Finally...

[Buoy]

Been sitting on a house on the Market in Kentucky for a yr and a half now.
Realaterrorist kept saying drop the price, so we were doing that to a point of it would cost us to sell it, and still not getting any action.
The wife and I decided to rent it last weekend, and within 24 hours have a good qualified renter.
Finally that monkey is a bit off my back.
AND NOW, I can free up some $$ to get back to work on my boat.:sifone:

 

[MacGyver]

Just be careful Tim. Renters don't treat things like owners do. I saw a duplex totally trashed by a "good" family. Have someone local that can do inspections for you.

 

[Ratickle]

Yep, and check into an insurance add on if you can. Not sure if it's available for that .....

 

[fund razor]

I bought a FSBO sign on Friday for my other house. Dual home ownership is a little steep.

I think that in my state you need a specific policy for a rental home. My banker told me that most people fake it, and most people get away with it.

Good luck with the rental person. It does work out sometimes. Maybe they will convert to a buyer.

P.S. You should have let me repo your Wellcraft near me. I would have been boating by now.

 

[phragle]

Of course its rented right away... you think all of those foreclosed people turned around and got new mortgages on new houses??

 

[MacGyver]

Speaking of rentals, my neighbor two doors down from me is renting out his house. I was cutting the grass yesterday afternoon and noticed the patio door wide open (screen too). I walked over to see what was going on, but nobody was home. They left the door open so their dog could let himself out to the fenced back yard to do his thing. I just looked this morning and the door is still open. Only bad thing is we had a storm roll through last night with winds that was probably blowing lots of rain through the open door And I can't imagine the number of mosquitoes that are now inside.

 

[MacGyver]

Just checked the rain fall total from last night....3/4". I hope the neighbors don't have hardwood floors by the patio door

 

[Buoy]

I'm not too worried about it.
I've had rental property before, so I'm somewhat familiar with some of the ins and outs.
Already had the insurance changed to Landlord insurance.
Have a pretty strong lease agreement already written up.
Already checked with the renters previous landlords (one was a property mgmt Co.) and we were satisfied with what we were hearing.

 

[FormulaOne]

Buoy -
I didnt have the balls to put my house on the market and then have to move 1500 miles away when I transferred down to Ft. Lauderdale. It was rented in less than 3 days after I liste it. So far my experience with the renters has been great. I was back on OH a few weeks ago and the place looked better than when I ived there!

Plus, now if you go back to KY, just pop by the place, check it out, and then your trip is a rental expense on your taxes!

 

[Buoy]

Buoy -
I didnt have the balls to put my house on the market and then have to move 1500 miles away when I transferred down to Ft. Lauderdale. It was rented in less than 3 days after I liste it. So far my experience with the renters has been great. I was back on OH a few weeks ago and the place looked better than when I ived there!

Plus, now if you go back to KY, just pop by the place, check it out, and then your trip is a rental expense on your taxes!

Damn!! now THAT's a GOOD IDEA!! Will it really hold water to do that??
I never really want to go back to Kentucky, hell, didn't really want to move there in the first place.
BUT, My parents and my daughter and step-daughter all live in Toledo, and I'm way over-due for a visit back there, and that's only 3-3 1/2 hr drive.

Good to see you around Josh, haven't seen you on in a while. Hope Lauderdale is treating you well!:cheers2:

 

[FormulaOne]

It will hold up just fine if properly documented. Travel receipts, etc. Although I always take an aggressive an tax position. Hell, my formula is a vacation home as far as the IRS is concerned. But ya, it is perfectly acceptable to deduct long distance travel as a rental exp. when going to manage a property. The fact that you combine some personal time in there is of no matter.

Fort Lauderdale has been treating me very well so far. Love it here. Always busy.

I'll come around more often. I dont want you to forget about the beer you owe me.

 

[Buoy]

I'll come around more often. I dont want you to forget about the beer you owe me.

Or the beer you owe me...
Don't worry bud, I've gone this route of who-owes-who a beer with a couple other people on the boards... In the end, it usually just winds up with a lot beers and good time.

I haven't heard an "episode in Joshland" in awhile, and those are always good for a laugh.

 

[Ratickle]

From what I recall on the tax writeoff legal wise, two trips a year are a piece of cake for oversight. I think that even applies to condo ownership in a vacation area if you rent it out at all.