Might buy a home soon

[SheepKilla 473]

Any advice? Should I rent it out after buying it? Been looking at Zillow prices.

[Hot Sauce 2,729]

Rental properties are a great source of income, but make sure you know your state and local renting laws like the back of your hand before considering it.

[-GD-X★ 7,733]

2 hours ago, SheepKilla said:

Any advice? Should I rent it out after buying it? Been looking at Zillow prices.

realtor.com is way more up to date (though, a realtor's mls is the most accurate)

 

and like sauce mentioned, do your research. check for property taxes, insurance rates, any association dues/future assessments, age of roof/ac/appliances, by-laws (if condo/townhouse - some don't allow rentals, or will require you to live there a year; some want 20-25% down payment), crime stats....i can go on and on...

 

try to get a reputable realtor. since you are the buyer, you don't pay them - the seller does. 

[bhytre 2,753]

Be prepared to be seen as trash when you become a landlord and pray you don't rent to some degenerate that's hiding it well.

Rent out the basement and flood it if your tenants act up

[-GD-X★ 7,733]

6 minutes ago, bhytre said:

Be prepared to be seen as trash when you become a landlord and pray you don't rent to some degenerate that's hiding it well.

Rent out the basement and flood it if your tenants act up

or he can do a thorough background check lol. we have a lot of rental property. 

[bhytre 2,753]

12 minutes ago, -GD- said:

or he can do a thorough background check lol. we have a lot of rental property. 

How far can you check and keep it legal? Can you just refuse someone if you find out they have some criminal record?

[-GD-X★ 7,733]

2 minutes ago, bhytre said:

How far can you check and keep it legal? Can you just refuse someone if you find out they have some criminal record?

absolutely! we pull their credit, check criminal background,  ask for proof of 2 months of current employment (last year's w2, as well) and we contact your current/previous landlord (you must have proof you lived there). since i work in investigative news, it's very easy for me to verify the validity. we've only had excellent tenants. 

[jehurey 3,230]

6 minutes ago, bhytre said:

How far can you check and keep it legal? Can you just refuse someone if you find out they have some criminal record?

yeah, they are not a protected class under the Fair Housing Rental Act.

[-GD-X★ 7,733]

if you get a great tenant, it's super easy being a landlord. just make sure you hold up your end of the deal. if the AC dies, or there's any kind of flooding, you better be there ASAP....or have a person who takes care of that stuff (i have an AC guy and handyman). if i have nothing going on, and an ssue occurs, i'll try to take care of it myself.

 

[jehurey 3,230]

9 minutes ago, -GD- said:

if you get a great tenant, it's super easy being a landlord. just make sure you hold up your end of the deal. if the AC dies, or there's any kind of flooding, you better be there ASAP....or have a person who takes care of that stuff (i have an AC guy and handyman). if i have nothing going on, and an ssue occurs, i'll try to take care of it myself.

 

that's why you pretty much have to save all of the money you made from rent payments for the first year.

 

After covering the mortgage/insurance/taxes, any profit you have needs to go into savings as a maintenance expenses account.

 

Because if the ac breaks or dishwasher goes out, you need to pay the cost of that repair/replacement immediately.

[-GD-X★ 7,733]

2 minutes ago, jehurey said:

that's why you pretty much have to save all of the money you made from rent payments for the first year.

 

After covering the mortgage/insurance/taxes, any profit you have needs to go into savings as a maintenance expenses account.

 

Because if the ac breaks or dishwasher goes out, you need to pay the cost of that repair/replacement immediately.

yup. i tell friends to not even bother being a landlord unless they have $20,000+ saved for potential issues.

[bhytre 2,753]

 

That certainly  sounds like a better place to be a landlord when you know who you're letting in. 

Here it nearly impossible to do all those background checks without being sued for discrimination and if they're already in it's extremely difficult to get them evicted. 

I still agree that tenants need to be protected from scummy landlords but it should go both ways

Edited August 31, 2020 by bhytre

[kaz 2,439]

bhtrgey grew up in a basement with weekly floodings because his family couldn't pay rent, this explains so much  

[bhytre 2,753]

3 minutes ago, zak said:

bhtrgey grew up in a basement with weekly floodings because his family couldn't pay rent, this explains so much  

Watch the film Parasite if you want to see why renting out the basement to potentially bad tenants is the best idea

[kaz 2,439]

1 minute ago, bhytre said:

Watch the film Parasite if you want to see why renting out the basement to potentially bad tenants is the best idea

i did.  

[jehurey 3,230]

1 minute ago, bhytre said:

Watch the film Parasite if you want to see why renting out the basement to potentially bad tenants is the best idea

so that they come and kill you?

 

 

[-GD-X★ 7,733]

9 minutes ago, bhytre said:

 

That certainly  sounds like a better place to be a landlord when you know who you're letting in. 

Here it nearly impossible to do all those background checks without being sued for discrimination and if they're already in it's extremely difficult to get them evicted. 

I still agree that tenants need to be protected from scummy landlords but it should go both ways

ha well, tenants should also research potential landlords. most of the slumlords here own property in the hood and take advantage of those who are desperate. 

[bhytre 2,753]

6 minutes ago, jehurey said:

so that they come and kill you?

 

 

Only if you're rich and don't hide it that they smell

[jehurey 3,230]

Just now, bhytre said:

Only if you're rich and don't hide it that they smell

but, to be fair, everybody in your country smells......both beneath and above ground.

 

besides, i don't think you can even make a livable underground habitat in your country, what with all the radiation seepage.

[SheepKilla 473]

1 hour ago, bhytre said:

 

That certainly  sounds like a better place to be a landlord when you know who you're letting in. 

Here it nearly impossible to do all those background checks without being sued for discrimination and if they're already in it's extremely difficult to get them evicted. 

I still agree that tenants need to be protected from scummy landlords but it should go both ways

I'm good at reading people. All I need to do is meet with them, see their resume, do a google search of them, facebook, etc. and I can figure out who they are. Maybe criminal/credit background checks too.