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Preparing House for New Renter

June 7th, 2010 at 12:43 pm

Our tenant just moved back to Maryland after renting one year. Great tenant! Always paid early and let us know if something was wrong. Now I’m preparing the house for a new renter. Have to get the house professionally cleaned, yard done, and do some minor repairs. Of course I’ll take if out of her deposit.

I wish we could sell the house, but the economy still sucks. Sometimes I think about keeping the house forever. Having a rental property is great residual income, and it would be ideal to have in retirement. However, if we could just get a long-term 20-year renter, that would be absolutely wonderful. Oh well, such-is-life in the world of being a landlord.

Are you a landlord? How is it working for you?

Posted in Money Management | 5 Comments »

5 Responses to “Preparing House for New Renter”

  1. momcents Says:
    June 7th, 2010 at 12:51 pm 1275915062
    1275915062


    It just depends on the tenant. We had the perfect one for three years, but found out only after he left with three days notice was he wanted by the State's Attorney Office for a missing $3 million from a pervious job - and they threatened to subpeona and freeze my bank account information should I not cooperate with them tracing HIS financials.

    My present tenant is pertpetually two weeks to one month late. She's been there three years and struggles to be timely. Sadly, her rent isn't always the first priority (but as husband points out "we always work with her"). Her last two rent checks bounced - so now we require cash only. In this economy, we don't want to have to sell it yet (though it would be extremely nice) so I suppose we'll continue to work with her and hope that she'll get caught up eventually.

  2. sharmanl Says:
    June 7th, 2010 at 12:57 pm 1275915476
    1275915476

    Wow...Momcents, both of those seem like "drama." I pray that we get another good tenant. We usually get all of ours from Craigslist. We never check their credit, but we do check employment, character, and criminal background. Thank God, we haven't had any problems yet, and we've been renting for 4 years. I hope your situation gets better.

  3. Ima saver Says:
    June 7th, 2010 at 03:16 pm 1275923787
    1275923787

    I had a couple of rental houses and they were all nightmares. Late with rent, trashed the houses, etc. We sold all 3 of them at a loss and I would never go thru that again.

  4. MonkeyMama Says:
    June 7th, 2010 at 05:51 pm 1275933113
    1275933113

    I actually had a friend whose parents made a fortune on their rental ($400k gain over 20 years??). Said it was the worst disaster of their lives - tenants trashed the place - had to have them evicted (took forever with police, etc., etc.). Needless to say, we decided not to be landlords. Some people have the personality for it. Definitely not us.

  5. Homebody Says:
    June 7th, 2010 at 10:54 pm 1275951256
    1275951256

    So far so good with ours, but our rental is in a specialized college town, Klamath Falls, Oregon. People do not go to that college to goof off or they get kicked out or dropped from their very rigorous programs. We are on our second set of students. First were 2 brothers (premed and engineering), who left the place almost immaculate (seems boy's can't clean ovens). Now we have 2 friends (dental hygienists). Just received their first rent, on time. We did not plan to become landlords either. Economy dropped so we could not sell after daughter graduated. So far it has been a good experience, but we do have an agent now.

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