Just be sure to screen your renters really well.

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Jan 15, 2021
12:09:13pm

MrTootles 3rd String

Just be sure to screen your renters really well.

I recommend reading the chapter 17: Managing Your Rentals (Part 1) from the book "The Book on Rental Property Investing: How to Create Wealth with Intelligent Buy and Hold Real Estate Investing" by Brandon Turner. He explains really well about how to find and screen applicants for your rentals, rental agreements, and how to deal with common tenant issues (like not paying rent). Chapter 18 (Part 2) is good to read as well.

This message has been modified

Originally posted on Jan 15, 2021 at 12:09:13pm

Message modified by MrTootles on Jan 15, 2021 at 12:10:47pm

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MrTootles

Previous username: sumba20
Bio page: MrTootles
Joined: Nov 21, 2013
Last login: May 8, 2024
Total posts: 480 (1 FO)

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Messages

Author

Time

Looking for downsides: I'm seriously thinking of finishing my basement and

Spine

1/15/21 12:00pm

Besides the MIL?

1/15/21 12:01pm

Being a landlord and living right above the tenants

rggee

1/15/21 12:02pm

You have a basement, so I assume UT? Been in real estate rentals nearly 50 years

grandpacoug

1/15/21 12:11pm

Good take. I can see that being an issue.

Spine

1/15/21 1:15pm

Biggest downside I see: you are now sharing the property with renters.

Bandit

1/15/21 12:03pm

Do you want to have another family living below you every day? That’s one.

1/15/21 12:03pm

Renters actually paying rent may be a big incorrect assumption. Seems like there

StutterOfTheCougar

1/15/21 12:08pm

Not being able to evict would be the biggest issue for sure. That is why I'm

Spine

1/15/21 1:17pm

Just be sure to screen your renters really well.

MrTootles

1/15/21 12:09pm

Have you considered the parking situation?

Coach's Dad

1/15/21 12:09pm

My parents turned their basement into a MIL suite

donnerstag

1/15/21 12:10pm

Aren't extended families fun sometimes . . .

85fan

1/15/21 12:13pm

Your parents need to get a backbone. That is garbage.

Ycrazy

1/15/21 12:19pm

I'll happily take Grandma in. However, it should not feel pressured like that.

Spine

1/15/21 1:14pm

How a similar instance where my wife took care of the Gma for years.

Bin01015

1/15/21 1:23pm

None. And do it yourself for WAY less than 50k.

Adwight

1/15/21 12:12pm

I was just about to say 50k seems really high for 600 sq. ft.

volleyjiver

1/15/21 12:17pm

It includes another 400 sq ft that won't be in the apartment and adding the

Spine

1/15/21 1:18pm

I finish a lot myself. However, I recently hurt my back seriously and have been

Spine

1/15/21 1:19pm

we did this in Oregon. Then we found out that our area was zoned against

Cougarclaw

1/15/21 12:17pm

Good advice, thank you!

Spine

1/15/21 1:20pm

I don't want renters in my basement.

1/15/21 12:27pm

Two things to think about:

1/15/21 12:43pm

I agree. I'll have a "permanently" locked door between the two sides. I think I

Spine

1/15/21 1:22pm

If you live in Vineyard please don’t rent it out. My neighborhood is being overan by people renting out their basements.

Nuke

1/15/21 1:03pm

I'm not there :D. I have a third car garage they can use and I have grown up

Spine

1/15/21 1:24pm

Hopefully the master bedrooms are sound proof.

Dynomite

1/15/21 1:10pm

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