October 2009 Weddings
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
psychologically affected house
Hey. Sorry I've ben MIA. I've been SWAMPED! Anyways, I want your opinions. A friend of DH's inherited several rental properties from their father when he passed away, in one of the worst neighborhoods in the city. Since she inherited them, the current tenants OD'd. DH's friend wants to get rid of the properties, and told us we could have one for cheap... like cheap enough that we could pay for it in full. It needs some work, so we would probably have to put some money in it. Am I being crazy for thinking we should go for it? The plan would be to buy the house, fix it up as cheaply as possible, and then rent it out. Based on the neighborhood, I know our tenants will be less than desirable, but any income we have from it would be cash in our pockets... which sounds sooo nice. What do you think, worth the investment? Or too much a risk?
Re: psychologically affected house
While the extra cash would be awesome, I would be leery of renting in undesirable neighborhoods to undesirable tenants.
A friend of mine has been renting her TH out for a few years to some undesirable tenants and has SUCH a hard time actually collecting rent. With that said, she needs the rent to pay the mortgage on the place so it puts her in a financial bind when it isn't paid. If you would just be pocketing the cash it might not be as big a deal.
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I would be a little leery too. How familiar are you with tenant/landlord laws in your state and county?
Ditto Angela. You can change the house but not the neighborhood. I personally have never owned a rental property but I have friends that do and it's a lot of work for them. One friend in particular tends to be the maintenance man, plumber, electrician, etc on the property because it is really expensive to hire someone to do all of that. He spend his weekends working on the prop.
Personally, I would pass.
I'm not so sure I'd jump on that train. If I did, though, I would hire a realty firm to handle the lease/contracts/maintenance issues--there's money out the door right there. Also, remember that in most localities, property tax is higher on rental properties than if you were to actually live there.
I don't think I could rent out a property to sketchy people--I would especially freak out if one of them died in my place. However, you know what's best for you and DH.
Ditto this. In addition to the building our office is in, my boss owns several other buildings in the area and it's the unhappy job of our bookkeeper to deal with all the tenants, many of whom are considerably less than reputable. She, too, has to wear many hats and even though I don't have to deal with it myself, witnessing her frustration with the whole thing would be enough to keep me away.
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It sounds like a good/exciting idea but I wouldn't do it. The maintenance would be a hassle especially if you have people who don't take care of the home etc. When we got married our family tried to "gift" us some land/property in Arkansas. Um ya they had planned on "fixing" it up and selling but have not been able to. There were also added taxes and the whole thing just seemed liek a pain int he butt....we did not "accept" the "gift".
I would pass.
I would love to fix up a house like that just for the fun of it but it can be a huge money suck to rent it out. If you end up with someone who doesn't pay their rent then you have to spend more money taking them to court and going through the eviction process.
My mom started renting her old house out in January and has so far lost over $2000. That tenant is officially out now so she's got to go through the whole process again.