Any landlords here?

Fenway · 07-05-2008

Looking for some advice and don't know where to begin. Let me know

Mike

bigcraig · 07-05-2008

My grandfather owns several rental properties and I am pretty familiar with the ends and outs, what do you need to know.

Bazooka Joe71 · 07-05-2008

One of my best friends(and fellow gunnies) is...If bigcraig can't answer your question, I could make a call.

blackenedman · 07-05-2008

We own a rental, so I guess that qualifies me as a landlord. I don't pretend to know it all, regarding this topic, but I would be willing to share any information that you might find helpful.

What kind of advice are you looking for?

Fenway · 07-05-2008

I'm looking for some basic information. I need to start at square one. My wife and I might be moving and I would like to consider renting my house.

When I rented in college we had move in inspections, move out inspections. A bunch of paper work to fill out and sign etc.

Where should I start if I have no experience. A good book? A webpage?

Thanks!

wolfman · 07-05-2008

My cousin had several rentals and here are a few things he told me when I was considering it.
Everything that breaks is your $ responsibility along with everything they distroy while they live there.
Damage deposits rarely cover the cost of clean up between renters, even if you can prove you are entitled to keep it.
Never rent to friends or family, they will cost you several months rent before they finally make you mad enough to kick them out.
Evicting someone can take as long as 3 month, with you paying a lawyer, while getting no rent.
and finally
Trust in God, but require 3 forms of id, 2 years of rental history, and a cosigner from everyone else.

bigcraig · 07-05-2008

I can't really help you with what you need, my experience with rental props is a bit on the "slum" variety.

Fenway · 07-05-2008

Fair enough

Quote:

Originally Posted by bigcraig

I can't really help you with what you need, my experience with rental props is a bit on the "slum" variety.

JcJ · 07-05-2008

If it was me I would hire someone to manage the property, I have a local real estate person that I hooked up with a buddy of mine who just bought a duplex.. Not sure what % is charged but the aggravation factor is a lot lower and much less risk of loss due to lack of knowledge..

blackenedman · 07-06-2008

Just a quick note with a few thoughts. It is definitely a business that you will be entering into. There will be expenses that come with any business. Tenant selection is key. We have been very fortunate with the tenants we've had over the years. You must keep on top of everything, or things will quickly get out of hand.

You should ask yourself why you are considering getting into the rental business first, then make some decisions from there. I did quite a bit (read: years) of reading and research before we bought our house. Luckily, IN is pretty lax on the landlord laws, so in most cases you will have a lot of "wiggle room".
There are a lot of websites and books that will give tons of information. Just like any topic, some info will be good, some not so good.

I would be glad to get together and share any paperwork or experience that I have that may help you. Our city is definitely in serious need of decent affordable housing and good landlords. There are plenty of "slumlords" to go around, (no offense meant to anyone) but I try to keep myself out of that category.

Feel free to PM or email for more info or to set up a ftf...

07-05-2008	#1 (permalink)
Fenway Pays the bills Join Date: Jan 2008 Location: behind you Posts: 3,523	Any landlords here? Looking for some advice and don't know where to begin. Let me know Mike __________________ Click here to become an INGO

07-05-2008	#5 (permalink)
Fenway Pays the bills Join Date: Jan 2008 Location: behind you Posts: 3,523	I'm looking for some basic information. I need to start at square one. My wife and I might be moving and I would like to consider renting my house. When I rented in college we had move in inspections, move out inspections. A bunch of paper work to fill out and sign etc. Where should I start if I have no experience. A good book? A webpage? Thanks! __________________ Click here to become an INGO

07-05-2008	#9 (permalink)
JcJ F.B.O Join Date: Jun 2008 Location: Brownsburg Posts: 851	If it was me I would hire someone to manage the property, I have a local real estate person that I hooked up with a buddy of mine who just bought a duplex.. Not sure what % is charged but the aggravation factor is a lot lower and much less risk of loss due to lack of knowledge.. __________________ 'Be who you are and say what you feel...Because those that matter...don't mind...And those that mind...don't matter.' 'I will give your President the same respect you gave mine'

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07-05-2008	#2 (permalink)
bigcraig NFA Enabler Join Date: Mar 2008 Location: Indy Posts: 737	My grandfather owns several rental properties and I am pretty familiar with the ends and outs, what do you need to know.

07-05-2008	#3 (permalink)
Bazooka Joe71 Zombie Slayer Join Date: May 2008 Location: Southern IN Posts: 1,443	One of my best friends(and fellow gunnies) is...If bigcraig can't answer your question, I could make a call.

07-05-2008	#4 (permalink)
blackenedman Plinker Join Date: Apr 2008 Posts: 44	We own a rental, so I guess that qualifies me as a landlord. I don't pretend to know it all, regarding this topic, but I would be willing to share any information that you might find helpful. What kind of advice are you looking for?

07-05-2008	#6 (permalink)
wolfman Plinker Join Date: May 2008 Posts: 215	My cousin had several rentals and here are a few things he told me when I was considering it. Everything that breaks is your $ responsibility along with everything they distroy while they live there. Damage deposits rarely cover the cost of clean up between renters, even if you can prove you are entitled to keep it. Never rent to friends or family, they will cost you several months rent before they finally make you mad enough to kick them out. Evicting someone can take as long as 3 month, with you paying a lawyer, while getting no rent. and finally Trust in God, but require 3 forms of id, 2 years of rental history, and a cosigner from everyone else.

07-05-2008	#7 (permalink)
bigcraig NFA Enabler Join Date: Mar 2008 Location: Indy Posts: 737	I can't really help you with what you need, my experience with rental props is a bit on the "slum" variety.

07-06-2008	#10 (permalink)
blackenedman Plinker Join Date: Apr 2008 Posts: 44	Just a quick note with a few thoughts. It is definitely a business that you will be entering into. There will be expenses that come with any business. Tenant selection is key. We have been very fortunate with the tenants we've had over the years. You must keep on top of everything, or things will quickly get out of hand. You should ask yourself why you are considering getting into the rental business first, then make some decisions from there. I did quite a bit (read: years) of reading and research before we bought our house. Luckily, IN is pretty lax on the landlord laws, so in most cases you will have a lot of "wiggle room". There are a lot of websites and books that will give tons of information. Just like any topic, some info will be good, some not so good. I would be glad to get together and share any paperwork or experience that I have that may help you. Our city is definitely in serious need of decent affordable housing and good landlords. There are plenty of "slumlords" to go around, (no offense meant to anyone) but I try to keep myself out of that category. Feel free to PM or email for more info or to set up a ftf...