I want to be a slum lord (need advice) [Archive]

derf

07-04-2010, 03:33 AM

so some of you know about my woes in selling my house, it doesnt seem to be happening to well, been on the market for 6 months and no bites at all, and I am already 70k what I paid for it. Anyway I found someone to rent it.

I have a contract with a real estate agent can I get out of it? Am I going to be screwed by not renting through her?

What should I look out for?

Any other advice would be appreciated.

Gas Man

07-04-2010, 03:45 AM

U can get out of it. You're deciding to not sell due lack of movement. You can even blame her a bit.

As far as renting it. You can it all urself and hope for the best. Or u can hire a property management company. They usually only take a 10% cut but handle everything else. They screen, credit check, advertise, and place renters thr. They also take care of all the maintance issue tt arise. Bill u/ take from ur next month rent payment. Takes all the hassle out of ur hands.

If u decide to tackle urself. Cover yourself. First & last months rent. Contract. Security deposit. Lots of pics before they move in. If u ever have to sue for damages they will come in handy. Can even have a copy of said pics and a walk thru form that the renter signs off of. Think like how it is for car rental.

TommyHotWheel

07-04-2010, 01:19 PM

Go with a well known, reputable real estate management agency. They will handle everything and make it easy.

LeeNetworX

07-04-2010, 11:01 PM

My advice is be careful and don't get sued. Or you may be given 120 days to repair one of your apartment blocks by a black judge with an attitude against whitey. You would have to live in the rundown block until the repairs are complete. Comedy would ensue and in the end, you would learn to take better care of your tenants. The end.

101lifts2

07-04-2010, 11:18 PM

So you are selling for 70K less than what you paid? Why do you have to sell now?

Becasue the economy sucks, rent it out. Most agents run a 6 month contract (which you should have specified in the beginning) and then they are renewed. If you were to sell the house within 6 months, then the agent gets their commission. Since it has been over 6 months, he shouldn't get anything.

derf

07-05-2010, 01:50 AM

So you are selling for 70K less than what you paid? Why do you have to sell now?

Becasue the economy sucks, rent it out. Most agents run a 6 month contract (which you should have specified in the beginning) and then they are renewed. If you were to sell the house within 6 months, then the agent gets their commission. Since it has been over 6 months, he shouldn't get anything.

I moved to Maryland last week thats why I'm selling. I was looking to do a shortsale on the property to get out of it.

My real estate agent gave me an 8 month contract, which is up in september

caveman

07-05-2010, 05:24 AM

I agree with Gas. Get a rental agency and get that shit managed. Especially if you are not in the area that the house is located. Just remember if you do yourself you have to do ALL REPAIRS in a timely manner and if not....YOU GET SUED. Rental agencies will take all that worry out.....for a fee, of course.

Gas Man

07-05-2010, 05:32 AM

I forgot abt the move in correlation to this. Most definately get an agency. No doubt.

Rangerscott

07-05-2010, 01:58 PM

Ya. Make sure they only allow mid 30's or older whiteys with an income at least 80k.

derf

07-05-2010, 02:00 PM

Its gonna be an army chaplain in her late 30s

nhgunnut

07-05-2010, 02:06 PM

Having gone through something similar some years ago regardless of who your renter is get a management company. make sure you get enough rent to cover the nut and let the property managers handle it.

Rangerscott

07-05-2010, 02:08 PM

Its gonna be an army chaplain in her late 30s

Just tell her no orgy's. They can get way out of handle. Nothing like coming by to check up on the property and the house is in a bubble cocoon with biohazards signs. I'm just saying.

defector

07-05-2010, 02:22 PM

My advice is be careful and don't get sued. Or you may be given 120 days to repair one of your apartment blocks by a black judge with an attitude against whitey. You would have to live in the rundown block until the repairs are complete. Comedy would ensue and in the end, you would learn to take better care of your tenants. The end.

Who brought the hockey player?