Need Knowledge from Experienced Landlords

Hi B.,

We own a home and had to move out of state and therefore rented it. We spoke with a rep. from Coldwell Banker (most of real estate co. do rentals as well) and they will come out and give you an idea of what the market is renting for. You can choose to use them to help you find a renter, they do all the work, but of course you pay them for that service. It's the first month's rent. You can also choose to use them for Property Management and they will charge you ten percent of whatever the rent is each month. If their is a eviction issue they handle all of that for you. We gathered the info. the realtor's gave us but did not utilize them, but used a friend that is a realtor. We did pay her a commission , but don't pay property management and we were very particular who we had in our house. Not sure where you are, or how old your house is , but in the newer homes, the rent did not cover the mortgage! There is a lot of rentals out there as people cannot sell. We are losing about $400 dollars a month as rent does not cover our full mortgage, but that's another issue. It's my understanding that evictions can happen pretty quickly if you follow all steps and the tenants do not file in court. If they do, it will take a little longer, but Fl rules are pretty good for tenants. They do have a website if you google Florida Tenant Law's Eviction you should be able to get some additional info. Also, we offered a discount for military families as they have a reputation of being very good tenants. Good Luck D.

We have some friends who have fallen on hard times and have moved about 4 times in the past 2 years. Eviction is not an issue even with kids.

You may want to look into a realty company renting it for you. They take a percentage of the rent, but they also take some of the responsibility of caring for it as well, including eviction.

Good Luck

Everything is dependent upon how big your place is and how much you want to rent it for. Please realize that your taxes on the property will increase several hunred dollars when you are no longer homesteading this property. In my 40 years experience, I found that section 8 is the closest to "sure" payment. It is a government program. The check can be deposited directly into your bank account. There are pros and cons to this program, as everything else. But as long as the property meets their standards, you will get paid. Call me at ###-###-#### if I can help. I also have a mortgage company and could help you with foreclosure properties, if you are interested.

Don't worry about the evictions too much that's too much in the negative. Focus on getting a tenant that can pay on time. Honestly, you know the cost of owning a home. So you have a to have a lot of $ in reserve for when things break down, etc. Also you shouldn't rely on this rental income to live off of or you may screw yourself in the end. It should be seen as an investment. We had a vacancy in our place in New Orleans for two years after hurricane Katrina. We had to pull all our resources for repairs and then finally found a tenant.

Hi B.,
I rented out a house years ago when the economy was good and believe me it can be a horror story. Now with the economy as it is I would never sugesst to anyone that they jump in. My Daughter/Husband have a rental unit & they have had good & not so good luck.
The renter before last had to leave because he lost his job. Luckily they had been friendly for qute a while & he left easuly & on good terms. This renter also lost his job but was fortunate to get another before the 2 weeks that they gave him were up.
If you can wait I would wait until the economy gets better. The laid off figures in CNN are horrid & many good companies will be laying off. My Sister told me that the Ford dealer up there had to declair bankruptcy & there went his employees.

S.