Renting your own home in the US
#1
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Renting your own home in the US
OH and I are being relocated from CT to another state and we are weighing up the benefits of either selling (markets well well down) or renting our home until the market picks up.
We are already hearing horror stories from estate agents about renting your own home. I am not sure if this is the truth or because they want you to list the property with them to get the comm if / when it sells.
Has anyone any experience of renting your own home in the US? Was it a nightmare, do tennants really trash places as we have heard? Dont pay rent, bills etc etc etc...?
If we were renting in the UK we would use a letting agents who would have all the responsibility of collecting rents, maintenance etc. Do such firms exist in the US? I tried a google search and all I was getting were commercial firms.
We are in a quandary as to what to do.
Cheers in advance.
We are already hearing horror stories from estate agents about renting your own home. I am not sure if this is the truth or because they want you to list the property with them to get the comm if / when it sells.
Has anyone any experience of renting your own home in the US? Was it a nightmare, do tennants really trash places as we have heard? Dont pay rent, bills etc etc etc...?
If we were renting in the UK we would use a letting agents who would have all the responsibility of collecting rents, maintenance etc. Do such firms exist in the US? I tried a google search and all I was getting were commercial firms.
We are in a quandary as to what to do.
Cheers in advance.
#2
Re: Renting your own home in the US
If we were renting in the UK we would use a letting agents who would have all the responsibility of collecting rents, maintenance etc. Do such firms exist in the US? I tried a google search and all I was getting were commercial firms.
We are in a quandary as to what to do.
Cheers in advance.
We are in a quandary as to what to do.
Cheers in advance.
I have heard horror stories as well about tenents doing amazingly horrible things to homes. But for every bad story, I'm sure there are twice as many that work out fine. Do a search for property managers and that may help you find a company that will handle residential property. Sorry I can't give you any further advice.
#3
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Re: Renting your own home in the US
I think BritGuyTN owns rental properties. If he doesn't notice this thread you might want to PM him.
#4
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Re: Renting your own home in the US
I have heard horror stories as well about tenents doing amazingly horrible things to homes. But for every bad story, I'm sure there are twice as many that work out fine. Do a search for property managers and that may help you find a company that will handle residential property. Sorry I can't give you any further advice.
Being an absentee landlord wouldnt work but if I could find a property manager that would suit us even if it would cost a pretty penny it would be worth it for peace of mind.
#6
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Renting your own home in the US
if you carefully screen people (criminal backround check/credit check/eviction check) then you are taking a lot of risk out of the equation
in a 14 unit apartment building I acuring last year i've had to evict 7 tenants I inherited!
this is extreme and NOT typical and due to the previous owner being a coke addict and alcoholic
on a 10 unit deal last year no evictions and only one person who is beginning to get late
screening is the key
in a 14 unit apartment building I acuring last year i've had to evict 7 tenants I inherited!
this is extreme and NOT typical and due to the previous owner being a coke addict and alcoholic
on a 10 unit deal last year no evictions and only one person who is beginning to get late
screening is the key
#7
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Re: Renting your own home in the US
if you carefully screen people (criminal backround check/credit check/eviction check) then you are taking a lot of risk out of the equation
in a 14 unit apartment building I acuring last year i've had to evict 7 tenants I inherited!
this is extreme and NOT typical and due to the previous owner being a coke addict and alcoholic
on a 10 unit deal last year no evictions and only one person who is beginning to get late
screening is the key
in a 14 unit apartment building I acuring last year i've had to evict 7 tenants I inherited!
this is extreme and NOT typical and due to the previous owner being a coke addict and alcoholic
on a 10 unit deal last year no evictions and only one person who is beginning to get late
screening is the key
#8
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Renting your own home in the US
and another $75 for the sherriff to get rid of their stuff if they are not out by the designated time.
BUT
the law and costs vary ENORMOUSLY by state
screening is very easy
charge $35-40 for people to apply and use this to pay a specialist screening company who will do everything for you
most single family homes purchsed in the last 5 years are terrible candidates for renting out from an investment perspective
add up you
monthly mortgage payment inc taxes and insurance
add
20% for vacancies and maintenance
the monthly rent you get in needs to be about 20-25% more than this total amount otherwise you may as well sell (as long as you can break even at least) and stick your money in an online savings account
#9
Re: Renting your own home in the US
Thing to be aware, most NE states won't let you evict some one during the winter months...
#11
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Re: Renting your own home in the US
eviction costs $75 to file the detainer warrant
and another $75 for the sherriff to get rid of their stuff if they are not out by the designated time.
