If not, would you ever be a landlord?
We've talked for years about buying a duplex in the city near the university campus. Maybe when our renovations at our home are completely done in a few years we will look into it again.
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Yup, I am. Right now, it's starting to be a PITA though, because my house in in Texas and I'm many states away.
But I first had a small condo and then a townhouse and I've been renting them in some form or fashion for the last 7 years, and generally it's been pretty easy. IE: I've never had really bad experiences where people don't pay rent, or damage the property.
In fact, I've had a renter get the place professionally cleaned when she moved out (on her own dime) AND leave me a bottle of wine and nice note for "letting her have the place". And she was paying the mortgage on that place.
Some of it might be luck, but I feel like I'm good at picking the right renters. And that's key.
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We are.... but we never really wanted to be. We owned a townhouse when I got pregnant, but if we sold it we would have lost money so we are renting it out.
We've been lucky with renters and haven't had issues there, but it's annoying to have to go right away and pay for things when they break down. Like if the ac goes out on a weekend here in hot sunny florida, you have to pay a lot for them to come out right away.
We're going to sell as soon as possible.
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we're going to be landlords when we rent out our apartment to move to a bigger place. i hope to have the renter sign a 2 year lease.
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We're renting our condo out, but we have a property manager who takes care of everything for us.
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Yes, and its a PITA. The house is in another state, so a three hour drive away. We had one horrible set of tenants, the second people were great, and these current people are always calling with a sob story about how they might need to break their lease or how they need us to lower the rent. It majorly stresses me out. We are going to sell as soon as we can afford to swing two mortgages for a couple months to have it empty for showing.
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I am, but the house is for sale. I own the house with my sister and we have a friend who lives there. It's actually been great since he's a great tenant and keeps the house up for showing since neither my sister or I live there. But I'd never do it for fun. Way too stressful and it can be really difficult to kick someone out if they are bad tenants.
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sort of. We've been landlords twice: once with DH's house and now with mine. but both times they've been rented by family members and the whole rent paying part of the deal has been a bit lacking. (nonexistent) SO yes, i'm a landlord, but apparently a pushover of a landlord
we contemplated buying a multi-family and renting out a few units and leaving in one, but decided ultimately it wasn't what we wanted for our home life.
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We are, and it's been okay so far. The owner has been fixing everything on his own. Only thing that sucks is we have to remind him to pay rent, and he's fallen behind a couple times.
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Yup we are, and it's been great so far (but we have a GREAT tenant, which makes allllllll the difference!!!). Once we get more than 1 property we'll turn everything over to a management company to deal with.
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I am, by accident. Bought a condo when I was 21, lived there for a few years before DH and I bought a house. We wanted to sell but banks won't lend out money for someone to buy a unit because the ratio of rented vs. owner occupied units is too high. So annoying, especially since I am losing money on it every month. Had horrible tenants the first year, the second year the lady broke the lease 6 months in and now I have finally found a wonderful long term tenant.
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I'm not but I think it's a good investment opportunity. I would likely hire a property manager to handle most of it though as long as I was making a decent enough income on the house.
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@grizz: yea, I brought up buying a vacation home/cabin so we have somewhere to go and rent it out via VRBO or alike. Got shot down!
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We are but don't want to be. DH bought the condo before we met and can't sell it now, even to break even. So we are renting it out and bought a house.
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We will be in a month when we move out of state. We have a renter who I think will be good (but you never know!) and we ran background/credit on them and all was fine. They also have already paid first month's and last month's rent/deposit with no issue so that was reassuring. They are paying a few hundred dollars more than the mortgage is so hopefully if anything craps out and has to be repaired, it wont be too disappointing since we're making a little extra.
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We are but we use a property management company. I tell DH it's our retirement home.
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