We had our house on the market for 4 months, no showings, no open house...NOTHING!!!Our house is almost 3 years old and our neighborhood is still expanding. We were told that our house will probably never sell until they are finished with the neighborhood which will be in about 10 years..What are we to do? We priced it well below all other homes. Now we are talking about renting it. Do we use an agent? Or rent it out ourselves? We just have no clue as what to do right now.
renting it out ,have you seen some of the horror stories people say about some of there renters .I had neighbors who rented out there house who could not sell it and went with a rental company because they would check out the people .Well the people check out clean as a whistle the company said .Problem was the places and names were all fake .The house after them getting a lawyer and paying for eviction is empty now and mostly destroyed and can not be rented people are gone and no where to be found .The couple cannot afford the repairs needed and went after the rental company but now the house is in fore closure .Sad story but see it more and more and they even did a show on hgtv about a couple who rented it out because they could not sell and the house was a mess and then money for lost rent and lawyers ate up there savings
Pre-owned homes in a subdivision where new homes are available does make for a harder sell. However, having ZERO showings in four months leads me to believe that you need a new realtor with a fresh eyes and a new marketing approach.
I am more positive about renting your house. I rented my own home once, first tried an agency, no luck, then put it on CL myself, instantly found a great tenant, then another before I moved back in. Both were good, paid rent on time, I did no work or cleaning between tenants, it was spotless when each moved out. Not all tenants are low-lifes. I had a large deposit, I figured they couldn't damage more than the deposit, they paid my mortgage and then some. It was great for me and may be for you also. I did run a credit check on them, as I do other tenants for my regular rentals. One tenants was an attorney, I was leary of him, people say don't rent to a lawyer they know all the tricks, but he was fine, he even mentioned he was a copyright attorney, he knew people are suspicious of attorneys.
Posts: 2401 | Location: Southern CA (Southbay) | Registered: Nov 08, 2005
I have a group of investors, I sell condos to and then arrange for tenants after closing.
The key to a good tenant is check them out thoroughly.
Often times, a conversation with a prospective tenant is the deciding factor, when indeeed the Landlord or landlords representative should have pulled credit and done a criminal background check to be on the safe side.
Hmmm? 4 months, why no open house? What "authority" said your house won't sell until the developement is completed? Unless you must relocate, consult a savvy certified CPA about stare & IRS tax regulations. If you then choose to rent, hire a reputable company after checking their history via BBB, and local gov't licensing agency.
Maybe your city-county offers free educational workshops?This message has been edited. Last edited by: tessa89,
Posts: 5016 | Location: NE of S.F. | Registered: Apr 13, 2006
Like others on this thread, I know about bad renters. Renters who repainted rooms and destroyed walls, ripped out and stole appliances. There must be good situations out there but they require thorough background checks, large deposits and someone to monitor the situation. Good luck!
Posts: 2623 | Location: Ohio | Registered: Feb 25, 2006
We rented a property that we had for investment. One year. That's all it took to make the house look like a dump. It had changed renters three times with in that year( yes,we had a lease for a year with ea.)and all three times it was a disgrace when the 3 families moved out. The downstairs was finished with a bed, bath and family room. Stairs coming down (interior stairs) Had the cat box emptied there for the time that they lived there. A teenager lived in the bedroom downstairs and every tag from shopping that she had done was covering the floor. The upstairs had thin pasta hanging off of the wall paper in the kitchen where the animals had a food fight. This home was rented at a good price and to people who had good references. I lived around three streets from the home.The Real estate companies told the renters to break the lease in each case because they were buying a property.
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Posts: 2334 | Location: Sarasota | Registered: Jan 31, 2005
I blame on the economy and just low class people that were raised in homes where they lived like animals and probably got money any way they could .They have no respect for themselves or anyone else .They don't work for a living and live off every one else and think they are entitled to it .
Yes, we have a poor economy and low class people will always be with us, BUT there are many good renters out there. Above I mentioned my personal home I rented out, I also have numerous rental properties, my tenants are normal people, they pay their rent, they are not scammers, they are actually nice and clean, taking good care of my propety.
Posts: 2401 | Location: Southern CA (Southbay) | Registered: Nov 08, 2005
We are considering this too if DH gets a job and we are unable to sell before relocating. I rented out a condo many years ago and was lucky twice. Other than the carpet getting stained, both sets of renters - one single mom, one set of 2 bachelors - paid on time, were polite and very good renters.
We may become renters if we have to rent ours since we can't carry two mortgages. I hope someone gives us the benefit of the doubt to treat their home well.
Originally posted by sissy77: I blame on the economy and just low class people that were raised in homes where they lived like animals and probably got money any way they could .They have no respect for themselves or anyone else .They don't work for a living and live off every one else and think they are entitled to it .
Wow, talk about painting with a very wide brush! : Surely you don't really believe that - or do you? There are many, many people renting these days for a number of reasons - job loss, employment re-location, inability to get their previous home sold and so forth.
But to paint all renters with that wide tar brush is pretty harsh.
Myself, if I didn't foresee selling in the next 6 months, then I would consider renting it out using a professional property management company with a proven track record. Try to sell first, I would only rent if given no other choice.
