is it safe to rent my house out in today's market?

Question

I worry about some renter trashing and destroying my house and then moving out.

Answer 1

From personal experience, I would not do it unless you are nearby and can keep an eye on it.

Absentee landlording is risky. I handed my house to a property manager (I was going overseas on military duty) once and that is exactly what happened: the tenants trashed it and skipped out owing rent.

Answer 2

As a landlord, having a tenant trash a house is always a possibility. If you are going to rent your home, make sure you do a thorough background check. There are companies that will do a credit and background check for you for a nominal fee. Well worth it to find good tenants.

I have a friend that has several rentals, one of her tenants recently quit paying and moved out without giving notice or advising her that she was moving. The kids trashed a outside storage building, ripping the drywall and insulation out and somehow put a bunch of holes in the roof. Graffiti'ed the building too. Lots of little damage inside the house, including graffiti in the bedrooms.

She has stories like these too often.

And don't get me started about the rental house next door. They have been working on it off and on for months to get it back to rentable condition.

I know I couldn't be a landlord, I would hunt trashing tenants down and commit felonies. =)

Answer 3

Today's market has nothing to do with the safety of renting out a house.

Becoming a landlord is difficult. It is always the risk you take. Being a landlord can be great when things work the way they are supposed to work (responsible tenants, etc.). It can be a nightmare when it doesn't work well.

If you are going to do it, check the insurance. Check your renter's credit histories and rental references. Do all of your homework. Don't listen to a single sob story. Have a lease with a lot of conditions in it. Don't hesitate to evict. Act decisively.

good luck!

Answer 4

Right now is the perfect time to rent, you have so many people who lost there home to foreclosure and they often times dont want to go back to apt living. Of course you need to do your homework, check credit (a must), verify emplyeer, verify income, and check past rental history. If you can afford a property manager great but most cant keep it in their budget and still cash flow. Theres always a risk of someone trashing your house, it just goes with the teritory make sure you get a large deposit and do your best to get responsible tenants.

Answer 5

I have a couple rentals and my father had one for decades. Neither one of have had problems.

Keep your home in good repair and someplace you would be proud to live in, rent for less than the market so you can have a few applicants to choose from. You can find places to do checks on google. Get a deposit. When I have a applicant I talk to them every chance I can before I accept them.

I am fortunate my tenants are Military which gives me an extra avenue to resolve problems. I had to threaten it one time but never had to follow through.

Answer 6

Eva, the key is a competent property manager who will thoroughly screen the prospective tenants and check references. Depending on the state, you may be able to 2 months rent as a deposit.

It is a risk, but can be managed.

Answer 7

I work in a law office, dealing with real estate primarily. At least 90% of all landlords complain to us that the renters always trash the place. Not only with debris, but holes in the walls and doors; windows broken; leaks left running, etc. If you are not able to closely monitor the rental property, then don't do it.

Answer 8

Rent To Own Homes - http://RentToOwnHome.uzaev.com/?oaDG

Answer 9

Before you rent, check with your insurrance agent to make sure you are covered. We thought of renting until we asked our insurrance agent what it would cost to insure the place. Way too much to make it worth renting.