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Author
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Topic: Ever been a Landlord?
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starr33
Moderator Posts: 328
From: Does it matter?
Registered: Apr 2009
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posted July 05, 2011 07:15 PM
  
I'm just curious. I think it may be a way to make some money. I think it's been referred to a "passing income". IP: Logged |
bunnies
Knowflake Posts: 454
From: u.k
Registered: Apr 2009
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posted July 06, 2011 06:51 AM
Yes I have been a landlord successfully on and off for ten years.
Can be a minefield if you don't know what you're doing though.
I find it easier to rent out rooms in a house because you have more legal control over your property. Tenants can be a nightmare to remove if you have rented the whole house out.
And NEVER rent a place unfurnished.
If you have even one stick of furniture in then you can say the place is furnished and this puts you on a whole different legal level.
It's not the nicest way to get an income but always remember the golden rules.1. Never rent to friends or family or relatives. Always ends badly. 2. Even tenants who start out being amazing will be crap after 6 months. 3. Chasing rent is a demoralising experience. 4. Your house will look like sh*t after they go. People are unbelievably careless with rental properties. So factor the cost of anything ranging from a decorative job to a full refurbishment after they leave! 5. Don't start out by being nice, no matter how lovely they seem. Be firm. Spell out quite clearly what you expect and what will happen if not met. I used to start out being lovely and hope that they would be lovely back.
NO!! Having said that in ten years I have only had one nightmare tenant and she felt the sharp end of the bunnies boot  IP: Logged |
sand
Knowflake Posts: 831
From:
Registered: May 2011
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posted July 06, 2011 07:21 AM
..IP: Logged |
starr33
Moderator Posts: 328
From: Does it matter?
Registered: Apr 2009
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posted July 07, 2011 10:40 AM
Thanks so much for replying.. If you don't mind my asking, how did you become landlords? Did you have a good income? IP: Logged |
hippichick
Moderator Posts: 754
From:
Registered: May 2009
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posted July 07, 2011 11:19 AM
I am happy to have found this post!Good info!
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Randall
Webmaster Posts: 10556
From: The Goober Galaxy
Registered: Apr 2009
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posted July 12, 2011 06:40 PM
*bump*IP: Logged |
MoonWitch
Moderator Posts: 812
From: The Beach
Registered: Apr 2009
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posted July 12, 2011 10:27 PM
quote:
Originally posted by bunnies:
2. Even tenants who start out being amazing will be crap after 6 months.
Wow, I hope our landlord doesn't believe that. We rent a house for now (unfurnished) and have been here for over a year. We are never late with rent and we hardly ever bug him unless it's an emergency he would want to know about.
When I moved out of my old apartment, i left my room mate there and the landlord wanted to keep her there so badly (we lived there for 5 years) that he lowered the rent for her so she could keep a 2 bedroom on her own. I'm sure we aren't completely typical but there ARE good tenants out there.  IP: Logged |
sand
Knowflake Posts: 831
From:
Registered: May 2011
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posted July 12, 2011 11:16 PM
^my tenants have been awesome for the most part. IP: Logged |
Lindaland
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