM
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?
Post by: mocat on August 14, 2015, 02:34:28 PM
next decision point:
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?
don't be a dick
Post by: star seed 7 on August 14, 2015, 02:54:50 PM
next decision point:
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?
Depends on who you rent to
Post by: Institutional Control on August 14, 2015, 02:59:19 PM
next decision point:
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?
The cost of storing them would probably be more then the wear and tear placed upon them. And they wouldn't hurt in luring in nicer renters.
Post by: puniraptor on August 14, 2015, 03:00:11 PM
next decision point:
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?
don't be a dick
i was worried that that would sound pretty dickish. i'm honestly not a stuff/physical possessions person, im just kicking myself cause i overpaid for some stupid appliances and now someone else that isnt me will be using up a portion of their limited lifespan.
Depends on who you rent to
like i should look them over, then decide?
Post by: Gooch on August 14, 2015, 03:04:04 PM
Post by: Institutional Control on August 14, 2015, 03:07:32 PM
Post by: star seed 7 on August 14, 2015, 03:08:18 PM
Post by: mocat on August 14, 2015, 03:10:02 PM
next decision point:
i have a basically brand new very nice fridge and super very nice dishwasher. should i store these while i am gone and put el cheapo used appliances in the house while rented out so no one trashes my nice stuff?Depends on who you rent to
like i should look them over, then decide?
if you are going to try to decide whether they can use your stuff or not, yes you could probably tell by looking at them whether they will poop in your dishwasher or not
Post by: puniraptor on August 14, 2015, 03:10:20 PM
Post by: puniraptor on August 14, 2015, 03:11:08 PM
if you are going to try to decide whether they can use your stuff or not, yes you could probably tell by looking at them whether they will poop in your dishwasher or not
people do that?? :sdeek:
Post by: star seed 7 on August 14, 2015, 03:12:34 PM
Post by: Mrs. Gooch on August 14, 2015, 03:20:27 PM
ill put these ideas on my spreadsheet, guys
You could probably get enough in weekend/game day rentals to make as much as a regular renter. Do a comparison in your spreadsheet.
Post by: The Big Train on August 14, 2015, 03:28:09 PM
Post by: slobber on August 14, 2015, 03:33:49 PM
can I bring chicks home if we do this gE timeshare?if they poop in the fridge, you have to clean it.
Gonna win 'em all!
Post by: The Big Train on August 14, 2015, 03:34:49 PM
Post by: The Big Train on August 14, 2015, 03:35:15 PM
Post by: wetwillie on August 14, 2015, 04:36:52 PM
Post by: puniraptor on August 14, 2015, 04:50:11 PM
Post by: puniraptor on August 14, 2015, 04:50:43 PM
Post by: Rage Against the McKee on August 14, 2015, 04:53:59 PM
http://www.huffingtonpost.com/2015/05/07/couples-airbnb-nightmare_n_7232722.html
Post by: XocolateThundarr on August 14, 2015, 05:49:56 PM
Also, I think you're just as likely to have piece of crap tenants in Kechi as you would in a more urban location.i just re-read this thread and saw this post and my previous post and had a moment to contemplate. This post is correct. I was trying to get across that you never want to be the cheapest option on the market. You can list a Kechi place for an above market price just as well a place down in College Hill.
I don't think XChocolate posts here anymore, JohnyWichita, know if he ever ended up becoming a proper slumlord?
Also, i know a guy who has a few properties he rents out in MHK, theres a chance he might be interested in managing one for someone else on commission. PM if interested.
:peek:
Post by: Stevesie60 on August 14, 2015, 07:39:51 PM
can I bring chicks home if we do this gE timeshare?
I don't know, can you? :lol:
Post by: The Big Train on August 14, 2015, 07:41:03 PM
Post by: star seed 7 on August 14, 2015, 07:43:21 PM
Post by: Asteriskhead on August 14, 2015, 07:59:54 PM
(https://goemaw.com/forum/proxy.php?request=http%3A%2F%2Fimages.tapatalk-cdn.com%2F15%2F08%2F14%2Fbf009ab2e16b7be6a894a0f485a8116a.jpg&hash=7e19a1e5020a9d7d82b8ce1d9d12f679f3489577)can I bring chicks home if we do this gE timeshare?
I don't know, can you?
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