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Columbus Underground Messageboard » General Columbus Discussion » Q&A
Is anyone here a landlord?
[24 posts] [15 contributors]
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SusanB
Hungarian Village, Columbus' fastest growing Gayborhood!
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Be super careful who you rent to. Charge less to get and keep a good tenant if you can. Background checks, criminal, civil, and financial. Check references, go back to the landlord before the current one (who will tell you anything to get rid of a bad tenant). Have a super good lease and a large deposit. Be a hard ass. A bad tenant can cost you thousands of dollars. PM me and we can talk over the phone if you would like.
Posted 4 years ago # -
lifeliberty
Here
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though I was not a LL, I did evict someone from my house.
Now that alone is a HUGE PITA and cost me about $800 and took 2 months (in which time lots can be destroyed)
you will realize that you think you own the porperty, but tenants rights can really tie your hands.
Posted 4 years ago # -
Roscoe
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"Property Management for Dummies" is a great read for a first-timer and will help you think about the full-scope and not just the short-term.
http://www.amazon.com/Property-Management-Dummies-Robert-Griswold/dp/0764553305/ref=pd_sim_b_title_2
Columbus Apartment Association is a really good source for information and can put you in touch with good rental friendly subcontractors, and free leases and other docs. If you're not going to have an atty draft your lease, I'd pay a couple hundred bucks to join just for the lease.
Posted 4 years ago # -
holt
NW German Village
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The advice really depends on what kind of property/tenants that your working with.
My advice is two part... one practical.. one mental.
Practical: I tend to deal with low income renters.... which are a pain in $@#@# typically. My advice with these types is follow your gut feeling about their responsiblilty level... it is easy to get swayed when your place is sitting empty and they have cash in hand. Make sure you have all your documents/lease/expectations clearly documented and in-line. When it comes down to disagreements or worse evictions... you want to have all your end squeaky clean. Get on them if they look like they are bad tenants.. make sure you dont let them slide on rent..it will only get worse. And.. for the good ones... make sure you make repairs quick and treat them good. They are your customers!
Mentally: Ive heard that some setups are great and being a landlord is a breeze... I dont think it is that common. Be prepared to have hassles, late-nite fixes.... and the frustration of knowing that some people that live in your property are not treating it like you would. That can be tough... but thats being a landlord!
Good luck!
Posted 4 years ago # -
somertimeoh
Harrison West
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Just be smart (check people out, it's worth the $ to do so) and use good judgement. I was being a landlord with a heart for too long and it's screwed me up for the last 18 months. Here's to 3rd time's a charm, yeah!!!
Also, those walk through sheets you never paid attention to before, yeah, those become super important when you're on the other side. Do those!
Posted 4 years ago # -
AmyArt21
Short North
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And from the other side...
* When things are broken, please respond to maintenance issues promptly.
* Snow removal and lawn maintence policies should be stated in the lease
* Notify tenants at least 24 hours before you need to enter the unit.
* Make sure the smoke alarms and fire extinguishers are up-to-date and working.
This probably seems like common sense, but I have had some pretty hands-off landlords in the past. :)
Posted 4 years ago # -
greenovate
ShortNorth
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It may or may not work in your particular position, but in my experience it has paid off to be super picky about who actually gets the lease. I have done background/credit checks which can cost up to $150 per application. But in the long run, it produces a better renter, and a more long-term customer.
One or two months without rent can be far better than having to totally renovate (or worse) after an A-hole tears the place apart, or doesn't pay rent.
And Ditto on the "get-it-in-writing" comments. Even with family/friends, this can really calm a lot of potentially harmful and stressful situations.
We have been able to charge a little more because our places are much nicer than others in the area, and renters know that. We do offer negotiations of rent prices for longer term leases, and better qualified tenants.
Ultimately, do you homework and trust your gut.
