So I'm getting out of the Navy at the end of December and the market is not looking good for selling my house. (There were some short sales in my neighborhood that depressed the values) So I'm looking at getting a property manager and renting the place. For anyone who has been a landlord ... how much does it suck? Can the property manager find tenants who won't wreck the place? How much money should I keep in an emergency fund for the house? What will I be on the hook for as far as expensive repairs like the AC or something? I want to have as little involvement with the rental as possible.

I researched rent prices and the rent will cover my mortgage plus a management fee and higher taxes.

PS ... does anyone want to buy a house in North Charleston??

8/21/2012 6:10:58 PM

i want to move back there so bad. wont know til march where im moving to though.

8/21/2012 7:22:46 PM

[Edited on August 21, 2012 at 8:26 PM. Reason : edit sorry nerdchick ]

8/21/2012 8:07:52 PM

Bighit fucking up the Lounge again

8/21/2012 8:13:49 PM

i have been renting out my downtown raleigh condo for the last 3 years - and i have been incredibly lucky. great tenants (i had 2 girls that were roommates the first year, and now another set of roommates who renewed their lease so they'll stay through the end of next summer now) who have always paid rent on time. they are prompt about reporting any issues to me and are flexible when i need to bring a maintenance person in to fix something.

originally i was going to go the property management route but since i live in town it made sense for me to take a swing at it and it really isn't very tough. if you're not planning on living in charleston (which it sounds like you're not) then property management would probably be the way to go since i know i would feel more comfortable having someone local that could check in on things as needed.

My HVAC blew out 2 months after my first set of tenants moved in and it was my responsibility to get it replaced. Any repair that didn't result in the tenant actually breaking the item then the landlord is responsible for fixing. when i was researching property management companies, they usually ask for 10% of the total rent price as a monthly fee. they also usually have a network of repairment that can come out fix things at a discounted rate (like 20% off).

it honestly doesn't suck - minus the AC issue which i got resolved quickly i haven't had any problems. i am very clear when i interview the possible tenants about what kind of neighborhood this is (quiet, mostly professionals with some retired folk) and what a good relationship i have with my neighbors. i outline in explicit detail what is and isn't allowed at the condo (no smoking inside, no painting unless they let me know first, pets allowed but with deposit fee, etc). i also do background checks and call their employment to verify they work where they say they work and call their current landlord to make sure they paid rent on time, weren't a problem, etc.

PM me if you have any other questions. i'm more than happy to help

8/21/2012 8:33:37 PM

We rent our house and are our own landlords... It was a hard decision because our house is in Winston Salem and we currently live in Texas. We decided not to use the property mgmt firm because of how much money they take and we feel like we can do whatever they can do. The added issue we have is our distance- but we set up a deal with a friend that lives near us to be the on call person if something crazy happens.
It has been 8 months since our renter moved in and the only major issue we've had is he just this month bounced a check to us- but resolved it promptly. As long as you own the house you will have to pay for everything the tenant wants fixed (including expensive repairs such as AC or a water heater repair). Your property management firm will take expenses the house requires and deduct it from the rent check you receive in the middle of the month. Our old neighbor uses a firm and has had a lot of issues with them- ex: plumbing issue and they replaced the faucet with a cheap ugly one without giving him a say- and he was mad because since he had to pay for it he wanted to know what type of fixtures were being put in his house. His tennants were also just evicted for nonpayment after two months and I am told they trashed the place- so there is no way to know who will treat your place like you would.

8/21/2012 8:38:41 PM

nerdchick said it was ok!

8/21/2012 8:41:53 PM

buy a home warranty for 500 dollars that will cover all of your appliances, as well is your air conditioning and have no fears

8/22/2012 7:36:28 AM

there is no such thing as "the market not looking good". the "market" is what it is. you sound like a dipshit baby boomer housewife flipper wannabe.

guess what!!! u r not a slum lord. u don't have the skills or the stomach for it.

you just happen to have a house/asset that you can't liquify/sell. that doesn't mean you can simply rent it out happily ever after.

just like some ppl walk into a casino and do a hand of blackjack.

