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Anyone have a rental property in metro Atl?
I own a townhouse in a suburb NW of the city, and recently changed jobs. My commute is now about an hour and 10 minutes during rush hour. I can live with it if I have to, but I would REALLY like to move closer. Selling is absolutely not an option in this market, so we're considering renting it out and then renting a place closer to work until we can sell or feel comfortable taking on another mortgage. Our only concern is that if our house sits empty for more than about 3 months, we'll really be burdened financially. So we're not sure if we want to take that risk.
Does anyone own a rental property in the Atl area (especially the northern suburbs)? What has your experience been? I've looked on craigslist to see what other homes are listing for, and a few of the listings in my area make me nervous because they are priced so low - like a 2,500 - 3,000 sq. ft. single family home for $1,100/mo rent. That said, there are other homes similar to ours listed for a price that would cover our mortgage. I just don't know if places are actually getting rented at that price.
Anyway, if anyone is willing to share your personal experiences or give me some advice I would greatly appreciate it!
Re: Anyone have a rental property in metro Atl?
I am just going to throw my 2 cents in. My parents own 3 homes in suburbs that they rent and it has been a miserable experience for them. I wish they had never done it. They have had a few renters that pay on time but some just trash the house, and never pay the rent on time. They always have an excuse. One of their tenants moved here from NY, was a cop seemed to be a respectable family guy. He and his family moved out in the middle of the night leaving my parents stuck. Other's have trashed my parents homes in ways I could never imagine.
I know I have a jaded view on rental properties but I just had to share since it has cost my parents so much time, energy and money.
We have two rental properties, one on Lenox and one in Chamblee. Both condos. Both were rented within 3 months. Lenox rd has been rented for a year and a half, and Chamblee property has been rented for 8 months or so. We haven't had any problems. Both tenants pay on time, no complaints from them.
I think it's easy for these properties because they're condos. No one has to take care of the yard or exterior parts of the property. We had to send the plumber once to each property, one had to have the garbage disposal replaced and the other one had a slow leak.
If you do consider it, I recommend doing a credit check, verifying employment, getting references etc. When you have a good tenant it's great, when you have a lousy one... it's terrible. GL!
I am in the property management field. Renting your townhome out seems to be a great option in the current market. A few things to consider:
You need to look at comparable properties in your TH community, and find out if any are renting for above your mortgage payment. You want at least a modest profit on the property to set aside to fix things like broken water heaters, damaged garbage disposals etc. You've found such varied comps in your area that I think you may want to ask a realtor. Craigslist can be misleading.
Most renters need to start looking for a new place to live about 60-90 days before the end of their contract. This means that you can pre-lease your home, and eliminate vacancy time if you can manage showings while you still live there.
I say don't move until you have a renter lined up and hedge your bets. Also, look into lease purchases for your home. You can lease a place for a higher rental amount, have a more invested tenent and set your own terms for the agreement. Good Luck!