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Renting Their Home |
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MY WIFE AND I ARE THINKING ABOUT AN RV LIFESTYLE.HOW WOULD I TURN OUR PRIMARY RESIDENCE INTO RENTAL INCOME REALESTATE? |
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To turn your home into a rental you find out what similar property in the neighborhood is renting for, you talk with your lawyer about what form of lease agreement to use, you put an ad in the paper and you read up, perhaps in the library, about how to pick a good tenant.
But if you're going to take off and go out of town, you'd better have someone close by who's willing to take on the job of landlording. What will happen when the water heater goes in the middle of the night? Who's going to arrange for delivery of a new one, make sure the house is open, get a plumber in right away? Who's going to keep after the tenants if they start being late with the rent? Who's going to get that lawn mowed if the tenants don't do it? Take care of an emergency wet basement if the sump pump dies? Deal with the neighbors if they start complaining about loud parties?
In short, a rental needs local management. Better think twice about becoming absentee landlords. |
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Edith
Originally published on February 11, 2008 |
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