Money Issues: Renting My Home?

by JUNE
(Ga)

I was a single, divorced mom. Raised three successful, educated daughters with no help. Worked hard and it was hard to save for retirement.


Did save some but find I do not have enough money to do the things I would like to do. Thank God my home is paid for.

Thinking about moving into my camper for a while and renting out my house as a vacation rental to have extra income.

Anyone having done this, would appreciate input. J

Comments for Money Issues: Renting My Home?

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Rental
by: Freddy/NJ

If you decide to rent, remember its a business. People will treat your house and belongings like a hotel.

Seemingly nice people will leave a mess and break things. Less nice people may can become a legal, financial and emotional drain.

Having said that, if you manage it properly, it can earn you some extra money...but do your homework first. Read up on restrictions for renting, paperwork/contracts, landlord & tenant rights.


Find a management company
by: AMV/MO

FInd a management company in the city that can find a renter and take care of monthly rent receipts, and all other issues regarding maintenance etc., for a maximum of 10% fees on the rent amount.

I once had to rent my home in Georgetown, Texas, and had a management company do it for 10% fees, which appears to be the maximum fees for these services. But I have a friend in Levon, Texas, who has it for 5%.

These are very reliable and everything is written in a contract.

Good luck!

renting home
by: Anonymous

Good job mom!! Congratulations

I don't think I personally would rent. I don't have the assertion skills, and where I live tenants have all the rights, legal free support, etc. Whereas if there were a disagreement it would be ME paying $300 an hour legal fees.

Make arrangements, choose carefully
by: Friend of a renter

My advice: It can be a bit hard on the house no matter who you get so be careful choosing a tenant. Know your state's laws. Either be close enough to pass by the house and look, or have someone you trust to do that for you. And have a way to handle maintenance and emergencies.
I never did this, but a close friend did.

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