Well, I thought I would give an update. I decided to rent it to the couple I mentioned. I gave them a very good deal and before they moved in I was able to get it ready for rent (that’s a whole other story).
They have been great so far and they are taking very good care of my house and yard.
I hope they stay for a while.

Good! I hope they continue to be your 'model' renters, there are too often the other kind, but there are good folks out there too.

Good renters are a blessing.

I served a lot of eviction notices on the other types.

When that happened the house were trashed.

Keeping good renters even if one has to give them a lower rate well save you tens of thousands in the long run.

Indeed, having a good renter is what it's supposed to be; a bit of supplemental income. I don't know about everywhere else but here in Texas, it's almost impossible to evict a renter, even though they have not paid the rent. And believe me when anything happens after that long drawn out affair you can just bet that they have trashed the place.

quote:

Originally posted by p dog shooter:
Good renters are a blessing.

I served a lot of eviction notices on the other types.

When that happened the house were trashed.

Keeping good renters even if one has to give them a lower rate well save you tens of thousands in the long run.

I believe you are correct p dog shooter. I could likely rent my house for $1,800 a month (to me that’s ridiculous) but I rented to them for $1,100, the same cost they were paying for an2 bedroom apartment (this one is 7 bedrooms). People probably think I’m nuts but it’s been so nice not having to worry about it and spending many days working and maintaining it!

quote:

Originally posted by Jason P:

quote:

Originally posted by p dog shooter:
Good renters are a blessing.

I served a lot of eviction notices on the other types.

When that happened the house were trashed.

Keeping good renters even if one has to give them a lower rate well save you tens of thousands in the long run.

I believe you are correct p dog shooter. I could likely rent my house for $1,800 a month (to me that’s ridiculous) but I rented to them for $1,100, the same cost they were paying for an2 bedroom apartment (this one is 7 bedrooms). People probably think I’m nuts but it’s been so nice not having to worry about it and spending many days working and maintaining it!

I'm with you, a happy renter is a good thing. They want to stay, so don't make messes, and you don't have to wonder about the house sitting empty between renters.

Recently had a long-term renter leave. Bumped the rent from $2,500 to $3,500 a month. Took a month to get a new (one year) contract. With a recession coming on, not sure whether I can expect that going forward.

$3,500 seems high but I’m not familiar with your area.

Ironically, my son who moved out from my place was informed that the house he is renting is being sold and now, he is having a tough time finding anything.

He thought he had found a 2 bedroom unit for $1,300 but they gave it to someone else. There are few options in our area.

The rental I have left I built myself. From site work, plumbing and heating, electrical and every stick of wood. I have every cent out of pocket it cost recorded. It has already paid for it'self with the low rent I charge. I think of it's value, as what it will sell for when it's time to sell.
Having people in there that appreciate the place, and the low rent, mean they take care of it as their own. That means it retains a high value, without me having to do anything.

I bought another house right in front of one of my rentals.

1950 house perfectly maintained by my former neighbor. She retired and is moving to Sebring Florida.

It meet my condition of buying a house - a place I would like to live in.

I think I will use it as a office for a year and then rent it.

Small house 1800 square feet - but nice back yard. Has 2 home office spots so should appeal to perk from home couple.


People don’t realize in this whole work from home movement - businesses - almainly large corporations - have moved complete office and telecommunication expenses to their employees who think they are getting a great deal working from home. They are going to pay me in rent for 2 home office property.

Mike

Jason, to give you a feel for it, when I bought the property I was able to rent it for 1% of the appraised value. Today the property is appraised at $498,068. That would be $4,981 a month. Rental rates have not kept up with appraised values. What tells me that $3,500 is not too high, is that I have a signed contract for that amount. I might have gotten $4,000.

Ken:

You are a better Landlord than me. My house is probably worth $550 and my rent is $1,100. I will end up raising it in the future. With that said, my new tenants take very good care of it. A peace of mind is worth something I guess.....