Magic Carpet Pilot
Delta, B.C. Canada
Senior Member
Joined: 08/22/2006
View Profile
|
How about listing on Craigs list first. When you get the no pets, no kids non smokers etc. rent to them with these conditions. One month damage deposit and one month rent up front. Then offer to pay 10% interest on the remaining amount if they pay it all before residing in your home.Do the figures you'll have a much more relaxing holiday knowing they have a commitment and because of the money will be less likely to skip.
Magic Carpet Pilot, Delta, B.C. www.ladner.ca/travel
2005 F350 Ford King Ranch CC SRW, Superglide hitch
2006 Newmar Cypress 32RLKS solar powered 5th wheel
Favorite destination: anywhere in Mainland Mexico 
|
Magic Carpet Pilot
Delta, B.C. Canada
Senior Member
Joined: 08/22/2006
View Profile
|
Seems like I ended another discussion, but I am curious to know of any loopholes in my idea?
|
newk
Gillette, WY
Senior Member
Joined: 08/18/2007
View Profile
 Offline
|
Renting is a risky business. Most renters, especially older couples, will take good care of your property. If you have a very nice home and a very high rental rate, your chance of good renters increases. It's not too uncommon that it takes a year's rental income to repair the home to the condition it was in before renting.
|
Serena
US
Senior Member
Joined: 01/12/2008
View Profile
Offline
|
Magic Carpet Pilot wrote:How about listing on Craigs list first. When you get the no pets, no kids non smokers etc. rent to them with these conditions. One month damage deposit and one month rent up front. Then offer to pay 10% interest on the remaining amount if they pay it all before residing in your home.Do the figures you'll have a much more relaxing holiday knowing they have a commitment and because of the money will be less likely to skip.
Yeah - quite a few loopholes.
For one thing, as mentioned, you cannot legally discriminate against children unless it is an age-restricted community. And even then, you cannot prevent them from visiting every single day, or ban them from the home of a disabled family member when support and care are involved.
If the rent was $1000 per month, the deposit would be $1000. You think people will sweat bullets over $100? (Basically, a whole $8 a month.) Most won't get into a big sweat over the $1000. Many will simply fail to pay the final month's rent, thus preventing a dishonest landlord from ripping them off for the deposit (which is just about as common as renters who cause that much damage, btw).
What do mean, IF they pay it up front? Are you seriously telling me you would rent to someone who couldn't even make move-in costs up front? That bespeaks a desperate renter, a desperate landlord, or both - and that's just a disaster looking to happen.
The earlier idea about looking at people's cars doesn't work in practice. Old myth. A) To any female, a car is a super-purse. If the inside of our homes looked like the inside of our purses? Yikes! B) The renter with the nicest, most pristine vehicle is the drug dealer. C) Poor people can be excellent renters - but they will hardly ever have a nice neat car if they own one at all.
The only thing you care about is a history of evictions and a steady flow of income. Some people will pay rent before a credit card or a car payment in hard times. People with children will tend to be more responsible about that, because they have to be. It's harder on the place, but it keeps the rent coming in. Those are the type you want.
Serena
I Know Where I Been, Cuz I Was There When I Went.
|
Happy_Trails
Fulltime, USA
Senior Member
Joined: 11/21/2006
View Profile
Offline
|
There have been a lot of real estate or renters scams on Craigs List and eBay. Right along with other things advertised like Pop-Ups and bigger RV's...
I'd either go with a Property Manager or stay home and preferably sell it like we did. Most have a house too big for them anyway, after the kids are gone. We sold, stored what we wanted to keep if we decided to move back into stick house. A year later, decided we even wished we had stored nothing, paying for storage for things we probably would never use. Gave the key to an auction company to sell, and used the money we got, plus what we saved on storage to travel.
Bob & Nadine
1984 Allegro 23 feet, always at home!
Living Life With a "Golden Age Passport"
and Thousand Trails VIP Membership, Priceless!.
|
|
|
2blackdogs
Anywhere we stop but home is New Mexico
Senior Member
Joined: 01/20/2006
View Profile
Offline
|
PLEASE, PLEASE, PLEASE do not sell your home until wife decides she absolutely, positively wants to go fulltime. Rent it, with a sizeable security deposit, if all is OK at end of lease pay the renters "interest" on the security deposit (or) just lock it up and go camping. We sold ours and wish we had it back. DW and I both "need" to belong somewhere.
Bob
|
Magic Carpet Pilot
Delta, B.C. Canada
Senior Member
Joined: 08/22/2006
View Profile
|
I think you misunderstood me.
The whole amount is paid in full for the whole rental time up front.
Example: one month rental fee
One month deposit fee
Both of these paid when they sign the agreement
You then have them pay you for the rest of the rental agreement before they move in. On this amount you offer to pay interest of 10% if they can't come up with the cash they go to the bank borrow the money and with a statement of interest you pay them back that amount of interest.
Win win situation, They up their credit rating, you have the money
and instead of making payments each month to you they pay the bank.
Sure, you can't guarantee what will go on when your away but with good neighbours, family looking in and all that money up front you reduce your risks. Works for me.
|
Serena
US
Senior Member
Joined: 01/12/2008
View Profile
Offline
|
I think you must do things verrrry differently up there.
And maybe I understand why the park owners down here love you guys so much.
|
Ron & Shirley
Lake of the Ozarks Missouri / Donna Texas Winter
Senior Member
Joined: 12/13/2004
View Profile
|
A little food for thought.
We have rental property's.
One time we had a prospective tenant who wanted to pay one year's rent up front. We didn't rent to him. I felt certain it was probably drug money and I also feel our rental property could have turned into a meth lab.
You do want to be able to go into your property on occasion to be certain everything is as it should be.
We do this by providing the furnace filters and my husband changes the furnace filters. We always give a call ahead and would never enter the property without the tenant there unless they give permission.
I have also mentioned to prospective Tenants that our Insurance Company requires that we enter the property periodically. I also tell them that we would call first. I look for their reaction to this.
It is better for a property to sit empty than to deal with a problem tenant. We have been very lucky but there are a lot of tenant horror stories.
You also don't necessarily want the Tenant to know you are out of town.
Having rental property is a lot more that just receiving the rent check.
It can be a fairly profitable business if done right.
Shirley
Ron & Shirley
2005 Itasca 37B Suncruiser W24 Workhorse Chassis
To Discover New Oceans We Must Lose Sight Of The Shore
|
pawatt
Brainerd MN / Mission TX
Moderator
Joined: 01/19/2005
View Profile
Offline
|
We do both a credit check & a criminal background check, & still end up with a few bad ones.
|
|
|
