Is anyone a landlord (or rent out a property that you own)?

If so, what made you decide to rent out your property rather than sell
it? Are you glad you held on to it or would it have been better to
sell it? Any advice to a prospective landlord that you can share?

TIA!

Re: Is anyone a landlord (or rent out a property that you own)?

We had a home built in 2006 in South Carolina just outside of Hilton Head Island. We decided at the time since we weren't in a position to by on the island we would have our money go further down there. My in laws live on HHI. So we had a house built and we have never lived in it we have always rented it out. It was only for investment only. It is great cause the mortage in paid and knock on wood we never had any major issues since it is brand new. we also look at it as a back up if we ever wanted to leave the island we know that we have a place of our own. Until we serious look for a place here we will be holding on to it. It works for us!! Hubby is still looking for a teaching job here which is slim to none openings and I'm just watching the house prices for now drop. So we will see what next year brings!! I hoped this helps and sorry for going on here!!

Denise

Re: Is anyone a landlord (or rent out a property that you own)?

Posted by NoStressBride

We had a home built in 2006 in South Carolina just outside of Hilton Head Island. We decided at the time since we weren't in a position to by on the island we would have our money go further down there. My in laws live on HHI. So we had a house built and we have never lived in it we have always rented it out. It was only for investment only. It is great cause the mortage in paid and knock on wood we never had any major issues since it is brand new. we also look at it as a back up if we ever wanted to leave the island we know that we have a place of our own. Until we serious look for a place here we will be holding on to it. It works for us!! Hubby is still looking for a teaching job here which is slim to none openings and I'm just watching the house prices for now drop. So we will see what next year brings!! I hoped this helps and sorry for going on here!!

Denise

Re: Is anyone a landlord (or rent out a property that you own)?

I used to and have to tell you that I don't want to anymore. Too much upkeep! You still have to take care of the house regardless. Things that break, needs to be replaced, fixed, etc..

I guess it depends on your tenant(s) also and how good they are to your property.

Re: Is anyone a landlord (or rent out a property that you own)?

Posted by NinaLemon

Posted by NoStressBride

We had a home built in 2006 in South Carolina just outside of Hilton Head Island. We decided at the time since we weren't in a position to by on the island we would have our money go further down there. My in laws live on HHI. So we had a house built and we have never lived in it we have always rented it out. It was only for investment only. It is great cause the mortage in paid and knock on wood we never had any major issues since it is brand new. we also look at it as a back up if we ever wanted to leave the island we know that we have a place of our own. Until we serious look for a place here we will be holding on to it. It works for us!! Hubby is still looking for a teaching job here which is slim to none openings and I'm just watching the house prices for now drop. So we will see what next year brings!! I hoped this helps and sorry for going on here!!

Denise

My sister did the opposite! They have a house here and moved to Bluffton, SC. They kept the house here because they were not sure how long they would be staying in SC and the property here is bascially an investment for the future - they rent the house out for about $200 more than the mortgage, so it pays for itself and the maintenance.

Re: Is anyone a landlord (or rent out a property that you own)?

I think the name of the subdivision was Pine Crest, but I'm not positive. It has a golf course (but so does every subdivision down there ) I *believe* it's off of Bluffton Parkway.

I should remember the name of the subdivision because we had a conversation about how everyone down there is all about what development you live in, they get license plates with their development crest on them and everything. It was really crazy, she took me through this subdivision call 'The Farm' it looked really nice, but apparently it's considered the ghetto - I could barely tell the difference between that and the "nice" neighborhoods, I'm sure if I moved down there I'd end up in a ghetto without even realizing it ..Oh well I think I could handle that type of "ghetto"

Re: Is anyone a landlord (or rent out a property that you own)?

Posted by NinaLemon

I think the name of the subdivision was Pine Crest, but I'm not positive. It has a golf course (but so does every subdivision down there ) I *believe* it's off of Bluffton Parkway.

I should remember the name of the subdivision because we had a conversation about how everyone down there is all about what development you live in, they get license plates with their development crest on them and everything. It was really crazy, she took me through this subdivision call 'The Farm' it looked really nice, but apparently it's considered the ghetto - I could barely tell the difference between that and the "nice" neighborhoods, I'm sure if I moved down there I'd end up in a ghetto without even realizing it ..Oh well I think I could handle that type of "ghetto"

Re: Is anyone a landlord (or rent out a property that you own)?

We bought a condo for mom and dad in AZ. We brough them back to NY and now we rent it for lower than the mortgage because ther rentals are priced low.

I would like to sell it, but can't make a profit yet. I hope to rent it for a few more years and then sell it.

I have a great tenant and have had no problems so far. (knock on wood)

Re: Is anyone a landlord (or rent out a property that you own)?

Posted by NoStressBride


So funny yes I know the developments very well. We actually looked at a few homes in the Farms LOL but then we decided to have a home built and it is in University Park right next to the new USC. But then again I hear some stories about our place too!! LOL Hope you don't mind me asking but what do they do for work?? Are they in Bluffton or work in HHI or Savannah? Just wondering if we were to move down not sure where I would want to look for a job.
Denise

Re: Is anyone a landlord (or rent out a property that you own)?

I rent out my old condo. We missed the bubble to sell, right now we'd only make about 10-15K if we sold (maybe less with the pace of the decreasing market), so we decided to rent. I still get the property tax benefits and eventually it will increase in value over time, just at a more reasonable pace then in the boom, so it will be profitable to sell.

I don't love being landlord. The first two times I rented it out I had a real estate agent help me (also a friend.) She did the credit and background checks and wrote up the lease. Now I lease it on my own and do all the checks.

If your property is not new then I would recommend getting a home warranty. I use AHS. If and when something major breaks I just call them and they set up service. It works very well and has already paid for itself on several occasions (my place was built in '88.)

If I could sell it for a bit more profit then 10K I would, but I'll hold onto it for another 5 years or so and wait out the market to make a better profit.

Message edited 3/25/2008 11:58:57 AM.

Re: Is anyone a landlord (or rent out a property that you own)?

Re: Is anyone a landlord (or rent out a property that you own)?

Re: Is anyone a landlord (or rent out a property that you own)?

Posted by NinaLemon

Posted by NoStressBride


So funny yes I know the developments very well. We actually looked at a few homes in the Farms LOL but then we decided to have a home built and it is in University Park right next to the new USC. But then again I hear some stories about our place too!! LOL Hope you don't mind me asking but what do they do for work?? Are they in Bluffton or work in HHI or Savannah? Just wondering if we were to move down not sure where I would want to look for a job.
Denise

My BIL is an electrical contractor on HHI and my sister is in Real Estate, so she is everywhere They are actually planning on moving back up here because they miss NY as well as being very unhappy with the quality of daycare available.

Savannah is so gorgeous, and an easy commute, I would think that would be a great place to look for work.