I want to be a slum lord (need advice)

derf · 07-04-2010, 04:33 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, 04:45 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, 02:19 PM

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

LeeNetworX · 07-05-2010, 12:01 AM

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 · 07-05-2010, 12:18 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.

derf · 07-05-2010, 02:50 AM

Quote:

Originally Posted by 101lifts2

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, 06:24 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, 06:32 AM

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

Rangerscott · 07-05-2010, 02:58 PM

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

derf · 07-05-2010, 03:00 PM

Its gonna be an army chaplain in her late 30s

07-04-2010, 04:33 AM	#1
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	I want to be a slum lord (need advice) 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. __________________

07-04-2010, 02:19 PM	#3
TommyHotWheel Imported from Detroit Join Date: Nov 2008 Location: Michigan Moto: 2001 Suzuki TL1000R Posts: 989	Go with a well known, reputable real estate management agency. They will handle everything and make it easy. __________________ Cry Havok! And let slip the hogs of war!

07-05-2010, 12:18 AM	#5
101lifts2 WSB Champion Join Date: Nov 2008 Location: Anaheim, CA Moto: 2009 Kawi ZX6R Posts: 5,570	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. __________________ Train Hard Ron Paul - 2012 Mark of Excellence GM

07-05-2010, 06:24 AM	#7
caveman mmmm, Beeeer Join Date: Jun 2009 Location: South of the D Michigan Moto: 08 HD Ultra Posts: 582	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. __________________ Heres my 10¢, my 2¢ are free. Caveman

07-05-2010, 03:00 PM	#10
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	Its gonna be an army chaplain in her late 30s __________________

07-04-2010, 04:45 AM	#2
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	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.

07-05-2010, 12:01 AM	#4
LeeNetworX SFL Expatriate #1 Join Date: Nov 2008 Location: ATL Burbs Moto: '09 Triumph Speed Triple Posts: 4,712	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.

07-05-2010, 06:32 AM	#8
Gas Man Trip's Assistant Join Date: Feb 2008 Location: Imported from Detroit Moto: 2009 HD Street Classic Posts: 12,149	I forgot abt the move in correlation to this. Most definately get an agency. No doubt.

07-05-2010, 02:58 PM	#9
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Ya. Make sure they only allow mid 30's or older whiteys with an income at least 80k.