Akula Posted December 30, 2007 Report Share Posted December 30, 2007 My brother is going thru this. One of the hardest things is finding someone willing to sign a lease, have their credit checked, take care of your place bla bla bla. He had a renter all lined up and asked for credit check stuff and they backed out. You probably need to find a property management company if you don't want to deal with that stuff. Quote Link to comment Share on other sites More sharing options...
Sully Posted January 3, 2008 Author Report Share Posted January 3, 2008 Just spoke with a property management company today. What I found out is that I pay them $75 per month and they take care of everything. If the hot water tank goes out, I have to buy a new one. If carpet needs replaced, I have to buy new carpet. If I want to be involved and try to do as much maintenance as I can myself, I'm allowed to. If not, then they will contact someone to perform the maintenance. Between what they charge and what my mortgage payment is, I would be looking at pocketing between $200 and $300 per month for a few years since my house is only 5 years old. Of course, that "extra" money will be put aside to be able to pay for repairs. I think I am going to go this route rather than sell. Quote Link to comment Share on other sites More sharing options...
Sully Posted January 3, 2008 Author Report Share Posted January 3, 2008 You can always have a property management company take care of it for you. You wouldn't much of anything monthly but it would "mostly" be taken care of. Thanks for mentioning this. I think this will work out great. Quote Link to comment Share on other sites More sharing options...
LJ Posted January 3, 2008 Report Share Posted January 3, 2008 Just spoke with a property management company today. What I found out is that I pay them $75 per month and they take care of everything. If the hot water tank goes out, I have to buy a new one. If carpet needs replaced, I have to buy new carpet. If I want to be involved and try to do as much maintenance as I can myself, I'm allowed to. If not, then they will contact someone to perform the maintenance. Between what they charge and what my mortgage payment is, I would be looking at pocketing between $200 and $300 per month for a few years since my house is only 5 years old. Of course, that "extra" money will be put aside to be able to pay for repairs. I think I am going to go this route rather than sell. Is your insurance escrowed into your mortgage? You should check your homeowners policy and make sure it covers renting. If not, you would need different insurace Quote Link to comment Share on other sites More sharing options...
Sully Posted January 3, 2008 Author Report Share Posted January 3, 2008 Is your insurance escrowed into your mortgage? You should check your homeowners policy and make sure it covers renting. If not, you would need different insurace Damn, didn't think about that. Another item to add to my to-do list. Thanks. Quote Link to comment Share on other sites More sharing options...
03spydr Posted January 3, 2008 Report Share Posted January 3, 2008 I lost a couple good friends over renting my house. When I moved from Reynoldsburg, I tried renting out my house for $200 less than the mortgage payment. They stayed for 4 months and all I received was $800 and I had to drive 12 hours round trip out there to get it. When I left, I gave her money to pay the water bill with since the office was closed while I was there. She never paid the bill. She lied about paying it. She also lied about supposedly sending me money for rent. When I showed up in person she could not show me receipts. The place where she said she sent the money from had no record of the transaction. I ended up footing the bill for all the utilities and the mortgage. Several thousand dollars in jewelry also came up missing. Hopefully she has learned from the mistakes of her drug habit now that the law has caught up with her a few times. Her boyfriend was getting lied to by her as much as I was and was pretty much innocent in the whole deal. He was working his ass off and giving her money to pay bills while she was out spending it to get high. It's amazing how blinded a guy can be by a piece of ass. I guess they must still be together because she received a ticket in his car not too long ago. Oh well, live and learn. Quote Link to comment Share on other sites More sharing options...
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