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| | Author | Messages | |
phxgirl
Posts:230
 | | 10/20/2007 2:27 PM |
 Alert | | Is anyone here renting their home out? We are looking into putting our home up and I am wondering how long would it sit on the market before a renter comes in? | | | |
| | vinny
Posts:691
| | 10/20/2007 2:35 PM |
Alert | <div class='NTForums_Quote'>Posted By phxgirl on 10/20/2007 2:27 PM
Is anyone here renting their home out? We are looking into putting our home up and I am wondering how long would it sit on the market before a renter comes in?</div>
seams to be a growing trend around here...
i rent, and i'm paying just under $900 for a 3 bedroom 2 bath 2 car 2,200 sq ft +/- house in rancho. this seams to be the average rate around here.
with more and more people renting out houses the supply is greater than demand, so the best way for you to rent it out fast is to beat the average prices. sounds a lot like the housing market in copa, eh?
this link should give you a bit of an idea.
http://phoenix.craigslist.org/search/apa?query=maricopa&minAsk=min&maxAsk=max&bedrooms=
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Follow your bliss. Happiness is a conscious decision | |
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| | phxgirl
Posts:230
| | 10/20/2007 3:36 PM |
Alert | | Thanks | | | |
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| | DesertNewbie
Posts:531
| | 10/20/2007 3:57 PM |
Alert | | There are tons of empty rentals listed in MLS and tons more that are private renters advertising with only a sign. How long yours will sit will depend on how good of a deal you offer. Example: Just because your mortgage may be $1000/month, doesn't mean you will get that much in rent. When you pay your mortgage, you are investing and building equity. The renter doesn't get that same benefit and won't spend $1000/month to rent your place, when they can rent one right down the street for $800. All they need is a roof. | | | |
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| | vinny
Posts:691
| | 10/20/2007 10:36 PM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/20/2007 3:57 PM
There are tons of empty rentals listed in MLS and tons more that are private renters advertising with only a sign. How long yours will sit will depend on how good of a deal you offer. Example: Just because your mortgage may be $1000/month, doesn't mean you will get that much in rent. When you pay your mortgage, you are investing and building equity. The renter doesn't get that same benefit and won't spend $1000/month to rent your place, when they can rent one right down the street for $800. All they need is a roof.</div>
on top of that keep in mind who you are renting to. you have the people like me who don't want to buy a house in maricopa, and the people that can't afford or qualify to buy a house. elite is now selling houses from the 90's. thats about a $700 dollar a month mortgage payment. who would rent for more if they could possibly buy for less? the people who can't get financed or the people that don't want to anchor here.
there may be a huge market for the people that can't finance with all the foreclosures around here. these people have got to be living somewhere.
perks that would get my attention would be services provided. having a landscaping service would win me over. or, maybe you could offer monthly dusting, filter changes and vacuuming. then you get to see whats going on in your house, and make sure it isn't a meth lab. | |
Follow your bliss. Happiness is a conscious decision | |
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| | DesertNewbie
Posts:531
| | 10/21/2007 9:52 AM |
Alert | LOL @ Meth lab.
Yeah, unfortunately, with as many empty houses sitting around this city, homeowners wishing to rent are going to have to be competitive, if not in rent price, in perks. Picking up the water bill, especially if you have an drip system, would be nice. I rent and when the drip system breaks (underground where it's not even known for a while) I end up paying a big bill to Global in order to keep the water on for our family. I don't think it's right that I have to pay for the landlord's faulty system, but it's happened twice in a year and he won't reimburse us for the triple-normal water bills we've paid. We could turn the system off and let his landscaping die, but we don't.
Also, we have to buy and change the filters for the heating/air system, as well as filters for the fridge water/ice maker...all kids of expense and upkeep on his equipment. It shouldn't be that way, but it is. Further, if we irresponsible, we wouldn't pay for those things because after all, why would we care if his fridge breaks down after we move? There is nothing in our lease that says we have to do any of the maintenance and upkeep, but if we don't, it won't get done. He's fortunate to have renters who care about his house, because for the time being, it's our home.
These are all things you have to take into consideration before renting your house. Are you going to get a good family who cares about where they live, or are you going to go the extra mile to make sure your investment is protected, rather than just assuming someone else will step up?
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|  | Copa Conscious
Posts:379
| | 10/21/2007 10:10 AM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/21/2007 9:52 AM
LOL @ Meth lab.
Yeah, unfortunately, with as many empty houses sitting around this city, homeowners wishing to rent are going to have to be competitive, if not in rent price, in perks. Picking up the water bill, especially if you have an drip system, would be nice. I rent and when the drip system breaks (underground where it's not even known for a while) I end up paying a big bill to Global in order to keep the water on for our family. I don't think it's right that I have to pay for the <b><i>landlord's</i></b> faulty system, but it's happened twice in a year and he won't reimburse us for the triple-normal water bills we've paid. We <i><b>could</b></i> turn the system off and let his landscaping die, but we don't.
