Well, it is offical. I am a landlord now.

TrailerParkJawa · Post by **TrailerParkJawa** » 2003-07-15 09:43pm

I found a renter for my condo. They are going to lease it from me for 1 year, then after that we will see what the economy is doing. Maybe they will rent month to month after that, maybe I will sell it to them, or just move back.

Good thing is, I know the couple that's renting my place, so I don't have to worry about someone trashing it. And they don't have to worry about me being stingy on fixing something that breaks.

I'm gonna live at my dad's for year. Nicer house, nicer neighborhood, better pool. So that's good. Much more quiet too since he is not next to RR tracks.

Trytostaydead · Post by **Trytostaydead** » 2003-07-15 09:53pm

Ugh, being a landlord is no fun. My dad tried it once after he inherited property from my grandfather, after a year of headaches we sold the damn place.

My friend is managing his dad's upscale condos in Brentwood and that's no fun either.. a lot of manual labor if you don't care to hire out.

TrailerParkJawa · Post by **TrailerParkJawa** » 2003-07-15 10:08pm

Brentwood in SoCal or NorCal?

Well, I went to High School with the girl Im renting too, she and her new husband are living in the same condo complex. Im willing to rent them my entire place for about 200 below market. Otherwise to get the full value it might sit around from 3-4 months. This way I get someone in ASAP and I can trust them.

They get the keys on Saturday and I will be able to pay the mortgage as long as I find work for $15/hour or above which should not be too hard in the short term.

I talked to some guys at my last company who where landlords. Some tenants treat places like crap. Im not talking about a single guy like me who is messy, Im talking people who leave 40 bags of garbage in the garage from unknown reasons. Or people who install new carpet over the hardwood floors and use nails to keep it down. WTF????

Post by **Ghost Rider** » 2003-07-15 11:20pm

Enter the lovely world I call schedule C(don't ask...)

None the less...you can now deduct many little things when tax time comes, but remember it can bite you in the buttocks, so you may want to withold some money.

Raxmei · Post by **Raxmei** » 2003-07-16 12:29am

Everybody loves a landlord
Everybody’s bosom friend
I do whatever pleases
Jesus! Won’t I bleed ’em in the end

Hope it all turns out for the best. Maybe then you can move out of that trailer park.

Johonebesus · Post by **Johonebesus** » 2003-07-16 12:36am

Let's hope they don't burn your house down like mine did.

jegs2 · Post by **jegs2** » 2003-07-16 12:42am

Johonebesus wrote:Let's hope they don't burn your house down like mine did.

Insurance is a good recommendation in order to counter that threat...

Stravo · Post by **Stravo** » 2003-07-16 12:42am

If you were in NYC as your lawyer I would brain you with a blunt object. Tenants rights in this state are RIDICULOUS. We're talking about staying for a year without payong rent before you can bring an action, withholding rent, etc. As a tenant, I'm glad for it but I have some friends who tried teh landlord route and they have nightmares to this day about it.

Johonebesus · Post by **Johonebesus** » 2003-07-16 01:15am

jegs2 wrote:Insurance is a good recommendation in order to counter that threat...

True, but the insurance won't save you from the hassles of rebuilding the house, and it won't replace the chattel that may have been lost, and it won't save you from the legal inquiries, and it won't do anything about the fact that someone died on your land, which makes it much harder to get other people into the new house. And even with insurance, you're still going to end up losing money, unless you can get somebody to buy the burnt lot. I'm just lucky the idiot old man didn't have any relatives to sue me over it.

SpacedTeddyBear · Post by **SpacedTeddyBear** » 2003-07-16 01:49am

Congrats Jawa. In the state our economy is in, a little extra income is always welcome. Hey that rhymes, kinda.

Everybody loves a landlord
Everybody?s bosom friend
I do whatever please
Jesus! Won?t I bleed ?em in the end

Master of the House
Quick to catch your eye
Never wants a passer by
to pass him by

Tsyroc · Post by **Tsyroc** » 2003-07-16 10:18am

You might also want to quietly do some checking into your mortage. Most mortages ask you point blank whether you are going to live there or use it as a rental. I believe that the terms and requirements can be different so your mortage lender might not be too happy if they find out you are renting.

TrailerParkJawa · Post by **TrailerParkJawa** » 2003-07-16 11:33am

Tsyroc wrote:You might also want to quietly do some checking into your mortage. Most mortages ask you point blank whether you are going to live there or use it as a rental. I believe that the terms and requirements can be different so your mortage lender might not be too happy if they find out you are renting.

I already have a mortgage and wether or not I rent it no longer their concern, only as long as its paid on time. However, you are absolutely correct, that when I refi, Im gonna have to think hard wether or not I let them know its a rental vs owner occupied.

If you were in NYC as your lawyer I would brain you with a blunt object. Tenants rights in this state are RIDICULOUS. We're talking about staying for a year without payong rent before you can bring an action, withholding rent, etc. As a tenant, I'm glad for it but I have some friends who tried teh landlord route and they have nightmares to this day about it.

Tenant's rights are pretty strong in places like San Francisco and Oakland, but not Fremont. There is no rent control or anythign like that which really has the effect of keeping units off the market and in poor condition.
If someone cant pay rent one month I can understand some slack, but after 3 months they should be evicted no questions. Its not the owners responsibility to provide a life style for the tenant.

The Silence and I · Post by **The Silence and I** » 2003-07-16 11:38am

I was going to say "poor you" for being unfortunate enough to ever get yourself in a landlord situation, but I read your post first (I do that sometimes

) and it looks like it should not be too bad, as you know them.
Still, my advice is to run. Away. Fast. From the whole idea once this is over.

Col. Crackpot · Post by **Col. Crackpot** » 2003-07-16 11:44am

Stravo wrote:If you were in NYC as your lawyer I would brain you with a blunt object. Tenants rights in this state are RIDICULOUS. We're talking about staying for a year without payong rent before you can bring an action, withholding rent, etc. As a tenant, I'm glad for it but I have some friends who tried teh landlord route and they have nightmares to this day about it.

Holy shit! Tennants in New York can be in default for a year before eviction? Damn, that's insane. You're lucky if you get more than a month or two here.

Post by **Zaia** » 2003-07-16 12:47pm

SpacedTeddyBear wrote:
Raxmei wrote:Everybody loves a landlord
Everybody?s bosom friend
I do whatever please
Jesus! Won?t I bleed ?em in the end
Master of the House
Quick to catch your eye
Never wants a passer by
to pass him by

Ooh, Les Mis!!!! Saw it in NYC on Broadway!! Was AWESOME!! YAY!!!!!!

And good news about your place, TPJ. Sounds like a great way to make money!

TrailerParkJawa · Post by **TrailerParkJawa** » 2003-07-16 09:39pm

[quote="Zaia
And good news about your place, TPJ. Sounds like a great way to make money!

[/quote]

Thanks, but I wont be making money unless, I find a full time job close to what I was making last year.

Mortgage, HOA, and property taxes are $1960 a month.
Im renting it for $800. So while Im actually taking a 1160 dollar loss, I can make the payments, cause Unemployment Insurance is 1330/month.
Although lately Ive been working and not using UI.

Things have really changed here. 3 years ago there was a waiting list for renting, now there is a glut of vacant units.