How important is it to be a "people person" to be successful in the business? Do you think that a person with a bit of Social Anxiety can make it in this biz?
Hi,
I really feel for you. I had a bad exsperience on my last purchase and have vowed to never let it happen in the future.
I agree that you should sit down and explain the situation to the tenants and make them pay for the utilities. Here is an example, I bought a house that the landlord include gas and electric in the rent. The rents were also well below market. I sat down and talked with the tenants and explained the situation. I offered them a rental increase to get to market value and they cover the utilities or an even higher rental increase for me to include the utilities with a agreed upon cap. They were completely pissed off at me. I told them they had 30 days to make a decision. Mind you the apratments were beautiful, and I knew they were among the best on the market.
Both tenants came back to me and stated that they looked at EVERYTHING on the market and were not happy with the comparisons.
This was 3 years ago and they are still renting from me and have gotten over the increase.
Good Luck.
Robert
"I will work with you until, your problems become my problem"
Check his credit and references from the last two landlords.
In my experience, a lot of potential renters offer to do repairs because they have extra bad credit and are having a hard time finding a landlord who will rent to them.
I have had so many willing tenants before signing the lease promise the world, and ALWAYS got burned. If you finish the house yourself you can control your costs and know the work was done and done right. You can always find a renter who wants a bargain, I have never had any luck with these clowns.
Hi, Thanks for your your candid reply. To rent weekly, is not my desire, even monthly does not really excite me, although I would have been willing to, if it were worth it. We do have some relocating folks here since the hurricane, but it is hard to predict them. Season is well under way so it is not likely I will get the snowbirds now, either. I like the "furnished or unfurnished" option, and I will remove, then, what they do not want.
Thanks again!
I know of investor who owns condo in Bird Bay, rents it out to monthly and weekly tenants. He places ads up north, Detroit, Chicago, etc. Usually rents it furnished to an elderly couple from December to March (4 months) the rents it out weekly and bi-weekly through ads and property manager. Can be very profitable if you target northerners who would LOVE to stay 5 minutes from Gulf.
Furnished houses are much easier to rent to vacationers and get much higher returns, if you are willing to deal with it.
I live in Anne Arundel and I use to have rental property, but now I own properties in Baltimore and I do not think that I need licence to do this, I am not sure about Howard county, you better check w/ them, good luck...
Are you investing in Baltimore City? What is your take on the market and all that is going on relocating Sec 8 tenants to the county? Is now the time to jump in or is there more criminal types left to shake out before there is any real interest in inner-city RE?
I had a rental in Montgomery county and there I had to have it registered with the county and pay a fee each year. I do not think you have to have a license though
I have property in Montgomery and Frederick Counties.
Montgomery County has a rental dwelling license requirement, but Frederick County does not. I think the license fee was $60 per property last year. The license is for the property, not for the landlord/owner. Each property requires a separate license.
The fee is too cheap to worry about what would happen if I am caught operating an unlicensed rental dwelling. I just expense it on Schedule E and forget about it.
My partner is also a friend first. We have not had any issues, nor do I forsee any. If he was not a friend first, I am unsure if he would be my partner. I would not have had the history of his character for the past 9 years. He also happens to be an attorney.
Hi,
I really feel for you. I had a bad exsperience on my last purchase and have vowed to never let it happen in the future.
I agree that you should sit down and explain the situation to the tenants and make them pay for the utilities. Here is an example, I bought a house that the landlord include gas and electric in the rent. The rents were also well below market. I sat down and talked with the tenants and explained the situation. I offered them a rental increase to get to market value and they cover the utilities or an even higher rental increase for me to include the utilities with a agreed upon cap. They were completely pissed off at me. I told them they had 30 days to make a decision. Mind you the apratments were beautiful, and I knew they were among the best on the market.
Both tenants came back to me and stated that they looked at EVERYTHING on the market and were not happy with the comparisons.
This was 3 years ago and they are still renting from me and have gotten over the increase.