I have seen since i was here a really nice apartment complex ,not high priced but well taken care of ,but started to rent to low income families and it has gone down the drain since .Garbage in the yard ,manager and grounds crew complaining ,trailer parks that have even started looking shabby because of same reason .I came from NJ and they tore down lots of low income apartments in New Brunswick for the same reason ,destruction of properties and crime going up .The big high rise was built there for such families when I was a kid ,nice looking building back then and then after years of families moving in and destroying it they finally tore it down 40 years later . Some people have no respect for anything ,the more you giver the more they take and abuse it .What would you think .There are good people out there but seem to be seeing the worst of those people lately .I am glad now I live in a rural community at least in my neighborhood they seem to care and respect what is around them .But see to many places where people think the world owes them .I did my part I bought a home for a needy family that I found that are thrust worthy and do not regret it and they are paying me back interest free loan and that was over a year ago .No problems either .I am not rich I am retired .I think if you show you have respect then you get respect .I am not jaded I just tell it like I see it .There is such a thing as a helping hand or a hand up ,not give me give me and I will destroy it.I fought hard to make my life what it is .
Idaho, that sounds nice not to think badly about all people but when you hear so many people say so many times, who cares, I don't own it. I learn my lesson fast. We did own a cottage and that was a weekly rental. The place was left lovely every time except when we rented to a bunch of professional people who were working with adults with learning disabilities. They drew pictures all over the wood tables and the walls while the adults in charge were out at bars drinking. I guess some people just don't understand how hard it is to try to get ahead and pay your own way.
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Posts: 2334 | Location: Sarasota | Registered: Jan 31, 2005
Thats the key words pay your own way flboy thank you .I learned young if I wanted some thing I need to work and earn it .These days it seems all I hear is I want I want and oh credit card and if I can't pay for it oh well .Car loan places and cash loan places stealing from people at 200 or 300 % interest.Yeh get a loan on your car and think is nothing until they take your car .
I have paid my own way all my life. I have worked since I was 15 years old. I went back to work nights when my baby was 3 weeks old. I get so mad when I hear old people are on the dole. I am NOT. I paid into the system for my S.S. and in the state where I worked, they do not allow my payment now that I am retired. It is called the WEP law and GPO. I can not get my Spouse's support from his S.S either. I have a very small pension that I paid into for 30 years. My S.S was stolen and now some low life is collecting it.A lot of people who are elderly are in this boat now, after paying their own way for years.This message has been edited. Last edited by: flboy,
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Posts: 2334 | Location: Sarasota | Registered: Jan 31, 2005
Originally posted by flboy: Idaho, that sounds nice not to think badly about all people but when you hear so many people say so many times, who cares, I don't own it. I learn my lesson fast. We did own a cottage and that was a weekly rental. The place was left lovely every time except when we rented to a bunch of professional people who were working with adults with learning disabilities. They drew pictures all over the wood tables and the walls while the adults in charge were out at bars drinking. I guess some people just don't understand how hard it is to try to get ahead and pay your own way.
flboy, I am so sad that this happened to you and I am saddened even more that you didn't have a remedy to be compensated for your loss. We all run across irresponsible individuals at different times in our lives; hopefully we part paths with them as soon as we meet them BUT:
I don't think it has anything to do with entitlements or whatever - just that some people are responsible and others are not - hopefully we can tell the difference sooner rather than later.
As for myself, I agree that you make your own way and pay as you go along/ credit cards and such have given too many people an easy road to financial ruin BUT, I have a suggestion for you - check with your local Social Security Board - if your spouse is deceased; you are entitled to either his amount or your amount - not both but, usually the male's SS check is larger - so check it out.
Idaho. My dh is still alive, TG. I am not allowed to collect because 7 states have this law that the governors of these 7 states put into play many years ago. I was young at that time and didn't know that even though my employers were taking S.S. out of my check, if I worked for a town, city or state job, when I retired almost 30 years later, my pension is all that I would be allowed. Even thought Dh and I both had paid into S.S in our younger years. My DH was allowed a small amount after the penalty was imposed but because of that lower amount there was not enough left for my spousal support when I was 62 or at 65 years of age. I am only allowed my own very small pension. Where did the money go that I contributed in good faith? The people who are now signing up for disability insurance through S.S. are walking away with the money that was stolen from me.Disability insurance is the new jobless security blanket for the losers and for the rest of their life! FAIR?
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Posts: 2334 | Location: Sarasota | Registered: Jan 31, 2005
Sorry to hear of the negative rental experiences -
Anyway, I, too, believe selling the home should be prioritized. If it's definitely not happening, then use qualified professionals, check prospective tenants out thoroughly and rent the home. It's best to go beyond their listed references - usually their good friends and family.
It's like anything, IMHO: risk v. reward. Best to do everything possible upfront to limit the risk. Good luck!
A current credit report on any renter too, is what friends do when any of them rent their properties, along with references. Any renter with a low credit rating is risky. No long term bank account (in good standing) is often a red flag also. Cash can look good for the damage deposit and first months rent...but that may be the last money you actually see.
Agree, Conrad - just to clarify if anyone misunderstood - I certainly didn't recommend only checking references.
The credit application plus add'l financial reviews are part of any qualified professional's sop. I also mentioned references because it's important to look at secondary references - not only the primary ones provided by the prospective tenant.
NBD - just don't want anyone in cyberspace to get the wrong impression. All of the above: JMHO.
Actually the economy is bringing out previous homeowners who have lost their homes and are trying to reestablish themselves.
A good agency will prevent many of the problems mentioned. Our rental manager sees the really bad stuff when she takes over a rental from an individual homeowner who is trying to rent or some of the less than reliable agencies.
Our company requires every adult to be on the lease and to have a background and credit check. They have a walk through before moving in and before moving out. Plus they have routine visits during the lease period.
About not being able to sell because the builder is still building is ridiculous. You need a new agent with a plan.
: Surely you don't really believe that - or do you? There are many, many people renting these days for a number of reasons - job loss, employment re-location, inability to get their previous home sold and so forth.
