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Becoming a landlord?

1,245 Views | 1 Replies | Last: 4 yr ago by JB
jamotoe1
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Been very passively looking to buy a new home in Dallas, and the market seems to be cooling off so if the right thing came along we might buy within the year.

My question is, what is the most advantageous thing to do with our current property? I'm thinking renting it out for a few years might make sense if the market isn't super hot, but I know nothing about being a landlord.

For those with experience, what is your advice on the situation? Is it relatively simple if your property is in good shape? Should we just sell if we're busy and don't have much time to devote to this? Appreciate any advice.
Gator92
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AG
Moved from City of Houston to Katy in late 2011. Market was soft and I decided to lease old house. Bottom line. It was the best decision I ever made. House is now worth twice what it was back in 2011. I have a realtor that manages the lease. I highly recommend getting a realtor to manage. They will want a percentage of the rent. Usually between 5-8 percent. Get one that is managing properties already. Preferably one that has properties in the neighborhood. Advantage is they will screen renters on credit and criminal background. They also are plugged into reasonable repair and maintenance services and can coordinate.

If you do decide to rent, put it on the rental market as soon as you move out. Any repairs you make can be expensed or added to your cost basis. Also, consult a CPA or tax preparer to determine a cost basis for the property.

Good luck!

JB
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AG
I have two properties. They are both somewhat newer and in pretty good shape. Managing that aspect of them has been very easy. Calling an A/C guy or a plumber is not a big deal.

Turnover is higher on one of them as its just outside College Station, but I have a realtor list, show, and get the contract done on it each time, so that helps. Between tenants, I'll go down and go through the house and get little things into shape and get it cleaned well.

Biggest pain is going to be tenants. 90% of my tenants have been great.....its that 10% that stressed me out. When I first became a landlord, I thought hiring a management company was crazy. I get it now.

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