Comments on: Bye-bye rentals!

By: JEnnifer Dages

JEnnifer Dages — Sat, 25 Nov 2006 03:27:11 +0000

REading through your blog. I got here from Cumberland Books. Very interesting. I am sorry that you had so much trouble with rentals. It isn’t for everyone. We have been full time landlords for 3.5 years and it is working. But we have had much education and many older wiser folks pointing the way to help us avoid pitfalls. The average landlord only makes it 2 years before they get out because of the problems you cited. We were desperate to make it succeed so I am sure that helped. There are/were no other real options for my dh here where we live. So God provides.

By: TulipGirl

TulipGirl — Thu, 16 Nov 2006 04:10:29 +0000

We are renters. We know the landlords well. They are renting to us instead of selling the place because home values continue to go up–but they are selling as soon as we move. Their previous renters included a doctor, a lawyer, and a quiet elderly couple. All were miserable tenants. We are paying a baseline mortgage, but we fix things ourselves (for the most part), pay on time or early, and aren’t disappearing with no forwarding address (like the sweet elderly couple. . .)

So, even though we have four active boys and are NOT easy on any material things, we are better renters than the respectable people these landlords have had. Which thoroughly convinces me never to be a landlord. . .

By: emily gunn

emily gunn — Fri, 10 Nov 2006 20:10:29 +0000

Wow!! We rented for the first several years of marriage and did everything we could to please our landlords, including doing repairs ourselves and at our own expense. I thought the goal was to NOT get evicted or fined - who knew it was as easy as paying on time

Thanks for the heads up on rentals as investments. It was a thought for awhile.

On another tangent, friends of ours do rentals but they get their tennants through HUD so that they are guarranteed rent will be paid. Honestly,I’m not sure how I feel about that entirely as I don’t like gov’t assistance, but it is an idea if you’re stuck with a rental you can’t get rid of.

By: Amy Scott

Amy Scott — Fri, 10 Nov 2006 19:48:32 +0000

Some things we will keep in mind for next time are:

1. Local. If you can’t afford to buy a place near you, you can’t afford to buy a place.

2. Stay away from “modest.” The way that lower income landlords make money is by not fixing things. Our conscience wouldn’t allow us to overlook the repairs. It nickel and dimed us. We couldn’t let it go in good conscience, and we haven’t met landlords yet who fix fixtures on low rent buildings. You can’t break even doing that.

3. Get tough. Send your “pay rent or quit” notice the first day. The stories are always entertaining so I do recommend hearing them. Don’t be shy about pointing out, “Your husband leaving you is not an excuse to not pay rent. You aren’t even married.”

4. Get used to aiding and abetting people who won’t work. You have no rights. Judges will use you as their welfare system. It doesn’t matter that the tenant has never paid you a dime. Give him yet another month, you pay the court costs, and then pay to have his furniture moved. We don’t want to hurt anyone’s feelings here. Welcome to a postmodern world. Go sign the petition for the Fair Tax while I’m on the subject.

5. Devise an incentive program for paying on time.

By: Marci

Marci — Fri, 10 Nov 2006 18:08:32 +0000

I loved that book Amy. It reminded me of our story. I am still writing it, but what I have already written can be seen at http://www.amazinggrazefarm.com/tails.html. I will pray that your rentals sell.

By: Janet

Janet — Fri, 10 Nov 2006 02:32:52 +0000

I have this stupid dream of flipping a house. I know it would be a nightmare. I guess I’ll just keep watching HGTV and live vicariously through them.

By: kat

kat — Thu, 09 Nov 2006 22:47:58 +0000

Thanks for sharing Amy… You’re always such a wonderful encourager of how all things are hard work. Thanks for the heads up on rentals

Blessings to you~

By: petersonclan

petersonclan — Thu, 09 Nov 2006 21:08:10 +0000

Oh Amy- we will get along great. Famous last words from me are, “Can I get us in over our heads again?” And Eric the helicopter pilot braces himself and gets ready to pick up the pieces… come on up to Kentucky. You’ll LOVE the room for crazy ideas!

Oh yeah- it is above the freeze zone, so those dust mites are not as bad up here I don’t think!