Going to be a landlord

[farmgirl_48732]

LL Advice

My advice? Your too far away to rent your place out. SELL it!

 

[ecmst12]

Or hire a GOOD property management company that you can get plenty of good references on. That is the ONLY way you're going to be able to manage a property from out of state.

 

[applecruncher]

Agree with ecmst12.
Caslerst, when I initially responded, I forgot that you live in a different state that where your property is. My suggestions/tips were geared more towards someone who lives in the same city and is actually going to be a landlord (as opposed to an owner hiring a property mgmt co.). I thought you were going to actually interview prospective tenants.

 

[Alaska landlord]

Review any contract from a management company very carefully. Be aware of all contract charges for repairs,supplies,markups on parts and other charges relating to managing the property. Also know that with the distance between you and your property, there is little you can do to check on the managing company or your tenant.

Might be easier to just sell.

 

[Zigner]

There is nothing wrong with a self made application unless you screwed it up...

Um, yeah - that's pretty much what I was getting to. Unless you are a professional in the business with many years of experience, not to mention current knowledge of any changes in the law, then you're likely to screw it up.

 

[caslerst]

Thank you everyone for your replies and insights. Applecrunchers first reply was awesome. And I have seen Pacific Heights (actually saw Michael Keaton in a bar once. He's little.) and it's a great movie.

For the record, the house I plan to rent out is almost exactly 100 miles door to door from where I will be living. I have friends in town and will probably be coming back every few months to see them and the house.

If I rent it myself I will be interviewing prospective tenants. This is one of the reasons why I am looking for tips on how to pick a good renter.

But it's things like background checks and credit checks that make me think a property management company is the way to go to start with. I bought my house five years ago before the prices went nuts so at this point I will probably be in the hole about $50 a month if I use a management company. That's something I can live with for a year or so.

Please keep the tips coming.

 

[Alaska landlord]

If they don't have the FULL security deposit do not rent with payment plan for SD. You will never see it. If they don't earn at least 3X the rent or have a high debt ratio, skip on to next applicant. Buy a few books on landlording. NOLO has a good one. Be aware of HUD/EPA regulations before you start interviewing.

You will learn the hard way that you cannot rely on anyone but yourself to take care of your property.

 

[applecruncher]

Applecrunchers first reply was awesome.

aaawww shucks. ( . . .head swelling ) Thanks, but there are many on here who have valueable advice.

What Alaska just said about full SD is important. If they don't have/can't get full amount ~~~~>> RED FLAG. Preview of things to come.

 

[caslerst]

Buy a few books on landlording. NOLO has a good one.

Looks like I'm hitting Borders on the way home.

thanks, all great points and probably things I would not have thought of.