Omaha Red Sox wrote:When I talked to them last, they insisted they’d been looking for work, but they didn’t want to settle for a $7 per hour job. What? Take what you can get. I don’t want to settle for no rent every month...I just don’t get the whole job thing. Omaha is one of the top cities in the nation for job availability. While I understand it’s not ideal, there are jobs out there.
Omaha Red Sox wrote:Another thing that bugs me is I’ve always dealt with the husband. Until it hit the fan for them. I’m in the house, trying to talk with them and he’s completely avoiding me. Putting his wife in front to talk to me while he completely avoids me and plays his video games. Like I wasn’t even in the room, no acknowledgment whatsoever. That really rubbed me the wrong way. I understand a man’s pride, but I also understand a man’s responsibility.
Dad has 4 kids and still prioritizes video games. Red flags are going off everywhere!
I am a landlord for a property I own in Maryland. Out of necessity, I have a property manager to which I pay 10% of my monthly rent, plus a one-time full rent fee for every tenant they bring in. So I charge $1275, I paid the landlord $1275 when my current tenants first moved in two years ago and 10% (127.50) each month thereafter - in many states they do not have the initial full rent fee.
I understand it costs $$ to pay a property manager to do this, but it is worth it.
1) You don't have to deal with the tenants. Ever.
2) The PM advertises the property for you and finds potential renters.
3) The PM tells you what you could/should be charging per month based on recent trends in the area.
4) The PM runs credit checks on all potential tenants and verifies employment (you could'a really used that one).
5) The PM collects the rent each month and puts it in your bank account for you. He/she also provides you with a 1099-MISC each year for tax time.
6) The PM hounds the tenants when they don't pay on time.
7) The PM takes tenants to court for you when they don't pay. I had this done for me as well. I lost about $1700 in rent and repairs, but I had zero hassle. I only had to pay about $75 in court fees. The PM goes to court for you and does all of the paperwork. The court then gave me a judgment for my money. I never saw a dime of it, but it goes on those tenants credit record and they got the heck out of my town home where I now have reliable renters.
If you're serious about being a landlord and don't want all of this hassle, look into it. In Omaha ("somewhere in Middle America") you might only have to pay the 10%.
Also - if you don't have insurance on your appliances, hot water heater, A/C, etc., get it. I pay about $325 a year for it. When something breaks, my tenant pays the $55 deductible (it's written in their contract that way). It encourages them to be careful with your stuff and it saves you from huge bills, like me avoiding a $2,000 charge for my hot water heater.
If you have other questions, just PM me. I've only been doing this for about 3 years, so I don't know everything, but I've learned a lot.