Also, we have to buy and change the filters for the heating/air system, as well as filters for the fridge water/ice maker...all kids of expense and upkeep on <i><b>his</i></b> equipment. It shouldn't be that way, but it is. Further, if we irresponsible, we wouldn't pay for those things because after all, why would we care if <i><b>his</i></b> fridge breaks down after we move? There is nothing in our lease that says we have to do any of the maintenance and upkeep, but if we don't, it won't get done. He's fortunate to have renters who care about <i><b>his</i></b> house, because for the time being, it's <i><b>our</b></i> home.
These are all things you have to take into consideration before renting your house. Are you going to get a good family who cares about where they live, or are <i><b>you</i></b> going to go the extra mile to make sure your investment is protected, rather than just assuming someone else will step up?
</div>
Move
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| | DesertNewbie
Posts:531
| | 10/21/2007 2:14 PM |
Alert | Posted By Copa Conscious on 10/21/2007 10:10 AM Posted By DesertNewbie on 10/21/2007 9:52 AM
LOL @ Meth lab.
Yeah, unfortunately, with as many empty houses sitting around this city, homeowners wishing to rent are going to have to be competitive, if not in rent price, in perks. Picking up the water bill, especially if you have an drip system, would be nice. I rent and when the drip system breaks (underground where it's not even known for a while) I end up paying a big bill to Global in order to keep the water on for our family. I don't think it's right that I have to pay for the landlord's faulty system, but it's happened twice in a year and he won't reimburse us for the triple-normal water bills we've paid. We could turn the system off and let his landscaping die, but we don't.
Also, we have to buy and change the filters for the heating/air system, as well as filters for the fridge water/ice maker...all kids of expense and upkeep on his equipment. It shouldn't be that way, but it is. Further, if we irresponsible, we wouldn't pay for those things because after all, why would we care if his fridge breaks down after we move? There is nothing in our lease that says we have to do any of the maintenance and upkeep, but if we don't, it won't get done. He's fortunate to have renters who care about his house, because for the time being, it's our home.
These are all things you have to take into consideration before renting your house. Are you going to get a good family who cares about where they live, or are you going to go the extra mile to make sure your investment is protected, rather than just assuming someone else will step up?
Move
Bite me. | | | |
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| | WHAT?
Posts:50
| | 10/21/2007 9:20 PM |
Alert | We are renting a house in RED. Before we signed our lease we negotiated terms. If you set things right from the get go your problems should be minimal for both the tenant and landlord. Why would anyone neglect the
house they live in. | | | |
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| | DesertNewbie
Posts:531
| | 10/21/2007 9:26 PM |
Alert | | People do it all the time....even sometimes when they are owners. | | | |
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| | Copa Conscious
Posts:379
| | 10/22/2007 6:35 AM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/21/2007 2:14 PM
<div class='NTForums_Quote'>Posted By Copa Conscious on 10/21/2007 10:10 AM
<div class='NTForums_Quote'>Posted By DesertNewbie on 10/21/2007 9:52 AM
LOL @ Meth lab.
Yeah, unfortunately, with as many empty houses sitting around this city, homeowners wishing to rent are going to have to be competitive, if not in rent price, in perks. Picking up the water bill, especially if you have an drip system, would be nice. I rent and when the drip system breaks (underground where it's not even known for a while) I end up paying a big bill to Global in order to keep the water on for our family. I don't think it's right that I have to pay for the <b><i>landlord's</i></b> faulty system, but it's happened twice in a year and he won't reimburse us for the triple-normal water bills we've paid. We <i><b>could</b></i> turn the system off and let his landscaping die, but we don't.
Also, we have to buy and change the filters for the heating/air system, as well as filters for the fridge water/ice maker...all kids of expense and upkeep on <i><b>his</i></b> equipment. It shouldn't be that way, but it is. Further, if we irresponsible, we wouldn't pay for those things because after all, why would we care if <i><b>his</i></b> fridge breaks down after we move? There is nothing in our lease that says we have to do any of the maintenance and upkeep, but if we don't, it won't get done. He's fortunate to have renters who care about <i><b>his</i></b> house, because for the time being, it's <i><b>our</b></i> home.
These are all things you have to take into consideration before renting your house. Are you going to get a good family who cares about where they live, or are <i><b>you</i></b> going to go the extra mile to make sure your investment is protected, rather than just assuming someone else will step up?
</div>
Move
</div>
Bite me.</div>
Or you could just stay there and grow more bitter, if that's possible. | | | |
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| | DesertNewbie
Posts:531
| | 10/22/2007 6:50 AM |
Alert | CC...my post was to address some of the issues the OP should consider if he/she decides to rent out their home...not complaints. Trust me, I know all too well how to deal with my own situation and didn't come here for correction to the issues I discussed.
You may go now. | | | |
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| | Copa Conscious
Posts:379
| | 10/22/2007 7:43 AM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/22/2007 6:50 AM
CC...my post was to address some of the issues the OP should consider if he/she decides to rent out their home...not complaints. Trust me, I know all too well how to deal with my own situation and didn't come here for correction to the issues I discussed.
