Anyone a landlord? - Kawasaki ZX-10R.net
 
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post #1 of 9 Old 07-14-2010, 10:31 PM Thread Starter
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Anyone a landlord?

So here's the story. I'm active duty Air Force. Right now I am in Spokane, Wa. My wife and I baught a house here knowing all along that we were going to turn it into a rental property when we eventualy move. Well the time has come to move. We are moving to the pensacola Fl area. I am going to rent there for a year and buy another house and hopefully do the same thing I am doing up here in Washington. In a perfect world I am to buy houses and turn them into rentals and after 20+ years in the military, I should own 3-6 houses around the country. It might also blow up in my face and screw me for the rest of my life....who knows So, anyone who has rental property please chime in and give a guy some advice. I don't know anyone in the same situation I am in. Everyone I work with is a afraid to take chances like I do. I'm only 26 and have a lot to learn still.


Thanks for any advise.
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post #2 of 9 Old 07-14-2010, 10:38 PM
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I rent a home in san Antonio. First thing, do not use craigslist, pay property manager to screen tenants and collect rent (long distance does not work).

You will need to change the homeowners insurance to either stand alone rental or fire policy, USAA does the latter only.

Save some money to fix the unexpected.

You will make some money up on your taxes
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post #3 of 9 Old 07-14-2010, 11:10 PM Thread Starter
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Thanks for the quick reply. I forgot to mention that I am using a management company. Like you said, I am way too far to fix things. I am getting with my insurance guy next week to get that squared away. I am also trying to keep a $2k buffer for crap that needs fixing. I hope it wont be much. The house was brand new when we moved in.
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post #4 of 9 Old 07-14-2010, 11:27 PM
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sounds like you have the hard stuff down so far.

the main points that I have come to learn is

-make sure you have the property checked on now and then (you dont want to get a letter from the city saying your property is vacant or has the grass growing wild and unkept)

-dont forget to take date stamped pictures before the renters move in

-if you charge 1% or less of the houses value as rent you will come out on top of taxes. (example $120,000 house rents for $1,200 or less)

-also remember a full house @ $500 a month for a year makes more than an empty house @ $750 a month.

-make sure you have pest control, grass cutters, and maintenance lined up in advance.


Good luck.
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post #5 of 9 Old 07-15-2010, 02:34 AM
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I have had a rental property for a while now and I agree with the advise already given. I will also add that once you find a good tenant (tougher than you might think) make the rent a little cheaper than the going rate for the area so they stay and don't move a block down the street for a hundred buck a month discount.

Also I am sure the property managment company takes care of the paperwork but make it very clear in writing singed and sealed want you will and won't allow on you property and what your tenents are responsible for and what you are responsible for. If you have the property long enough you will find yourself in court sooner or later... documentation and pictures befor and after are the key to success.

Good luck..it sounds like you are on the right track. I wish I started "building the empire" when I was your age but...well...you know how it is, women,motorcycles, fast cars and partying took priority
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post #6 of 9 Old 07-15-2010, 03:39 AM
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Originally Posted by EEzz-rider View Post
I have had a rental property for a while now and I agree with the advise already given. I will also add that once you find a good tenant (tougher than you might think) make the rent a little cheaper than the going rate for the area so they stay and don't move a block down the street for a hundred buck a month discount.

Also I am sure the property managment company takes care of the paperwork but make it very clear in writing singed and sealed want you will and won't allow on you property and what your tenents are responsible for and what you are responsible for. If you have the property long enough you will find yourself in court sooner or later... documentation and pictures befor and after are the key to success.

Good luck..it sounds like you are on the right track. I wish I started "building the empire" when I was your age but...well...you know how it is, women,motorcycles, fast cars and partying took priority
Were all still doing that

Great advice, something I'm looking into for my self down the road so thanks everyone!
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post #7 of 9 Old 07-15-2010, 01:22 PM
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Get a rental property management company to do everything. they check the lawns are done, house is upkept and if there are any plumbing, etc issues they take care of it.

They take a portion of the rent though.
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post #8 of 9 Old 07-15-2010, 02:03 PM
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Originally Posted by cuhuba View Post
i rent a home in san antonio. First thing, do not use craigslist, pay property manager to screen tenants and collect rent (long distance does not work).
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post #9 of 9 Old 07-15-2010, 08:45 PM Thread Starter
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Thanks for the reply's. I am actually showing the house in about a half hour. Wish me luck The management company I am using is pretty hardcore with rules, but I guess I would rather them be a little strict than let my property go to shit. They go around at least once a week and do a visual check at the property. They also occasionally verify that the utilities are getting paid on time, make sure lawn is getting mowed... it goes on and on. They charge 10% of the rent, which is the normal going rate right now. If nothing breaks or needs fixed, I should only be out $90/month. Considering I need the tax breaks, its almost a wash come tax time. the IRS eats my wife and I alive because of what we make and having no kids. I probably should ask more for rent, but I would rather know that someone is lined up to rent my house before I move accross the country. I am asking 925/month right now. If I hold out I could get around $1000 I think, but if it sits empty for 1 month, that $75 i am eating right now would take a long time to add up to a month of mortgage payment for nobody in there. I am hoping my real estate empire will kick ass and pay off in the end. If I end up with 4-6 rentals, then sell them all come retirement time I will be sitting pretty. My wife thinks I'm crazy but who cares, you only live once, take chances.
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