I may be relocating out of town but have zero interest in selling my house. I would rent it. It's central, has a big backyard and easy access to train and bus lines. Am I better off renting through a management company or doing it myself with somebody in town to look after it? I know it's sort of vague information but basically, how much am I looking at spending with a management company v. getting basic legal leasing documents and doing it myself? Is what I save worth it in the end, barring major problem with house (hopefully something insurance would cover)?
we are renting a few houses. get the right renter so upfront work is important. we live no more than 25 minutes from our rentals so I can go over if needed to inspect/decide best course of action for repairs. there has been a bit of drama but overall it is good.
Lots of things to consider when thinking of renting and what zork says, about living close is relevant to them all. Are you handy yourself? Do you anticipate doing your own repairs? Because there will be maintenance issues I assure you. Basically considering all factors into the amount of rent you charge is what can help you decide to rent or not - besides mortgage amount (if you still have one) plus the obvious, taxes and repairs, figure a management fee of 15% plus if using a management company. That is what I paid but this was very long ago, over 15 years, but I never regretted doing the rental thing. For the first 10 years or so I did all the maintenance before moving away too far and hiring a manager. Had many more problems when using the manager because of the lack of owner - renter contact. Good luck.
Thanks guys, appreciate the info. It looks like I may rent it out via Air BnB and make a ton more than with an actual monthly renter. That way if I do leave town and come back for visits I just don't rent the place out and stay in it myself. I have a friend here who will "manage" it for me for a cut of the action. I also have people in line to do maintenance and bill me if need be. Now to decide if I want to move to LA, Santa Clara or West Palm. Do I even want to move?
My link did not go through, sorry. Google airbnb and you'll get the straight dope. I don't even use hotels any more if I am staying somewhere not business related. I save money, get a better and more private place to stay and experience more of the city or country.
Actually, I have thought seriously about going over there to teach English. I would like to take about 3-5 years and teach in Vietnam, Indonesia and China, rotating around unless I really liked one spot. But yeah, Vietnam is a country I am interested in for many reasons and could see myself visiting and/or living in. But that would not happen until I got my house paid off which is not that far off. Dammit! I am not racist. I like Vietnam, I just don't like you!
I just got this in the mail. It's a UT Informal class on how to be a landlord. Expect the Unexpected: How to be a landlord.
Loop, How is your landlording going or what did you do? It has been a good year for me. Renters seem eager to re-lease.
I got a much more lucrative set of offers to stay in town so I will be staying at least a bit longer. But if San Diego, Seattle or Vancouver, B.C. open up I may end up leaving for a bit. I had decided to rent to people I know, with a lease, and have a friend who is a contractor of sorts do repairs and such. I still like the idea of AirBnB given my Central Austin location but I would need to update a lot of things to make it more hip or whatever it is that it's called.
