Having grown up with my parents managing several rental properties for an uncle that lived out of state I've seen and heard all kinds of things when it comes to rental properties. Now my wife and I are renting her ould house out for the same reason your renting, we can't sell in the current market without taking a huge loss on the place. Having done it ourselves for a year I can tell you that getting property manager is good start. Like others have said you have to treat it like a business and make sure you have a good lease. Notice I didn't say ironclad because with the way the laws, courts, and lawyers are nowdays everything seems to be skewed in favor of the renter anyway so you can only do so much. If you can handle the taxes on the income the place brings in, that's up to you. On the other hand if it's not your primary source of income and all you want is for someone to be in there then get things situated where your getting everything paid for with thr rent but still not 'making' anything. In other words no income equals no taxes to pay out,and if you can spend a bit more than it brings in then it's a great write off too. In our case we take a small hit every month on the place we're renting out and between that and the write offs for other money spent to maintain it, the write offs for travel to and from the place to maintain it, etc, etc, etc, at the end of the year it really help out on the taxes. At the same time we're still gaining equity in the place and hopefully in a few years, when the housing market comes back a bit, we can get it sold and actually make a little bit for our efforts. Either that or get the rent to a point where everything is covered and we can actually make some money off of the place for a change, get it paid off quick, and then it's all profit.
Whatever you do though it can be PITA without a good property manager to take take the calls from the tenant, handle the small BS problems that some will have, etc, etc, etc. If you had to do it all yourself it would be a nightmare, ben there, done that.....
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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