Foo - Thinking a buying a new home
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09-02-12, 08:02 PM
to rent out .this one is payed for so my bills are low but im not sure i can deal with tenants any of you have rental property is it true it is very hard to evict a bad tenant?
09-02-12, 08:28 PM
my parents have several rental properties. All of them at this time are rented to people they know they can trust, but regardless, you have a lawyer write up the rental agreement to protect you from things like that. The biggest mistake people make with rentals is not signing a contract.
09-02-12, 09:57 PM
Check the laws in your state for how long it takes to evict a tenant. Sometimes it can be months and they can stall it by declaring bankruptcy.
There are far more good renters out there than bad, but you need to be prepared if you get a bad one.
I've heard that. And one strategy to lessen the risk of getting a db tenant is to price the rent at a high enough level so as to make it unaffordable for dbs. Discrimination based on a stereotype? Absolutely. Call it what you will, but the odds are more in the landlord's favor. No guarantees/YMMV
Many people are new landlords because they wouldn't get enough for their property. My landlord is one example. He grew up in this house and inherited it when his father passed away a couple years ago. This property wouldn't list for much even though it's in good shape. So for the time being, he's renting it. He found a website for a basic contract and had a lawyer review it. I for one am grateful to have found a decent place with an excellent landlord. He's addressed issues promptly...one broken window (stress fracture), installed deadbolts (although the neighborhood is quite peaceful), purchased a brand new snowblower, and supplied a good Toro lawnmower for my use. He obviously did not go to the "DB Landlords 101" class. :lol:
Another thing that landlords are doing around here (central Florida) is getting a credit check on potential tenants. Rental market is tight with the limited supply and the increased number of people excluded from home ownership for the next few years due to either short sales or foreclosures. While the actual short sale or foreclosure MAY impact hte credit score, it is the actual late/missed payments that absolutely slam the credit score. If they made payments through the short sale or deed in lieu assignment, they retain a decent score...and may still be able to buy if their score was in the upper 7's to begin with, now dropping to around 600.
What landlords are finding, if they weren't making their mortgage payment, they continue that behavior and don't pay rent. That only increases the cost as the landlord then has to pursuit exiction through the courts. (Actually, just thought of this as typing, bu given the legal expenses and lost income over the months, may be cheaper to bribe/pay them to leave. Call it "relocation assistance")
is it true it is very hard to evict a bad tenant?
That'll depend on where you are. Landlord/tenant laws vary by state and in some places are about equal while other so favor the tenant that you may never get someone out. OK, that's a bit of an over-statement, but from some of the stories I've heard, it may as well be true.
Check your local laws - they'll be the only answer that matters regardless what the assembled "wisdom" of Foo might offer.
09-03-12, 12:37 PM
Another thing that landlords are doing around here (central Florida) is getting a credit check on potential tenants.
I've always thought this was standard. I haven't rented a place yet that didn't do a credit check.
09-03-12, 12:47 PM
Quick story. What some evil realtors are doing around here is going to a home for sale, taking the keys out of the lockbox and putting it on Craigslist as a rental (other non-realtors are breaking in and changing the locks). They take first, last and a security deposit and the new "tenant" moves in. It can take months to get them out. We got a listing three months ago that has a squatter in it and the owner still can't get them out.
You can be very successful with rentals but you need to be careful. A credit check is not enough.
09-03-12, 02:54 PM
What landlords are finding, if they weren't making their mortgage payment, they continue that behavior and don't pay rent. That only increases the cost as the landlord then has to pursuit eviction through the courts. (Actually, just thought of this as typing, bu given the legal expenses and lost income over the months, may be cheaper to bribe/pay them to leave. Call it "relocation assistance")
In a slightly different direction, renting houses or apartments out is intricate. If renting a room out in the place you are in now is an option, it has serious advantages. It's called shared accommodation. The basic regulation about it can almost be summed up as 'whatever the landlord says is what has to happen.' You can actually give a person 10 minutes notice to move out.
I put up a page about it at shared accommodation (http://mainlytext.com/rent/sharedaccommodation.php). It is based on years of experience of doing it in Calgary, but I expect the situation would be similar in the States.
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