Rental Income
By owatagoosiam
@owatagoosiam (751)
United States
March 20, 2008 1:39pm CST
The housing market is poor. Homes are sitting for sale. Interest rates are not at all time lows, but still low. It seems to me, if I have a good credit score that I might still be able to get a loan to cover a second house and rent it to help cover the mortgage.
But I'm such a financial coward. I fear about having to evict people, damage to my property, or having to scramble to pay a mortgage if the renters come up short that month and feel they can pay me late.
Have any of you been a landlord and what advice would you have for me?
1 person likes this
3 responses
@Ldyjarhead (10233)
• United States
20 Mar 08
I've rented a home that I lived in when it didn't sell immediately.
If you can't go at least a couple of months without the rental income, don't do it. Even with a lease, renters leave unexpectedly and you have to scramble to find another one, and that doesn't always happen right away, especially if you have to clean/fix the place up. My house sat empty for a couple of months twice between renters and it about killed me.
And yes, there's the hassle of maintaining the property itself. Some people like to do the smaller things themselves, but others will call you for every single drip in the faucet and expect you to get right on it.
I know a lot of people generate a decent income from rentals, but I wasn't cut out for it and wouldn't do it again.
1 person likes this
@owatagoosiam (751)
• United States
22 Mar 08
:) Oh, you are so funny. Actually, Mr. Roomate is looking at getting his own condo. So, soon his exacting demands on the dog won't matter.
@ersmommy1 (12588)
• United States
26 Mar 08
Yes I fully understand your fears. No I have not been a landlord, but I have had roomates in the past that didn't pay their share of the rent. That was hurtful enough. I think they key here is to really know and trust the individuals you may be renting to. Also to do background checks with payment history as well. You never know having a second property could be a good thing at this time. You may not be able to afford to do so at another time.