BUT
the law and costs vary ENORMOUSLY by state
screening is very easy
charge $35-40 for people to apply and use this to pay a specialist screening company who will do everything for you
most single family homes purchsed in the last 5 years are terrible candidates for renting out from an investment perspective
add up you
monthly mortgage payment inc taxes and insurance
add
20% for vacancies and maintenance
the monthly rent you get in needs to be about 20-25% more than this total amount otherwise you may as well sell (as long as you can break even at least) and stick your money in an online savings account
and another $75 for the sherriff to get rid of their stuff if they are not out by the designated time.
BUT
the law and costs vary ENORMOUSLY by state
screening is very easy
charge $35-40 for people to apply and use this to pay a specialist screening company who will do everything for you
most single family homes purchsed in the last 5 years are terrible candidates for renting out from an investment perspective
add up you
monthly mortgage payment inc taxes and insurance
add
20% for vacancies and maintenance
the monthly rent you get in needs to be about 20-25% more than this total amount otherwise you may as well sell (as long as you can break even at least) and stick your money in an online savings account
#12
Re: Renting your own home in the US
Sorry to hijack the thread, but I have question about this. Hypothetically, you find yourself in this situation. Let's say you're in the NE area, so winter is pretty cold all season long. You can't legally kick the people out, so what's your recourse to recoup your loss of rent for several months? If they aren't paying the rent, you obviously can't sue them for back rent. Do you just take this as a loss on your taxes or something? Just something I'm wondering.
The thought of purchasing some foreclosure homes and renting them out has crossed our minds, but I want to learn more about my rights as the owner before travelling down that road. What would be a good resource to read (if there is one) for someone considering this? Hmm, but it probably varies by state so it may be difficult to have a universal source of info I imagine.
The thought of purchasing some foreclosure homes and renting them out has crossed our minds, but I want to learn more about my rights as the owner before travelling down that road. What would be a good resource to read (if there is one) for someone considering this? Hmm, but it probably varies by state so it may be difficult to have a universal source of info I imagine.
#13
Joined: Feb 2002
Posts: 6,848
Re: Renting your own home in the US
Just wondering if you could get a company letting? I have no idea which part of CT your house is in, but there are many companies located in the proximity of the I-95 in Stamford for example (my husband's company has a large office complex there).
Companies are often transferring staff in from other States and from overseas (we came here on a company transfer) and many of those employees may prefer to rent for at least six months before deciding to put down roots or to continue renting.
If it's a family house, is it in a good school district?
My best friend is going to relocate in a few months, she was originally moving back to Sydney but as the US$ is so weak and property prices astronomical in Sydney, she's got her daughter into a Waldorf school (similar to a Rudolf Steiner school) just across the Hudson river in the NY suburbs.
She was going to sell her house in NJ but is also now thinking of renting it out and eventually selling when the market picks up.....she's in a great location for NYC commutes and Newark airport. Her only concern is that apparently in NJ if a family moves in (it's a 6 bedroom Victorian) and they stop paying the rent, she told me that you can't evict a family with young children. She's looking into it in case there is a way around this, but it's something you may want to check in CT.
The majority of realtors in our area do offer property rentals & management (there is a large transient population here in the NY metro area) but it's often hard to find on their websites!
Come to think of it, in the UK some local authorities or housing associations will rent private properties on behalf of families on their waiting lists. They pay the rent and return the property at the end of the tenancy agreement in the condition it was originally in, ie. they do any repairs, decorating as necessary. I wonder if they do that in the US?
It might be worth having a look at the property section and (local State) law section at your local B&N, Borders or your library regarding property lettings. You need to check about liabilities and insurance in case of fires etc. when renting your property out, and whether or not to leave furnished or unfurnished.
Companies are often transferring staff in from other States and from overseas (we came here on a company transfer) and many of those employees may prefer to rent for at least six months before deciding to put down roots or to continue renting.
If it's a family house, is it in a good school district?
My best friend is going to relocate in a few months, she was originally moving back to Sydney but as the US$ is so weak and property prices astronomical in Sydney, she's got her daughter into a Waldorf school (similar to a Rudolf Steiner school) just across the Hudson river in the NY suburbs.
She was going to sell her house in NJ but is also now thinking of renting it out and eventually selling when the market picks up.....she's in a great location for NYC commutes and Newark airport. Her only concern is that apparently in NJ if a family moves in (it's a 6 bedroom Victorian) and they stop paying the rent, she told me that you can't evict a family with young children. She's looking into it in case there is a way around this, but it's something you may want to check in CT.
The majority of realtors in our area do offer property rentals & management (there is a large transient population here in the NY metro area) but it's often hard to find on their websites!
Come to think of it, in the UK some local authorities or housing associations will rent private properties on behalf of families on their waiting lists. They pay the rent and return the property at the end of the tenancy agreement in the condition it was originally in, ie. they do any repairs, decorating as necessary. I wonder if they do that in the US?
