snake95

~800mi.

Jay z28

iTrader: (5)

Are you driving straight through or stopping half way?

MACHXLR8

If you get stuck or the car is not running right and you need a hand or even tools, call me. I am 25 min from Raleigh. I'll pm you my work cell in a few.

sw07gt

iTrader: (10)

I know some people in here own rental property, considering purchasing my first and just wondering if anyone has any pointers.

Guitar

iTrader: (9)

Don't.

"MAC"

iTrader: (1)

Well the best way to do it is talk to a lawyer about the rental agreement. Id hate for you to get a customer who doesn't pay rent and ends up living in your rental place for half a year or more. It happened to my dad before multiple times. Wouldn't hurt talking to the people before hand and ask a bunch of questions make sure they have a steady job(s).

Chris.O

My brothers rents a house to a middle aged couple. He hasnt had many problems. He told me that being very selective in who you rent to is very important. If you can do a background check on them, do it. Have a lease written by a lawyer. This protects you and them. A lot of renters have been screwed by lack of a rental agreement as well as the landlord. Also know that it can be a ton of work. Sometimes renters complain about everything. So you need to have a relatively flexible schedule. Also if youre buying to lease to somebody you wont make a whole lot of money paying the mortgage unless you get a gravy deal on the property. Which leads me to another thing he told me. Buy in nice neighborhoods with good schools and low crime. These are all kinda common sense but figured id throw my 2 cents in.

MACHXLR8

Section 8 Housing is where it is at. You get paid by the Government. Don't have to worry about collecting rent but then again, do not go visit the rentals or you will end up getting shot at. lol

MACHXLR8

double post..

marc97taws6

iTrader: (6)

College town rentals are the way to go IMO. Tenants can be a pain sometime but able to charge an arm and a leg and get away with it.

Make a very good contract that protects yourself, have a lawyer look it over. The best part about college kids is they don't read contracts either.

marc97taws6

iTrader: (6)

College town rentals are the way to go IMO. Tenants can be a pain sometime but able to charge an arm and a leg and get away with it.

Make a very good contract that protects yourself, have a lawyer look it over. The best part about college kids is they don't read contracts either.

"MAC"

iTrader: (1)

This also talk to poppacap i believe he is doing some rental properties as well.

Edit: it can get expensive just starting up so make sure you have plenty of money as well. Or if you have good credit take a loan out. Have you thought of what kind of people you want to rent to? Like middle class, lower class etc...

sw07gt

iTrader: (10)

Right now I own a home and rent 2 of the bedrooms to buddies, what I'm considering doing is buying another house in the neighborhood, moving in to the new house and renting out the remaining bedroom in my current house. House would rented for just shy of double the mortgage payment. Then when I'm ready to buy my big boy house in 2-3 years I'll have two properties to rent and just build from there.

marc97taws6

iTrader: (6)

If you are two times your mortgage payment, you're probably in the clear.

I just wouldn't utilize too much leverage in renting. I prefer as close to debt free as possible and taking it slow.

odthetruth

iTrader: (4)

LOL I was under impression that you still had to collect something from the tenants, although you're right. The govt does cover a large portion of it.

snake95

Thanks, man. I plan on taking it for a lengthy test drive and as stock as it is, it shouldn't be too much trouble, but send me your number.

Jay, yes I'm going all the way through.

"MAC"

iTrader: (1)

Best of luck on your trip Sean. Pull over if you need to take a nap man. I hit a 18 wheeler falling asleep driving 15+ hrs from San Antonio to Chattanooga before and had been up for over 24hrs total before i had gotten home. Hope it all works out with the car though and nothing is wrong with it.

Poppacapp

I WILL own a Barrett .50cal before I die.... yes... I will.....

Guitar

iTrader: (9)

Starting my new job on the third. ******* excited.

Poppacapp

Working on my first rental, but general advice I would give is to screen the potential renters. I would not rent to anyone who has prior drug convictions(a personal choice for me).. some criminal past I would think is ok.. nobody is perfect. I am also going to not allow pets, or smoking in my properties(and the lease will include a walkthrough clause, where I can request a walkthrough of the property to check the condition, with some notice). Probably sounds a little overboard, but hey... it's my property... if you don't like it, you don't have to rent it. If I smell, or see evidence of pets, smoking, then per the lease, they will be evicted.

I would also HIGHLY recommend doing a prior eviction check on potential renters, AND everyone who will be staying in the house(they would have to state in writing who will be living in the residence in writing as part of the lease, and have a maximum # of people who can reside there at any time in the lease...). Do a check in the immediate surrounding counties also. If they, or anyone who will be living there has any prior evictions... no rent. Alot of families will try having another family member as the primary renter other than themselves if they have prior evictions.

Before they even step foot in the house, they will have to pay first month, last month, and 1 month rent as security deposit up front. Put in the lease if 30 days notice is not given before leaving, then they forfeit the remainder of the deposit above and beyond any repairs/reconditioning that needs to be done.

Also, check on the eviction laws in your area and know how the system works, because there are renters out there who know how to play the system. My lease will state rent is due on the 1st of each month. If it is late 1 day, there will be a late fee. If it is late 10 days, on the 10th day I will go to the courthouse and file for eviction(around $100 fee). If they choose to pay the rent after that, they will be required to pay any fees I had to pay + the late fee.

Be prepared to make repairs immediately. If you cannot do them yourself, then have a repair guy on standby when you need something done. Set up a Rental business account to have adequate funding available for emergency repairs(a/c, heat, water heater etc etc..)

This is a few things off the top of my head.. .I WILL be having a lawyer put this stuff into an ironclad lease agreement though. I would recommend you speak to a real estate lawyer in your area so they can get you setup.

I have a good friend who is in the rental business, and he has told me it can be a huge headache... you just need to be prepared for those headaches. Depending on your patience, you may be better off just buying and flipping properties. I plan on doing this every other house... buy one, flip, buy another and fix up to rent, and so forth. That way I can use the flip income to turn over the next rental.


Edit: Oh yeah... and a big nono... never rent to friends or family. You WILL get burned.