GTFO black girl. the real world don't hold you hand like a government job.

[Edited on August 22, 2012 at 8:14 AM. Reason : because i said so]

8/22/2012 7:59:00 AM

^ Bad day, huh? You know what will improve your mood? Buying a house in Charleston!! I'll PM you with the details.

8/22/2012 8:05:10 AM

Quote :

"buy a home warranty for 500 dollars that will cover all of your appliances, as well is your air conditioning and have no fears "

Yeah home warranty companies blow. Ours has been completely useless for every issue we've called them on. I'd rather put away a little money each month and negotiate directly with repair people than deal with a home warranty company again.

8/22/2012 8:27:31 AM

Quote :

"Can the property manager find tenants who won't wreck the place?"

This is the only issue with a property manager....and it kinda sucks. You can try and specify that you only want families or non-college or whatever...but at the end of the day, you're going to be living overseas and they just want that paycheck.

I had a friend who's property manager was like "first-come-first-serve" with tenants and they were even a friend of the homeowner! Not only did the tenants wreck the place, two tenants in a row ditched the lease midway through (while my friend was traveling overseas)....her bank account took such a big hit having to pay full mortgage while she was traveling...that she ultimately foreclosed on her house.

That is an extreme situation...but property managers definitely have their drawbacks. I'll manage your property for you though. What area of North Charleston by the way?

8/22/2012 8:29:54 AM

I'm actually in Hanahan, most people just have no idea where that is I live in one of the neighborhoods off North Rhett near the Bi-Lo. I'm hoping for a military family since I'm right near the Navy and not too far from the AF base.

8/22/2012 8:33:21 AM

That shouldn't be too difficult then. I'm sure some of your coworkers can recommend a property manager that they've used.

I've been in Charleston for 8 years and have gone through Hanahan twice....and once was last week when I had to drop someone off at the military base to meet his girlfriend who works there.

[Edited on August 22, 2012 at 8:49 AM. Reason : .]

8/22/2012 8:48:05 AM

Quote :

"there is no such thing as "the market not looking good". the "market" is what it is. you sound like a dipshit baby boomer housewife flipper wannabe. guess what!!! u r not a slum lord. u don't have the skills or the stomach for it. you just happen to have a house/asset that you can't liquify/sell. that doesn't mean you can simply rent it out happily ever after. just like some ppl walk into a casino and do a hand of blackjack. GTFO black girl. the real world don't hold you hand like a government job. "

this sounds like a mix of GxB and....

8/22/2012 8:50:06 AM

and shoot

8/22/2012 12:37:29 PM

Quote :

"I'm hoping for a military family since I'm right near the Navy and not too far from the AF base. "

i don't know how it works for the navy but my cousin was able to help put word out about her house for rent to military families by working with the marine base in the area. it might be worth a shot to talk to them to see if there's an agency or someone you can talk to to give them the info on your place

8/22/2012 12:57:05 PM

I wouldn't think you would have a problem finding good renters with a property management company. I've never been the landlord before, just the renter so who knows. I just know every time I've applied for a rental house through a management company, they get all the info from multiple applicants (work history, income situation, credit check, etc) and present all the applicants to the owner and the owner picks which one they want to accept.

Although I imagine, as with anything else, there are good companies and bad companies out there. I currently rent a house through a property management company and the owner lives up in NY. I know the company takes 8% of rent each month (or $100 whichever is greater) and they have a contract with the homeowner that if I call in a work order and it would cost less than $200 then the company just automatically takes care of it and takes it out of the rent check they give to the home owner. If it costs more than $200 then they have to contact the owner and get approval and what not.

[Edited on August 22, 2012 at 1:11 PM. Reason : not 10%]

8/22/2012 1:08:26 PM

Nerdchick is a nuke?

Put your house on AHRN.com

8/22/2012 4:09:11 PM

try putting it out on http://www.coastiesonthemove.com. there are a couple cg units there (sector, boats, mle academy, station) and it could get some interest going. plus you know you can bug the command if they mess it up really bad

8/22/2012 5:06:35 PM

One of the most valuable things in life is to be free of stress. Sell that house trust me. Don't try to rent it out and don't leave it empty.

