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Old 18-05-2015, 04:31   #1
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Renting your house while cruising…….

Any personal success stories out there?

Any worse case scenarios?

Tx.
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Old 18-05-2015, 06:23   #2
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Re: Renting your house while cruising…….

Be very, very careful. Probably best to get a professional management company involved, will cost you less in the long run. Ask for references from the management company.

Worst case story... We had squatters move into our carriage house while we were out cruising. It cost $14,000 and six months to remove the vermin. Rats would have been cheaper to remove and cleaner. There are professional squatters out there looking to take advantage of an absentee landlord... Be aware.

Ken
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Old 18-05-2015, 07:27   #3
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Re: Renting your house while cruising…….

I'm retired military, when active duty, I rented my house, first two renters were great, last one did a tremendous amount of damage to the house, as in tens of thousands of dollars.
Having said that when I sell the house I have 90 days due to tax reasons to have bought more property, or pay horrendous tax, so I'll be buying property to rent, but this time I'll have it professionally managed and some kind of insurance that will cover it, I did neither the first time.
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Old 24-05-2015, 11:37   #4
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Re: Renting your house while cruising…….

Mixed bag. We kept one house that we rented out and sold the rest. It was damaged by tenants who were mostly college students, and we have plenty of horror stories. We would have been better off selling because it was early 2007. But... in the long run, the house is fine now and the market has more than recovered. We don't rent to college students. Absentee landlording stinks, but financial rewards are about assuming some unpleasant risks and tasks.
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Old 24-05-2015, 12:06   #5
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Re: Renting your house while cruising…….

Just beware, there is a trend right now. People rent your house and then just quit paying. It takes a very long time to get them out. Or if the house is empty, squatters move in... and it take a very long time to "evict" them. Apparently the laws are pretty f'k'ed up regarding this.
Definitely screen your renters well.
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Old 24-05-2015, 12:15   #6
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Re: Renting your house while cruising…….

I think this depends on the state if in the US. Some are more landlord friendly, others are heavily tenant friendly. I personally wouldn't touch rental property in CA.

Oh, and I don't agree about property management companies. According to my neighbors, they charge a lot and are not much help at anything except finding tenants. And craigslist is just fine for that.
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Old 24-05-2015, 12:39   #7
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Re: Renting your house while cruising…….

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Originally Posted by KateW View Post
I think this depends on the state if in the US. Some are more landlord friendly, others are heavily tenant friendly. I personally wouldn't touch rental property in CA.

Oh, and I don't agree about property management companies. According to my neighbors, they charge a lot and are not much help at anything except finding tenants. And craigslist is just fine for that.
I've had out of state rental properties (houses) for many years with very few issues and I've always had good property managers. Mine were well worth the money esp in the case when I had a deadbeat evicted. I've never had to do anything except answer the phone and write some checks.

I would not hesitate to rent my home in the future. I would definitely get a good property manager who will find you a HIGH quality renter....several of mine were lawyers. ( liability insurance anyone?)

Good luck.
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Old 24-05-2015, 14:47   #8
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Re: Renting your house while cruising…….

It seems this is the primary lesson - find a property manager who will deal with physical and legal issues, including evicting tenants. I learned a similar lesson back when I owned a small software company. When I brought up a contract dispute to my first (and very expensive) corporate attorneys they wanted to refer me to another firm to defend the contract that they had written. My attorney even asked who wrote it. What?

When I got back from cruising and talked to others, I was disgusted with property management. Although I had no experience, I wanted to start a Pm company that did a few things. One was to write in contracts that we would change the air filters every month (it's all heat pumps here). And at that time, take pictures of the outside the property and the interior common areas. It would have solved so many problems.
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Old 24-05-2015, 19:59   #9
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Re: Renting your house while cruising…….

I own a few rental properties. After putzing around with amateurish property managers, who ended up costing me lots of money due to their mistakes, I finally hired pros. Not a big difference in fees, but wow what a difference in results!

Especially if you are an absentee owner, hire a real pro...its money well spent.
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Old 24-05-2015, 21:43   #10
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Re: Renting your house while cruising…….

Success story: I've had US military, specifically US Coast Guard personnel from the local station, house sit for us for weeks at a time. They are mostly young, responsible (or they wouldn't be USCG), often single, and appreciate the sailing/boating lifestyle. Their watch schedules may be weird, but often they would rather live in a nice house than a cheap apartment. Ours even take care of our cat.
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Old 26-05-2015, 17:35   #11
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Re: Renting your house while cruising…….

Agree about using professional property management companies if you know them and their reputation. Get references from their existing customers. We've been lucky in that David's former military and we always stay tied into military networks -- folks coming and going and generally good about things. You can get the same good stuff going if near a major university and you rent to visiting faculty (no, not students!) Best of luck. Disclaimer -- we sold our house when moving aboard the boat but do know many people who make the income stream from their home work out just fine.
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Old 26-05-2015, 17:50   #12
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Re: Renting your house while cruising…….

I have heard of services that will find people to stay in your house to take care of pets or gardens or what ever for short periods like a month or two. They pay utilities but not much else. The idea is they take care of your house while your away.
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Old 26-05-2015, 18:28   #13
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Re: Renting your house while cruising…….

Thanks All……….

Good stuff!! We are on the hunt for a good tenant. But there is no hurry. Plan is to put somebody in that we have selected and then hand it off to a property manager. That way everyones interests are covered. We have known a guy locally for years that is reliable and tough when necessary. Just might work out. Tho still some apprehension about the absentee landlord thing…………..

Cheers.
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Old 26-05-2015, 19:13   #14
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Re: Renting your house while cruising…….

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Originally Posted by w32honu View Post
Thanks All……….

Good stuff!! We are on the hunt for a good tenant. But there is no hurry. Plan is to put somebody in that we have selected and then hand it off to a property manager. That way everyones interests are covered. We have known a guy locally for years that is reliable and tough when necessary. Just might work out. Tho still some apprehension about the absentee landlord thing…………..

Cheers.
Do a full background check...last thing you want is professional tenant...they look for amateur property managers/owners. For such reasons, a pro PM will probably prefer to select the tenant themselves.
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Old 16-12-2015, 21:02   #15
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Re: Renting your house while cruising…….

We have two condos in Florida that we rent out. Fortunately they are both in 55+ communities. We have never had any problems.
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