Is anyone here a landlord

Does anyone own a home or apartment that they rent out?

If so can you tell me your experience being a landlord.

Hubby and I are looking into buying a townhouse or condo and renting it out.

I want to hear the benefits people have experienced from doing this and of course the drawbacks.

Thanks Ladies

I am not one but my father has been one and I know others who have been one too.

From my perspective, it has been a virtual nightmare for everyone involved. I can tell you story after story that has made me swear off ever being a landlord. Many tenants are completely disrespectful of the property they live in and the law is set up to completely protect a tenants rights while a landlord gets stuck with all the bills. Even the tenants that look absolutely perfect on paper (doctors, lawyers, ministers) ... they turn out to be complete horrors.

I know not everyone has that experience...but that seems to be the overwelming opinion. At least from the New York/Brooklyn perspective. Long Island might be more mellow.

My parents are landlords and as well DH and I. and as long as you find a perfect fit for your place, then you're fine!! My parents tenants, let's their dogs out when they are on vacation, water the lawn, collect the mail and anything else my parents need. My parents rent out a gorgeous basement 1 br in their house.. not b/c they have to but b/c they have no use for the space, so why not make money from it.

just be sure to interview your prosp. very thoroughly, or if you wish, use a real estate agency to get tenants for you, it won't cost you anything. You can have credit checks and referrals furnished to you. just be wise in your decision and keep in mind that sometimes it pays to go down a little in rent for a good tenant, then for one who's nothing but trouble but may pay an extra 100 bucks a month.. =)

I am in Northern VA and we are looking to buy the townhouse or condo dow here.

My parents own a few houses in Brooklyn and they have had their share of things.

They are my parents so I feel their advise is a bit bias.


They tell us to go for it b/c the good outweigh the bad.

For example all their house are paid for in full and its due to having tenants.

The tax right off

And the cash flow each month for as long as they have the house

If they get tired of tenants they can sell the house and make a profit



The down side

The responsibility of fixing things or having things fixed

Tenants that do not pay rent on time

Evicting someone, its hard to throw someone out of a house without feeling bad




We are still leaning towards investing and buying the townhouse or condo.


I just want as much experiences from landlords as possible so that I know exactly what to prepare myself to do.

Marcella my mom suggested we go the real estate route to get tenants as well. She said she has never had any problems with tenants she gets that route.



Stef yes the bad tenants I know Would you believe my dad had one tenant did not pay rent for an entire year that is what is telling me to just buy a luxury car and forget this whole investing thing

I'm not a landlord...but whenever I looked for apartments it seemed as soon as I said that I was a teacher I was offered the apartment...


I don't know if teachers are better tenants? since they wake up early?

Funny I would definately rent to a teacher.

Teachers just make you feel safe. Somehow I already have in my mind that teachers are reliable and will not hold parties

We own a three family house and thankfully we have wonderful tenants in both apartments. (We live in the third).

We went through the real estate agengy to find our tenants, we did background checks, we called their employers....we were very careful because I too, was very nervous about purchasing a multi-family house.

I like to think that there are more good people then bad and as long as you are careful and check references/use an agency your chances increase. I know lots of renters and none to my knowledge have done damage to their apartments or stiffed their landlords.

Good luck with your decision.

My parents are landlords and so are Rob and I. We use referrals from RE only. We've been lucky so far. My parents only had one bad tenant but the pros totally outweigh the cons, they feel.

Being a landlord is not for everyone. There is a lot of responsibility and maintenance on your part.

My only comment is do NOT buy a house that you NEED the rent money to help you pay the mortgage. Becuase sometimes you jsut get a crappy tenant.

JMO

hey I grew up in a home in bklyn and my parents were landlords. WE ahve had good tentants and then AWWFUL ones- had to evict 2 diff tenants.,.onc who decided that after my dad dies, they didnt need to pay rent since he was he head of the household. They did about $10,000 worth of damage to the house..we were not allowed to enter the apt even tho we knew they left..until a marshal was hired to open up the door. and PRESTO! inside was a can of gasoline by the front door.
the second aawful tenant ..figured that once my mom was sick..then died..didnt need to pay me at the beginning of the month. Thought I was just a kid (21years old) ..and paid when he wanted. after a lot of #$%& with my OWN family, I hired an atty, took them to court and they finally left.

All that time, they lived rent free in the apt..Maybe the laws in bklyn are just oo leniant.

WE have a 2 fam in Long BEach. the tenant was already living here and we heard nothing but good from the seller about them. Wwe did not ask them to move..and even have kept there rent the same..for now 3 years..and we can get at least $300=$500 more a MONTH. but you know what- it is NOT worth it if we get a sh*^%% person in here.

They are great, treat their apt as THEIR HOME, paint it every spring, keep it clean, and they love julianne too!