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Anyone have experience owning rental properties?

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    #31
    I've had a couple for about 10 years now. Screen, screen, screen!!! Bending over backwards to put someone in will just get you burned. I also made the mistake of trying to do all the handy work in the beginning and it cost me more in lost rent than I saved by doing it myself. Also don't sit around and hope/wait/pray for late rent to show up. Start the 3 day quit/pay process immediatly.

    I have a different take on section 8 renters. I've only had one and I would never do it again. Yes I got paid in full on time every month but that's where the benefits ended. I should have known when she back dated the lease agreement so she could show "her church" (which had a program to help people that were late on rent) that she was already 15 days late on rent. She had a book full of contacts that would help out people that had fallen on hard times. She even bragged about the FEMA money she got when Katrina and Rita rolled through (neither did any damage to the house). This person had numberous issues with the law (none were her fault though). I eventually got her out on a technicality. I actually saw her on the news a couple years later for kidnapping. She had lost custody of her many children and I guess took them without permission. The news reporter claimed she had a past record of drug use and prostitution. I also had a landlord call me last year asking about her. I recommened that she get her out immediatly!!!!!

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      #32
      I did it after my divorce, I used a management company and had a total of two renters. I'll never do it again. They trashed the house both times and after the second time I sold it for pennies on the dollar just to get rid of it and the company that bought it paid for the repairs. They had way more money than I did to make the repairs.

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