RVcrazy
Puyallup, WA, USA
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Joined: 09/01/2003
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Has anyone here rented out their home to test the water for full-timing? What was your experience? We are considering renting out our place for a year to circle the US. It seems like the only way we can afford to have our cake and eat it too.
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rockhillmanor
On the Road
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Joined: 12/06/2003
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RVcrazy wrote:Has anyone here rented out their home to test the water for full-timing? What was your experience? We are considering renting out our place for a year to circle the US. It seems like the only way we can afford to have our cake and eat it too.
I did for a year on and off to see if I would like it, I was hooked and came back and sold my home. I 'paid' people to stay there and take care of the place and my horses. They wouldn't dare wreck the place or they wouldn't get paid.
Pros and cons on renting is finding a responsbile person that won't wreck your home, hard to do, ask anyone that has had rentals. If you have a relative that you trust that would be the way to go. Especially if you plan on selling it when you get back.
I sold all my rentals I simply got tired of them trashing them AND I was in the same town, if you are out of town you have no way of checking up on them.
Hope you find a way to test the waters.....come on in the water is just fine out here.
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Joy
Henderson KY 42420
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Only if you know the prospective renters VERY, VERY, VERY well or if you are prepared to return and completely redo the whole inside before you can live in it. I have done this before and would never do it again. Even those you think would be good seem to not care about taking care of things "it is not their house, after all" mentality.
See ya' down the road!
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MrsSoCalToolGuy
Fountain Valley Ca.
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Joined: 06/06/2005
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In our case we thought about it for about?? A minute.
We saw what renters did to my in-laws brand new home some years ago. They were forced to move from Colorado (and their new home) back to California, do to fil's health..
The renters were "screened" with a references and credit check. They still did a lot of damage before they finally moved out.  took a lot more money than the deposit to make that house ready to sell...
We remodeled our entire home with hardwood floors, new windows, doors, mouldings, carpet, granite tile, new stainless appliances, you name it. The yard and driveway was landscaped and done with paver stones.. No way was I going to turn that house over renters or lease it. We also sold it for more than the present owners could sell it for in this market...
We sold a few months ago, and never looked back. Of coarse we knew we didn't want to retire and remain there anyway. It was not a difficult decision for us.
Barb
2001 Chev. 3500 CC Duallie, D/A, 20.5 Pullrite Super 5th, Roll n Lock, StarBoards, Firestone Air Bags, TTT Mirrors, BrakeSmart.
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Earl E
Klamath Falls, Oregon
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Houses are absolutely the worst rentals. I'm not a full timer but I have owned rentals. When you have a bunch, then they all sort of average together. If one is trashed you have others to make up for it. Same with not paying rent. In a house, if they quit paying, there is 0 income and it will be months before you get them out. And if they quit paying, it will probably be trashed also. Personally, I'd lock it up and leave it empty while I test the waters. Maybe pay somebody to check it out weekly or bi weekly.
Only way I'd rent it if I could find a 65+ year old couple that I personally know that has $$$ in the bank. And then I'd have to really be convinced.
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Retired and traveling all we can!
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Ron Butler
Federal Way WA.
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Joined: 02/29/2004
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Wow, we have had several rentals for a number of years and have NEVER had a problem. We then leased our house 3 years ago and again, no problem.
We do a very extensive credit and criminal check. If they don't clear those with flying colors, they don't get the house. We have had one couple whose father co-signed for them and they were there for 4 years and then got transfered. Nothing more than the normal wear and tear and painting! I think that the credit and criminal check is why we have had such good luck.
Of course, if you can find someone that you really know and trust, that might give you greater assurance.
I would say go for it!!
Ron & Carolyn
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smkettner
Southern California
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Joined: 03/21/2005
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We have several SFR and apartments we rent. You will be hard pressed to make any money renting only one year. Usually I figure by the time I get the place cleaned up and ready to rent, advertise, credit check, realtor commission, etc the first year is about break even and after they stay 2,3,4+ years is when you make money. Repairs can still be heavy at times chewing up 6 months rent in one swoop.
You might plan on full time until they move or even buy another smaller stick house if the rental is going smooth. Then you fix that to rent and take off for another year or more. Come back every so often to turn over the tenancy or get another going.
If your home is in a upscale tourist destination area you can hire a service to handle weekly or monthly vacation rentals.
My personal residence is too new and nice for a rental. But in 15/20 years maybe.
2001 F150 SuperCrew 5.4 Lariat Offroad 4x4 Tow Package 4.10 Truetrac
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RVcrazy
Puyallup, WA, USA
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Joined: 09/01/2003
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We already have a rental, but are thinking about renting out our furnished home to travel. We had a bad renter who trashed the rental and we lost money. On the other hand, we now have a renter starting her third year who pays like clockwork and is fine. We pay a rental agent and lawn service. I am thinking that if we plan on carpet and paint when we return, we won't be too disappointed. The flip side is that our furniture would either be at risk or we would need to store it. Unfortunately, we will still be making payments on the house and renting would help defray at least half of that cost. My husband is VERY attached to the house and our kids live in the area. Since he is in real estate, he doesn't want to step out of the market. Up until this year, real estate has been very good in our area and we don't want to be priced out of the market or not qualify for financing when we return (since we would be retired).
It sounds like most of you so far are saying no? If it was the only way you could afford to go?
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WTTCS
freedom , U.S.A.
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Joined: 07/28/2003
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LOL Just our experience. In 1999 we bulit a custom beautiful home in the Ga Mountains, and in 2003 decided that fulltiming was the only way to live. We thought we would just rent the sucker out and placed an ad with a management company.
First and I mean the very first person er family they brought out was a nice gentleman and his wife and E L E V E N kids, from 2 to 14. This was a 3 bedroom , 2 bath house.
I told the management company no way, and they sent me a registered letter from their legal dept, stating that if I rented the house to anyone else, they would file charges against me for discrimination. ( This would apply for a 2 year period, after that, I was free to do as I wish)
Took me all of 5 seconds to decide to sell...............................
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sfprop
San Francisco
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Joined: 11/22/2006
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As is often said, only YOU can make the final decision. Sounds like you want to keep the house, so you have 2 options - rent it out to a very well vetted renter and hope you are not one of those who got fooled by someone.
OR stay put for a while longer and save more money so you an leave for a year w/o renting the house so you can keep it (I'm sure that doesn't sound too attractive to you...).
Since Hubby is in R.E., he should have access to good advice re rental values, finding tenant, checking them out, etc.
2006 Duramax Chev dually.
2008 Mobile Suites TKSB
Working toward "long timing".
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