You may go now.</div>
I'll send you the waaaambulance. | | | |
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| | DesertNewbie
Posts:531
| | 10/22/2007 7:58 AM |
Alert | | LOL...does your mommy know you're on her computer, honey? | | | |
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| | LeonPotter
Posts:653
| | 10/22/2007 9:40 AM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/20/2007 3:57 PM
There are tons of empty rentals listed in MLS and tons more that are private renters advertising with only a sign. How long yours will sit will depend on how good of a deal you offer. Example: Just because your mortgage may be $1000/month, doesn't mean you will get that much in rent. When you pay your mortgage, you are investing and building equity. The renter doesn't get that same benefit and won't spend $1000/month to rent your place, when they can rent one right down the street for $800. All they need is a roof.</div>
On the flip side, nothing says the rent received from the tenant has to be less than the mortgage. Isn't that the goal of homeowners with rental properties?
I see where you're going and it's good advice. But, the mortgage and rent are based on different things even though financial decisions are made comparing them together. | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | DesertNewbie
Posts:531
| | 10/22/2007 3:14 PM |
Alert | I didn't say it has to be less. I just said, you might not be able to charge as much for rent as you pay for mortgage because of the amount of competition in the area.
Perhaps the homeowner didn't get a good interest rate due to his credit score and has a high monthly mortgage payment. Just because he was willing to pay $1500 per month on a 1600 Sq. Ft. home doesn't mean a renter will pay that much. | | | |
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| | LeonPotter
Posts:653
| | 10/22/2007 3:53 PM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/22/2007 3:14 PM
I didn't say it <i>has</i> to be less. I just said, you might not be able to charge as much for rent as you pay for mortgage because of the amount of competition in the area.
Perhaps the homeowner didn't get a good interest rate due to his credit score and has a high monthly mortgage payment. Just because <i><b>he</i></b> was willing to pay $1500 per month on a 1600 Sq. Ft. home doesn't mean a renter will pay that much.</div>
We are on the same page. As you're aware, there are many factors going into the mortgage amount.
It's a minimum number anyway. For instance one could have a relatively good rate, but have a shorter term. The would make the mortgage higher, but not necessarily a worse position.
I have paid more than than the minimum required. But, if I were to rent it out, I wouldn't expect it. When the debt is repaid, the amount of rent received would be infinite relative to mortgage payment.:o)
Just because my mortgage is zero(one day), doesn't mean that's what I'd expect as rent either :o).
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My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | DesertNewbie
Posts:531
| | 10/23/2007 6:04 AM |
Alert | Posted By LeonPotter on 10/22/2007 3:53 PM
We are on the same page. As you're aware, there are many factors going into the mortgage amount.
It's a minimum number anyway. For instance one could have a relatively good rate, but have a shorter term. The would make the mortgage higher, but not necessarily a worse position.
I have paid more than than the minimum required. But, if I were to rent it out, I wouldn't expect it. When the debt is repaid, the amount of rent received would be infinite relative to mortgage payment.:o)
Just because my mortgage is zero(one day), doesn't mean that's what I'd expect as rent either :o).
Right. See bold part of your post to which my reply is...
Yes, but you also wouldn't price yourself right out of the rental market by charging too much, either.
Homeowners wishing to rent out their places just need to do their homework. Contact a realtor and ask for a MLS search to get a good idea of what comparable homes are going for and take into consideration how long they have been empty. Price accordingly. If that is too low to meet your payments, then keep living in your house and pay your mortgage.
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| | LeonPotter
Posts:653
| | 10/23/2007 6:22 AM |
Alert | <div class='NTForums_Quote'>Posted By DesertNewbie on 10/23/2007 6:04 AM
<div class='NTForums_Quote'>Posted By LeonPotter on 10/22/2007 3:53 PM
We are on the same page. As you're aware, there are many factors going into the mortgage amount.
It's a minimum number anyway. For instance one could have a relatively good rate, but have a shorter term. The would make the mortgage higher, but not necessarily a worse position.
I have paid more than than the minimum required. But, if I were to rent it out, I wouldn't expect it. When the debt is repaid, the amount of rent received would be infinite relative to mortgage payment.:o)
<b>Just because my mortgage is zero(one day), doesn't mean that's what I'd expect as rent either</b> :o).
</div>
Right. See bold part of your post to which my reply is...
Yes, but you also wouldn't price yourself right out of the rental market by charging too much, either.
Homeowners wishing to rent out their places just need to do their homework. Contact a realtor and ask for a MLS search to get a good idea of what comparable homes are going for and take into consideration how long they have been empty. Price accordingly. If that is too low to meet your payments, then keep living in your house and pay your mortgage.
</div>
I'm with you all the way. I think we are sayingthe same thing. We both are saying" mortgage doesn't dictate what rent is." I'd like to say the opposite is true. "just because going rents are x, doesn't mean you can't pay more to repay debt."
To me the ideal situation is to have it paid off, this way any rent you receive can be priced to make it easier to rent and still be more than profitable. If for someone reason rent isn't paid, one isn't up the creek with regards to owning the property.(I like the month to month deals.) | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | DesertNewbie
Posts:531
| | 10/23/2007 6:24 AM |
Alert | | Yeah, I agree. And you'll sometimes get a better tenant (professional) if you can offer month to month or short term for someone who's only in Arizona working for a short while...like Intel or some place like that. | | | |
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