Good Luck.
Robert
"I will work with you until, your problems become my problem"
was any thing in writting about the utilities when it was listed. seems to me you have some thing to look into here
John
A success story. Thanks for the update - glad it worked out for you.
wanted to ask how this could be avoided if it had went the opposite way. get copies of all utilities before closing??? how is that idea for a newby
Check his credit and references from the last two landlords.
In my experience, a lot of potential renters offer to do repairs because they have extra bad credit and are having a hard time finding a landlord who will rent to them.
I have had so many willing tenants before signing the lease promise the world, and ALWAYS got burned. If you finish the house yourself you can control your costs and know the work was done and done right. You can always find a renter who wants a bargain, I have never had any luck with these clowns.
Not a good idea - You can only lose on this deal.
- A guarenteed loss of 500 a month
- Repairs that may or may not be done..and if done correctly??
I think you have a big conflict of interest
Hi, Thanks for your your candid reply. To rent weekly, is not my desire, even monthly does not really excite me, although I would have been willing to, if it were worth it. We do have some relocating folks here since the hurricane, but it is hard to predict them. Season is well under way so it is not likely I will get the snowbirds now, either. I like the "furnished or unfurnished" option, and I will remove, then, what they do not want.
Thanks again!
I am extremely familiar with Venice, FL.
I know of investor who owns condo in Bird Bay, rents it out to monthly and weekly tenants. He places ads up north, Detroit, Chicago, etc. Usually rents it furnished to an elderly couple from December to March (4 months) the rents it out weekly and bi-weekly through ads and property manager. Can be very profitable if you target northerners who would LOVE to stay 5 minutes from Gulf.
Furnished houses are much easier to rent to vacationers and get much higher returns, if you are willing to deal with it.
Good Luck
Kyle, I ordered this book, thanks so much. Cheryl
Kyle, I ordered this book, thanks so much. Cheryl
I live in Anne Arundel and I use to have rental property, but now I own properties in Baltimore and I do not think that I need licence to do this, I am not sure about Howard county, you better check w/ them, good luck...
internationalbusiness & OvaerAnalyzer,
Are you investing in Baltimore City? What is your take on the market and all that is going on relocating Sec 8 tenants to the county? Is now the time to jump in or is there more criminal types left to shake out before there is any real interest in inner-city RE?
[ Edited by yashica23 on Date 03/01/2005 ]
[ Edited by yashica23 on Date 03/01/2005 ]
[ Edited by yashica23 on Date 03/01/2005 ]
I had a rental in Montgomery county and there I had to have it registered with the county and pay a fee each year. I do not think you have to have a license though
I have property in Montgomery and Frederick Counties.
Montgomery County has a rental dwelling license requirement, but Frederick County does not. I think the license fee was $60 per property last year. The license is for the property, not for the landlord/owner. Each property requires a separate license.
The fee is too cheap to worry about what would happen if I am caught operating an unlicensed rental dwelling. I just expense it on Schedule E and forget about it.
Fortune Maker by www.emmatek.com
takes a little time to learn and a little pricy, but worth every penny.
Good Luck,
Alexander
I found a couple of interesting programs at www.download.com:
Tenant Billing 5.0.2
http://www.download.com/Tenant-Billing/3000-2078_4-10110875.html?tag=lst-0-4
Pocket Property Manager 1.1
http://www.download.com/Pocket-Property-Manager/3000-2156_4-9605259.html?tag=lst-0-5
The Rent Collector 1.0
http://www.download.com/The-Rent-Collector/3000-2357_4-10251277.html?tag=lst-0-13
Any luck with referrals from your local REIA group?
Any suggestions?
THANKS
Travellers, Zurich, Foremost???
Anybody?
My partner is also a friend first. We have not had any issues, nor do I forsee any. If he was not a friend first, I am unsure if he would be my partner. I would not have had the history of his character for the past 9 years. He also happens to be an attorney.