Renting out your old house vs. selling

[XocolateThundarr]

I was really looking forward to the @Johnny Wichita take on this but he was too busy working today to make the discussion session.

[star seed 7]

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

[06wildcat]

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.

[star seed 7]

Other tenants have told me that she has said this about me (3 of them) 

[Stat_Cat]

I decided to rent my old place recently, a few things to look at.  The rental income does not count for your debt to income ratio with the bank for your loan on the new house.  Most banks want two years of consecutive rent for this to count as income.

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.

[Dr Rick Daris]

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.

[bones129]

sell

Agree 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). 

[06wildcat]

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.

[Dr Rick Daris]

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.

[felix rex]

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.

[XocolateThundarr]

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.

Maybe the next time you are back in ICT we can discuss the details.

[Trim]

[Headinjun]

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.

[XocolateThundarr]

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.

That was a block or so south of us.

[slobber]

Rent it. What are the odds of crap like that happening twice in the same block in Kechi?


Gonna win 'em all!

[Trim]

Market both.

[CNS]

Write up some dickish clause in the lease agreement where stupid calls due to unreasonable stuff is billable to the tenant or something.

[Tobias]

no calls allowed if lessor is above a level 2

[06wildcat]

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

[Benja]

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

[kim carnes]

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

[felix rex]

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.

[puniraptor]

i am now taking elite level personal emaw recommendos for mhk property management companies. they are basically all universally thrashed on internet reviews. i have friends and family offering, but dont really want to burden anyone with that.

[wetwillie]

Sell it. This is a no brainer.

[star seed 7]

Yeah, just sell that shizz