Renting is a business and you have to be skilled at it or you will fail and suffer until you learn for yourself what I am trying to tell you.

You are fresh out of the NAVY. That means to be successful and happy you will need to be geographically mobile and financially flexible.

Owning a home is usually a mistake. It does not jibe with the mobile career/lifestyle of the average modern American.

Bouncing from mortgage to mortgage is a ridiculous nightmare of financial uncertainty, it barrs you from seeking or taking various opportunities, etc.

I could go on and on but I'm getting off track.

Just sell the damn thing. It is only worth what someone will pay for it. There is no rational reason to think it has some innate higher value just because it had a higher value/price in the past. That is just proof that real-estate is not your field.

Go be happy, fly little bird, fly!

8/22/2012 5:35:17 PM

^^^ Yes I am a nuke ... but not for much longer! My prospective property manager is a former nuke MM himself, so I'll ask if he knows about that website. He's coming over next week to take a look at the house, can you guys think of any questions I should ask him?

^ Knowing what I know now, I probably would not have bought the house. Believe me, if I could sell this house and break even or even lose a few grand I would do it. I'm not as bad as some people, but I would lose a big chunk of change on this house if I sold it.

Thanks for the advice, guys!

8/22/2012 5:41:08 PM

FUCK!!!! you would not LOSE anything!!! it doesn't exist to lose!!! so you're up side down on your mortgage, that doesn't change the equation at all. Sell the fucker! It's a bit tricky to sell short but threatening bankruptcy will make your lender pay attention to you. actually, bankruptcy might be a good option for you if you're young and have a bright financial future ahead of you.

DROP your stigma and prejudice, bankruptcy is strictly a business thing. corporations do it all the time. it's meant to protect you from wasting your earnings paying old unfair debts. some shitty house shouldn't and doesn't kill your future.

house values are just as likely to drop further than they are to go up. especially if your house is in a place with lots of supply and diminishing demand like the subburbs of North Charleston.

Don't believe the bullshit you hear on TV. Those fox news clowns are just parroting back to people what they already think.

8/22/2012 6:11:18 PM

you had me at "divide by zero"

8/22/2012 6:46:58 PM

pm sent.


Questions to ask:

1) Examples of interpretations of wear/tear vs. damage, specifically related the carpets
2) Do they take a traditional security deposit or some sort of waiver fee in lieu of?
3) What is the level of staff turnover like?
4) Are the maintenance techs in-house or is everything vendored out to third parties
4) What are the firm's requirements for vendors to be on their call list

Quote :

"Although I imagine, as with anything else, there are good companies and bad companies out there."

This. Also, it will behoove you to shop and compare. Once you've narrowed your selection to a couple firms, play them against the each other for the best overall commission/fee package deal you can get.

Finally, two bits of friendly advice:

1) Build a relationship with your property manager. Check in monthly at least, and buy some pizza/snacks for the office occasionally. The staff will remember that when a problem arises.
2) When you do talk with them, especially when there is an issue, you will reach your goal of solving the problem much more efficiently if you do not talk down to the rental staff. Even if they drop the ball, honey trumps vinegar every time.

8/22/2012 8:34:33 PM

If you're looking to rent to military, try listing it with AHRN.

Quote :

"The Automated Housing Referral Network (AHRN) program is sponsored by the Department of Defense and all Service Branches to assist military members and their families in locating available housing at their duty station. AHRN.com is the preferred and trusted housing referral resource for US military members and their families around the world. AHRN.com provides military members with access to information on available housing from anywhere in the world 24/7/365, allowing them to start the home finding process as soon as they receive their orders. For landlords and property managers AHRN.com is a direct marketing resource to promote available rental units to military members worldwide who need housing at their duty station. Military Housing Offices worldwide use AHRN.com as their resource to assist military members and their families in finding housing at their new duty station."

https://www.ahrn.com/index.php

We found our current place through AHRN.

[Edited on August 23, 2012 at 12:14 AM. Reason : Steven beat me to it. +1 for AHRN]

8/23/2012 12:11:28 AM