anyone own rental properties on here?
Ok, let me add some details
It is a duplex we are looking at
One side will be homesteaders by my nephew, short term (he just got married and they need to be on their own, so that is why now is the right time to do it)
At this moment, both sides have tenants
one who is cool, and gets to stay, the others not so much and will have to leave
(then being out is a term of the sale)
when my nephew moves out, wheneverthat is, we intend to rent out both sides
the house is in a great part of town, close to the lake so that should help attract good renters I think
oh yeah,, where do I get a crystal ball that tells me who will be a good renter and who won't?
Mostly what to avoid
Also, what to reasonably expect
The rental market is populated by a few basic types of people:
1. People who want to live in an area they can’t afford to buy a house in
2. People who just don’t want to own a house, many reasons for this
3. Good people who are just down on their luck. Could be a messy divorce, lost a job, illness in the family, etc. Things will get better for them.
4. Good people who are always down on their luck. They mean well, but you wind up footing the bill.
5. Losers, scumbags, con men, serial killers, axe murderers.
The farther you go down the list, the worse it gets. The more demand in your area, the better your chances are.
Credit reports are a good start for references, but the actual scores mean very little, as a large number of renters have what is considered bad credit. Bad credit is epidemic. What you need to see is what is in the report. What is their recent history?
References where you can’t confirm who they say they are are usually worthless.
A reference from a current landlord may also be worthless. They may want to get rid of them, or fear reprisals.
As said in a post above, do your homework. Find out as much as you can about them.
I have found that if I tell prospective tenants that I will run a credit report and want a $50 deposit (refunded if they rent), that clears out most of the con men. They never call back. The honest ones may want to talk about it before they apply if there is something bad.
Be realistic about the area the property is in. On the coasts & big cities, renting is the norm. Not so much in the midwest and smaller towns. The big demand, high rents and big profits that people talk about may not be realistic for your area.
Facebook offers a rental listing service one of my friends has used with good luck. I will try it next time.
