What’s it like to be a landlord?
Anyone have any stories/luck renting their home in Church Hill? We are thinking of renting ours out to move to something bigger, but are on the fence about the pro’s and con’s of renting.
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I’ve been renting my house out for 2 years, and hate it dealing with it. I’ve had two sets of tenants and both have been a pain in the ass. I can’t sell it, though, so I don’t really have a choice.
I’ve had numerous experiences at all levels of the rent price spectrum… bottom line, the higher the rent, the less problems you’ll have. If possible, upgrade, upgrade, upgrade. Kitchens and bathrooms are essential for big rents. For example, kitchens with high-end, stainless appliances, granite counter-tops, etc. and designer baths will get you great tenants. Great tenants=less headaches.
Typically, the lower the rent, the more problem tenants you’ll attract. You’ll hear every excuse in the book why the cops are showing up, the walls are damaged and the rent is late.
There are exceptions though…be selective when interviewing folks. Ask for references (prior landlords/employers and call them), perform credit and background checks on all applicants. Establish rules and make hold your tenants to them.
When I purchased my first building in Church Hill, the rent was $275 per month for 1300 sq feet! The place was a dump and the tenants were horrible in every way possible. I didn’t think I would survive the renovations with those tenants in the mix. The units now rent for $1500 (minimally) per month and I have little to no issues at all. Hate to say it but money does buy a better tenant. I’ve been owning and renting in Church Hill for over 20 years and counting and I’ve seen it all.
If you’ll be managing the rental yourself, be sure you have good relationships with contractors on whom you can call to do repairs. Also, as Laura says, check references, and run credit checks. You can do a search online for these services. If you can afford to hire an attorney to help you draw up a lease, it’ll be more expensive than your standard form lease, but you’ll have a document tailor-made for your situation. If that’s out of your price range, look closely at the form lease and consider any additions you want to make to the clauses included. Finally, check out the Virginia Residential Landlord and Tenant Act Handbook: http://www.dhcd.virginia.gov/HomelessnesstoHomeownership/PDFs/Landlord_Tenant_Handbook.pdf