It might be worth having a look at the property section and (local State) law section at your local B&N, Borders or your library regarding property lettings. You need to check about liabilities and insurance in case of fires etc. when renting your property out, and whether or not to leave furnished or unfurnished.
#14
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Joined: Jun 2007
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Re: Renting your own home in the US
Just wondering if you could get a company letting? I have no idea which part of CT your house is in, but there are many companies located in the proximity of the I-95 in Stamford for example (my husband's company has a large office complex there).
Companies are often transferring staff in from other States and from overseas (we came here on a company transfer) and many of those employees may prefer to rent for at least six months before deciding to put down roots or to continue renting.
If it's a family house, is it in a good school district?
My best friend is going to relocate in a few months, she was originally moving back to Sydney but as the US$ is so weak and property prices astronomical in Sydney, she's got her daughter into a Waldorf school (similar to a Rudolf Steiner school) just across the Hudson river in the NY suburbs.
She was going to sell her house in NJ but is also now thinking of renting it out and eventually selling when the market picks up.....she's in a great location for NYC commutes and Newark airport. Her only concern is that apparently in NJ if a family moves in (it's a 6 bedroom Victorian) and they stop paying the rent, she told me that you can't evict a family with young children. She's looking into it in case there is a way around this, but it's something you may want to check in CT.
The majority of realtors in our area do offer property rentals & management (there is a large transient population here in the NY metro area) but it's often hard to find on their websites!
Come to think of it, in the UK some local authorities or housing associations will rent private properties on behalf of families on their waiting lists. They pay the rent and return the property at the end of the tenancy agreement in the condition it was originally in, ie. they do any repairs, decorating as necessary. I wonder if they do that in the US?
It might be worth having a look at the property section and (local State) law section at your local B&N, Borders or your library regarding property lettings. You need to check about liabilities and insurance in case of fires etc. when renting your property out, and whether or not to leave furnished or unfurnished.
Companies are often transferring staff in from other States and from overseas (we came here on a company transfer) and many of those employees may prefer to rent for at least six months before deciding to put down roots or to continue renting.
If it's a family house, is it in a good school district?
My best friend is going to relocate in a few months, she was originally moving back to Sydney but as the US$ is so weak and property prices astronomical in Sydney, she's got her daughter into a Waldorf school (similar to a Rudolf Steiner school) just across the Hudson river in the NY suburbs.
She was going to sell her house in NJ but is also now thinking of renting it out and eventually selling when the market picks up.....she's in a great location for NYC commutes and Newark airport. Her only concern is that apparently in NJ if a family moves in (it's a 6 bedroom Victorian) and they stop paying the rent, she told me that you can't evict a family with young children. She's looking into it in case there is a way around this, but it's something you may want to check in CT.
The majority of realtors in our area do offer property rentals & management (there is a large transient population here in the NY metro area) but it's often hard to find on their websites!
Come to think of it, in the UK some local authorities or housing associations will rent private properties on behalf of families on their waiting lists. They pay the rent and return the property at the end of the tenancy agreement in the condition it was originally in, ie. they do any repairs, decorating as necessary. I wonder if they do that in the US?
It might be worth having a look at the property section and (local State) law section at your local B&N, Borders or your library regarding property lettings. You need to check about liabilities and insurance in case of fires etc. when renting your property out, and whether or not to leave furnished or unfurnished.
We're northern CT but there are a lot of international firms around here especially aerospace that I know bring in expats, just dont know where to start on that score. We're not near the metro area
#15
Mr. Grumpy
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Renting your own home in the US
Sorry to hijack the thread, but I have question about this. Hypothetically, you find yourself in this situation. Let's say you're in the NE area, so winter is pretty cold all season long. You can't legally kick the people out, so what's your recourse to recoup your loss of rent for several months? If they aren't paying the rent, you obviously can't sue them for back rent. Do you just take this as a loss on your taxes or something? Just something I'm wondering.
The thought of purchasing some foreclosure homes and renting them out has crossed our minds, but I want to learn more about my rights as the owner before travelling down that road. What would be a good resource to read (if there is one) for someone considering this? Hmm, but it probably varies by state so it may be difficult to have a universal source of info I imagine.
The thought of purchasing some foreclosure homes and renting them out has crossed our minds, but I want to learn more about my rights as the owner before travelling down that road. What would be a good resource to read (if there is one) for someone considering this? Hmm, but it probably varies by state so it may be difficult to have a universal source of info I imagine.
I would imagine that if there is a judgement for possession that as long as they are still in the property the rent keeps accruing
good question, I will ask my collection agency
all states differ considerably
as the stupid cow sho moved down here from NY found to her detriment
alabama for example have very tenant-friendly laws