Posted 4 years ago # -
sheyanicole
Grove City, Ohio
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i haven't been a landlord, but i can tell you what I had problems with at my last house. It was a rental, but from a guy instead of a company. So he kinda made up his own rules. The water bills came though him and i included them on my rent. When i moved out he kept my whole deposit saying i never paid a water bill in the entire 2 years i lived there. So i guess my advice is don't rip people off. :)
Posted 4 years ago # -
Motorist
The Trots
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sheyanicole wrote i haven't been a landlord, but i can tell you what I had problems with at my last house. It was a rental, but from a guy instead of a company. So he kinda made up his own rules. The water bills came though him and i included them on my rent. When i moved out he kept my whole deposit saying i never paid a water bill in the entire 2 years i lived there. So i guess my advice is don't rip people off. :)
You didn't happen to live on Iuka did you?
Posted 4 years ago # -
myliftkk
Columbus, OH
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AmyArt21 wrote And from the other side...
* When things are broken, please respond to maintenance issues promptly.
This probably seems like common sense, but I have had some pretty hands-off landlords in the past. :)
Concur wholeheartedly, with a caveat. We've rented from 7 individual landlords (no companies) over the last decade. We've usually bounced around between two types of properties/landlords (with one exception where we had roommates - never again). Landlords who have larger and cheaper properties, but act like slumlords once they get you to sign the lease, and landlords who have smaller properties (which end up being the reason we move out after a while), but are extremely responsive and responsible.
We've got a good landlord now, but the first-time novice we had when we first moved up here was a pain in our collective necks.
When you're interviewing tenants, keep in mind that reponsible tenants that won't let your house burn down are going to hold your feet to the fire to make good fixes to maintenance problem when they occur (as opposed to jury-rigging), while irresponsible tenants won't likely ever call you and thus you might not have any idea of the house's condition until the roof caves in.
I've had a landlord assure me that their roof never leaked (despite what one might call water spots) only to have it leak and ruin hanging artwork for which I forced him to reimburse me. We've also had landlord's send us xmas gifts to show their appreciation to us as tenants. Also, expect any serious professional tenants to possibly research your public records (legal, ownership, and otherwise) because you can usually ferret out slumlords based on public court filings (I didn't always know this in the past). Plus, given the current financial environment, some tenants might want an insight into how financially stable you as a landlord are, so the proverbial house doesn't get pulled out from under them in some sort of short sale, or bankruptcy filing. With everyone who's gotten/getting burned in the house flipping game, it's a real threat to potential tenants if the landlord's on a shaky financial footing.
Posted 4 years ago # -
gobluegirl
northeast suburbs
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dred, where's your house?
Posted 4 years ago # -
Ashland
In Ice Cube voice: WESTSIIIIIIIIDE
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I have been a landlord before, and I am planning on becoming one again in the very short future, I am looking for a multi family in the near eastside. My advice is do not use the standard lease forms, get an attorney to draw ones up for you. I used to a family member, but if need be I have local real estate attorneys I can reccomend, they are the same ones R Weiler uses, and are very good. Spend the money on a credit check, there are a varity of companeis that offer this service. Abide by the contract: do not get into the habit of accepting rent late with no late fees. This is a business, you are not trying to make friends, don't let anyones charm get in the way of you paying your mortgage. I never accepted animals, but that is your call, I find animals to be too much trouble, for the extra money you recieve.
Posted 4 years ago # -
Ashland
In Ice Cube voice: WESTSIIIIIIIIDE
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dredd wrote
gobluegirl wrote dred, where's your house?
It's in University Heights, in Cleveland, about a half mile from John Carroll
ehgggg. Another thing is I would definitely not recomend being a landlord in an area where you do not reside. Unless you are in Cleveland quite often, or have family in the area that can look after your property, I would not recomend this. I had family memebers that owned quite a bit of properties in FL while residing in Ohio, and they finally sold all the properties because of the hassle. Being a landlord is a headache that can be quite rewarding, but it is a headache.
Posted 4 years ago # -
dredd
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Ashland wrote
dredd wrote
gobluegirl wrote dred, where's your house?
It's in University Heights, in Cleveland, about a half mile from John Carroll
ehgggg. Another thing is I would definitely not recomend being a landlord in an area where you do not reside. Unless you are in Cleveland quite often, or have family in the area that can look after your property, I would not recomend this. I had family memebers that owned quite a bit of properties in FL while residing in Ohio, and they finally sold all the properties because of the hassle. Being a landlord is a headache that can be quite rewarding, but it is a headache.
Most likely I would hire someone to watch over the place... But also why I want rent to own.
Posted 4 years ago #
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