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+--- Thread: Landlord from 5000 miles (/showthread.php?tid=1344)
Landlord from 5000 miles - lotus - 08-29-2007
I really could use some advise. We've been trying to sell our house for months here in Connecticut now, and the housing market is just getting worse and worse. We're now entertaining the idea of renting our house out for a couple of years until things get better. Does anyone have any experience with being a landlord from a long distance? Aside from the obvious rent and repair issues, what other things are there to consider?
We've both been offered work in Hilo and we'r sort of running out of time to decide what we want to do.
RE: Landlord from 5000 miles - JerryCarr - 08-29-2007
Have you looked into professional property management agencies? Often, these are licensed real estate professionals, depending on the state laws. Of course they charge fees, but it might be worth the peace of mind to know your property arrangements were being handled by competent persons. Needless to say, one should get references and check license status, BBB complaints, etc.
Cheers,
Jerry
RE: Landlord from 5000 miles - John S. Rabi - 08-29-2007
I rented out my NYC condo for three years after I moved here and I had no problem at all. The secret?! I hired the top property management company to manage my condo. I paid a little bit more than I would have had for a second-tier company but it was money well spent.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
RE: Landlord from 5000 miles - mella l - 08-29-2007
Hi lotus,
You might email a forum member who is doing this for some quaint conversation that would be Carolann R check the members list first listing. Good luck.
mella l
RE: Landlord from 5000 miles - Kenwellz - 08-29-2007
Have you considered a lease option? Generally tenants who have some skin in the game, (sizable up-front option money),and anticipation of future ownership, tend to take better care of the home. It may be a while before the market "gets better". As always, consult a real estate professional to do it right.
Saw an interesting article on the "phantom rental market". Apparently a lot of would be home sellers are giving up and choosing to rent out their investment properties. Some of them go through normal rental agencies but quite a few of them are on Craigslist and other free boards where they are under the radar from agencies that track vacancy rates in specific markets. In some markets this has resulted in a glut of rentals and, subsequently, reduced rents and long vacancies. Good luck!
RE: Landlord from 5000 miles - Rob Tucker - 08-29-2007
I owned six homes out of state for several years and did what John Rabi did. Found the best manager possible and paid them well. Told them to keep them well maintained and rented. No problems.
RE: Landlord from 5000 miles - Carolann R - 08-29-2007
Lotus...we moved here one year ago September...the bottom of that real estate boom kinda dropped out in Arizona after we spent a few years totally remodeling our home there. We put it on the market and you could hear the proverbial brakes squeal!
So...our realtor in Arizona found a guy who is a business man who is going through a divorce now and doesn't want to acquire property for obvious reasons. We have our house on a lease option to purchase...24 months. November will be one year and just one more to go. His lease payment pays the mortgage and half goes toward equity for his purchase of our house...if he doesn't purchase within the 24 months we get it all back...so with his deposit and monthly equity, it behooves him to stick to the contract. If he doesn't we haven't lost a thing.
Needless to say, it will be a welcome relief when the house sells, since our mortgage here will drop significantly. But considering the state of real estate and the glut of homes on the market, waiting a while for the sale is worth it to us in the long run. Hope this helps.
Carrie
"All I can say about life is, Oh God, enjoy it." Bob Newhart
RE: Landlord from 5000 miles - Match Reynolds - 08-29-2007
quote:
I really could use some advise. We've been trying to sell our house for months here in Connecticut now, and the housing market is just getting worse and worse. We're now entertaining the idea of renting our house out for a couple of years until things get better. Does anyone have any experience with being a landlord from a long distance? Aside from the obvious rent and repair issues, what other things are there to consider?
We've both been offered work in Hilo and we'r sort of running out of time to decide what we want to do.
Match
RE: Landlord from 5000 miles - Match Reynolds - 08-29-2007
Sorry, I am new to posting.
I have several properties abroad and I would, as a few others have mentioned, seek out a reputable Property Management service. Keep your house until the market bounces back, but don't play landlord without a pro, it will just make you crazy..
Match
RE: Landlord from 5000 miles - Scott_S - 08-30-2007
Lotus, I feel for you, Julie and I are also waiting for a sale. I thought the market was better here in Alabama but there is glut of new tract housing out there. The thought of renting doesn't appeal to me, been there didn't like it. Lease with option may be an alternative.
So it has been almost 8 months since we have been on island and have booked a trip for two weeks in Sept., need to recharge the soul. I wish you the best of luck.
Scott