1st time landlords?

[BuzzH]

I guess we've been lucky but have had great renters the past 10 years or so. Not one time has a renter been late with rent.

We replaced everything, and I mean everything we possibly could before we moved out of what is now our rental and into our new house. Sinks, appliances, hot water heater, etc. etc. before we rented it.

I didn't want to hire a property management company but also didn't want to be fixing stuff either. Keep your property in good shape.

Have a good lease agreement, treat your renters right and for the most part they'll treat you right.

 

[millerkiller77]

I guess we've been lucky but have had great renters the past 10 years or so. Not one time has a renter been late with rent.

We replaced everything, and I mean everything we possibly could before we moved out of what is now our rental and into our new house. Sinks, appliances, hot water heater, etc. etc. before we rented it.

I didn't want to hire a property management company but also didn't want to be fixing stuff either. Keep your property in good shape.

Have a good lease agreement, treat your renters right and for the most part they'll treat you right.

Fantastic Grammer.

 

[millerkiller77]

Fantastic Grammher

 

[BuzzH]

Fantastic Grammer.

I think the word you're looking for is grammar.

 

[millerkiller77]

I think the word you're looking for is grammar.

 

[BuzzH]

View attachment 358171

Your story, make it as big as you want.

 

[SFC B]

I will say this as someone who is looking to move back TO the Midwest from somewhere with "a lot of sunshine, a better climate and more hunting opportunities" ....There are a LOT of negatives living somewhere "pleasant" that more people WANT to move to. Prices of everything will keep rising at a rate higher than what you think (property cost, insurance, taxes, simple COLA expenses). Politics will turn worse as people flee the burning ship areas and bring that baggage with them. I have been here in CO for 16 years and have watched and been apart of this all directly. Being in or around a military base may temper it some (think COS vs DEN) but it won't stop enough. The harsh winters of the Midwest really do help sort out a bunch of folks you don't want any part of. The cold doesn't bother me (and I know I am different from a lot) and every time I leave the Midwest I feel like crap. Unless I could afford to live directly on an ocean beach and had enough money to insulate me from the "common" people there is NO way I would ever consider money to a warm climate. Just my take.

 

[Pagosa]

Make sure they carry renters insurance, in case they burn it down, speaking from experience. There isn't a ton of money in rental in a lot of areas nowadays. Places in the Midwest a person can still do pretty well on buying a house for $180-230k and get possibly get $1500-$1700 per month. I know that rentals in Colorado or western Montana don't really pencil out with taxes and repair cost contractors charge. I don't know about Arizona. Property management groups sometimes aren't the best individuals. All the things I read about VRBO and Airbnb is that they are a thing of the past. Ive made more money by remodeling or building smaller new homes and reselling them in your local area than long term rentals. Schedule E do allow a lot of write off.

 

[Wildabeest]

I’ve got a fully furnished rental in a ski resort town that I’ve had the same tenants in for over 3 yrs now. Nice empty nester couple. They take great care of the place. I do the management and maintenance myself since I’m generally close by. I could get a lot more income out if it doing nightly rentals, but don’t want the hassle. Management companies here average 25-30% off the top. Fortunately demand here is pretty high allowing me to be pretty selective on who I rent to.

 

[Addicting]

Have to ask, have you spent a summer in Arizona?

Simple answer is No. But we have spent some time there and the elevation seems to make all the difference. There is a huge difference between Flagstaff and Phoenix. Where we are looking in Sierra Vista average 7-10 days a year over 97. We can get that here in MI and don’t see it as a problem. We plan on traveling and can easily plan trips north if it bothers us. Or just take the camper up in elevation and spend a few weeks exploring above the rim.

 

[elkantlers]

I would rather get kicked squarely in the Plums, than to ever be a landlord again.