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Renting your own home in the US

Renting your own home in the US

Old Jan 22nd 2008, 1:43 pm
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Default 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.
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Old Jan 22nd 2008, 1:46 pm
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Default Re: Renting your own home in the US

Originally Posted by Adnams
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.

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.
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Old Jan 22nd 2008, 1:49 pm
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Default 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.
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Old Jan 22nd 2008, 1:50 pm
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Default Re: Renting your own home in the US

Originally Posted by sunflwrgrl13
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.
Aahh my mistake I was searching under letting. I kind of half believe the stories as the rental our company put us in when we first moved here was totally filthy on closer inspection and we havd to complain and get the landlords around to sort it out.

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.
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Old Jan 22nd 2008, 1:50 pm
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Default Re: Renting your own home in the US

Originally Posted by Bill_S
I think BritGuyTN owns rental properties. If he doesn't notice this thread you might want to PM him.
Ta will do
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Old Jan 22nd 2008, 2:12 pm
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Default Re: Renting your own home in the US

Originally Posted by Adnams
Ta will do
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
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Old Jan 22nd 2008, 2:17 pm
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Default Re: Renting your own home in the US

Originally Posted by BritGuyTN
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
Hmm sounds like the key - screening - but we will be absentee so that will be hard to do. You obviously do it yourself but do have experience of ever using a letting or property management firm? Eviction also sounds like an expensive process.....
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Old Jan 22nd 2008, 4:50 pm
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Default Re: Renting your own home in the US

Originally Posted by Adnams
Hmm sounds like the key - screening - but we will be absentee so that will be hard to do. You obviously do it yourself but do have experience of ever using a letting or property management firm? Eviction also sounds like an expensive process.....
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
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Old Jan 22nd 2008, 4:54 pm
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Default 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...
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Old Jan 22nd 2008, 5:11 pm
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Default Re: Renting your own home in the US

Originally Posted by Bob
Thing to be aware, most NE states won't let you evict some one during the winter months...
same here, although it is based on actual temperature on the day
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Old Jan 22nd 2008, 5:43 pm
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Default Re: Renting your own home in the US

Originally Posted by BritGuyTN
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
We wouldnt be doing it as an investment just to break even and cover the mortgage if we cant sell it in this market. But will have to work the figures based on your 20 - 25% "upcharge". We were toying with the idea of doing it only for a year as the firm will pay new rental for us for 12 months in the new state as part of the relocation package. But its the 64K dollar question isnt it because the market might tank even more over the next 6 to 12 months. So perhaps we should cut our losses so to speak. If we could do it through property management I'd feel a lot more comfortable.
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Old Jan 22nd 2008, 5:44 pm
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Default Re: Renting your own home in the US

Originally Posted by BritGuyTN
same here, although it is based on actual temperature on the day
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.
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Old Jan 22nd 2008, 5:46 pm
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Post 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.
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Old Jan 22nd 2008, 5:52 pm
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Default Re: Renting your own home in the US

Originally Posted by Englishmum
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.
A company let would be our first choice - but its getting a company to be interested and how you go about finding a company to be interested in it. The real eastate people we've already talked to will advertise rentals and find / screen tennants but after they've done their bit and got their cut you're on your own.

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
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Old Jan 22nd 2008, 5:59 pm
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Default Re: Renting your own home in the US

Originally Posted by sunflwrgrl13
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.

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
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