Were the 3 properties close to where you lived or were they scattered all over?

The most we ever managed was 3. Any more than that would have been more taxing. If you're going to do just one, it shouldn't be a problem JACKSONM.

Lexie wrote: We handled everything ourselves. We used a template for our lease agreement and a simple receipt book for rent. We had a ledger sheet to keep it all straight. If you don't want to do all that then a management company would be the way to go. I don't know what they charge. Do you?

Did you manage just one property or more than one? I don't anticipate being in my townhome forever and it's in a prime area for a rental property. When the time comes I'll have to decide if it's worth the extra time and potential hassle of managing an additional property.

How many hours do you spend a month managing this property?

JGibbs wrote: Thanks Lexie and Jackson for explaining it to me. It makes more sense now. Lexie, did you use a rental management company or did you all handle everything yourselves? Do you think real estate rentals can be a good investment today?

We handled everything ourselves. We used a template for our lease agreement and a simple receipt book for rent. We had a ledger sheet to keep it all straight. If you don't want to do all that then a management company would be the way to go. I don't know what they charge. Do you?

Thanks Lexie and Jackson for explaining it to me. It makes more sense now. Lexie, did you use a rental management company or did you all handle everything yourselves? Do you think real estate rentals can be a good investment today?

Incorporation is the only way to have rental properties. We have had rentals in the past with little difficulties except non payment of rent. We have had some great yard sales after the tenants move out. Some folks leave a lot of stuff behind.

JGibbs wrote:

Joker wrote: I've had rentals and they are a pain if you ask me. Renters tend to not give a d.... what they do to your house. I don't care how many rules and regs you have for them to sign. Be sure you take photos of before and after for the judge in case you have to sue. I had to get rid of them all.

If that happens frequently it could be the area you're in or maybe you're not asking for a high enough deposit. I can't imagine dealing with that. My big fear would be someone getting hurt on the property and suing me as the rental owner.

If you set up your rental as an (LLC) or a trust you can avoid some of the potential risks. Both offer protection by separating your business and personal assets. If it runs into financial or legal trouble, personal assets cannot be seized to pay off any debts.

JGibbs wrote:

Joker wrote: I've had rentals and they are a pain if you ask me. Renters tend to not give a d.... what they do to your house. I don't care how many rules and regs you have for them to sign. Be sure you take photos of before and after for the judge in case you have to sue. I had to get rid of them all.

If that happens frequently it could be the area you're in or maybe you're not asking for a high enough deposit. I can't imagine dealing with that. My big fear would be someone getting hurt on the property and suing me as the rental owner.

I didn't even think about and that would be another potential huge loss!

Joker wrote: I've had rentals and they are a pain if you ask me. Renters tend to not give a d.... what they do to your house. I don't care how many rules and regs you have for them to sign. Be sure you take photos of before and after for the judge in case you have to sue. I had to get rid of them all.

If that happens frequently it could be the area you're in or maybe you're not asking for a high enough deposit. I can't imagine dealing with that. My big fear would be someone getting hurt on the property and suing me as the rental owner.

Do you live near any kind of resort area or a place where there is an event going on? I used to live in North Augusta, SC close to where the Masters golf tournament is played. Many, many folks rented their homes out for a week or two during the tournament and made GOOD money. That would be ideal to make the money and still have the home.

I've had rentals and they are a pain if you ask me. Renters tend to not give a d.... what they do to your house. I don't care how many rules and regs you have for them to sign. Be sure you take photos of before and after for the judge incase you have to sue. I had to get rid of them all.

FrugalFran wrote: Because we move and travel so much, both places are rentals and we aren't at liberty to sublet either one of them.

That gives me another idea. One that I'm sure many people do. Sell your properties and use the proceeds to buy a fully functional motor home. You travel a lot, you need a place to call home........Bada Bing, Bada Boom.

Just a thought.

FrugalFran if you are concerned about finances you may have to compromise on something? Could you not lease/rent something near your relatives and clear yourself from the residential asset?

Because we move and travel so much, both places are rentals and we aren't at liberty to sublet either one of them. It might seem like it would be a good idea to give up the one in Pennsylvania, but it is our main residence and for the executive home that it is, we have quite a good deal on it. I'd rather not move everything into storage and then scramble at the end of this job to find another comparable house. We also have to keep a residence in that area because I have elderly relatives nearby that we need to stay close to at least part of the year.