need advice on renting out property, enlistment up and need advice

[streetgrande69]

Well as the topic says, I have 2 years left to my enlistment. I want to move back to Splendora Texas, there I’m from, right now I’m stationed in San Diego, CA. I’ll get to look at the place I’m thinking of buying this month during leave.

What I need from you guys is
Are there any people that rent out property? Is property management good? I want to rent it out till I get out of the navy.

Is there anything I should know (first time home buyer). I have great credit.

Thanks guys for any help or pointers…

 

[kirbyalaska]

I rent out a couple. The benefits are great if you get the right people living there. I am there to walk people through my houses and talk to them. That gives me a good feel for what kind of people they are. I also drive by their current place of residence and drop off the application form if it is possible since you want to see what they are living like now. Always get a signed rental agreement or lease agreement. Always call several previous landlords if possible. If they don't have any, don't rent to them. Never rent to kids. You know what they do. Always ask for first, last and deposit. This weeds out the people that can't figure out their budget to pay you. Do not take payments for the deposit. If they don't have it now, they won't have it then. Make them pay all utilities and trash. Check their credit if you can. Learn the rental laws in the town you are buying in. Never rent to friends or relatives. Do not befriend your tenants. Be nice and cordial, but do not become their friends. Be a hard a$$ when it warrants. This is your property, they are just using it. Especially since you want to move into it when you get out. Buy all the tools and remodelling supplies you can while it is listed as a rental. This is all a tax write off. Once you take it off the rental market, the write offs are down to property taxes and mortgage interest. Make sure they keep the property reasonably clean. Make sure they mow the yard. Finally, ignore all the naysayers. You will get your rent. If nobody ever paid their rent then you wouldnt see apartment complexes everywhere. You may get problem tenants, but they usually can be straightened out with a letter or a phone call clarifying your wishes. You may end up paying a little higher interest on the mortgage since you are renting it first. Talk to your banker and see if there is anything you can do about this. You never know, you may end up buying more. I did. I have been unemployed for several months and closed yesterday on another single family house. If you have any other questions, email me.