Having grown up with my parents managing several rental properties for an uncle that lived out of state I've seen and heard all kinds of things when it comes to rental properties. Now my wife and I are renting her ould house out for the same reason your renting, we can't sell in the current market without taking a huge loss on the place. Having done it ourselves for a year I can tell you that getting property manager is good start. Like others have said you have to treat it like a business and make sure you have a good lease. Notice I didn't say ironclad because with the way the laws, courts, and lawyers are nowdays everything seems to be skewed in favor of the renter anyway so you can only do so much. If you can handle the taxes on the income the place brings in, that's up to you. On the other hand if it's not your primary source of income and all you want is for someone to be in there then get things situated where your getting everything paid for with thr rent but still not 'making' anything. In other words no income equals no taxes to pay out,and if you can spend a bit more than it brings in then it's a great write off too. In our case we take a small hit every month on the place we're renting out and between that and the write offs for other money spent to maintain it, the write offs for travel to and from the place to maintain it, etc, etc, etc, at the end of the year it really help out on the taxes. At the same time we're still gaining equity in the place and hopefully in a few years, when the housing market comes back a bit, we can get it sold and actually make a little bit for our efforts. Either that or get the rent to a point where everything is covered and we can actually make some money off of the place for a change, get it paid off quick, and then it's all profit.
Whatever you do though it can be PITA without a good property manager to take take the calls from the tenant, handle the small BS problems that some will have, etc, etc, etc. If you had to do it all yourself it would be a nightmare, ben there, done that.....
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Fasteners: The Nuts and Bolts of Nuts and Bolts - by Curtis Von Fange. The nuts and bolts of nuts and bolts is an interesting and essential piece of knowledge that applies to our older tractors. An improperly torqued capscrew on an engine head or a shear bolt that is too hard on the driving shaft of a bushog can create havoc and make an expensive and uncalled for repair. Let’s examine the purpose and design of these fasteners in order to ensure their proper use. Fasteners are probably one of the aspects of mechanics that is given the least amount of thought.
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
