First Home Purchase...Sale Pending! :D

[Woberts]

Just look at his avatar.
It positively reeks of responsibility!

Heh, of course that sandwich has the American flag on top!

 

[TurkeyOnRye]

I fear you are progressing towards being another irresponsible landlord. I hope i am wrong.

I am curious what a responsible landlord means to you.

 

[Curious George]

I am curious what a responsible landlord means to you.

Someone who is financially prepared and willing to deal with the liability of a landlord; someone who is knowledgeable regarding landlord tenant laws; and someone who is serious about the business undertaking with which they are engaged.

 

[Revoltingest]

Someone who is financially prepared and willing to deal with the liability of a landlord; someone who is knowledgeable regarding landlord tenant laws; and someone who is serious about the business undertaking with which they are engaged.

Did you notice that he planned to hire a management company?
Professional fee managers are licensed, & comply with applicable
law.

 

[Curious George]

Did you notice that he planned to hire a management company?

Yes.

 

[Revoltingest]

Yes.

And you're skeptical that they'll comply with the law....why?

 

[Curious George]

And you're skeptical that they'll comply with the law....why?

Well despite numerous property management companies that have and do run afoul of the law, one contracting with a third party does not mean one shouldn't be informed. He asked what a responsible landlord meant to me. Do you think a responsible landlord is uniformed? And does contracting with a management company make such ignorance ok?

 

[Revoltingest]

Well despite numerous property management companies that have and do run afoul of the law, one contracting with a third party does not mean one shouldn't be informed. He asked what a responsible landlord meant to me. Do you think a responsible landlord is uniformed? And does contracting with a management company make such ignorance ok?

One may be uninformed, provided one has professional management.
Even a hamster could own rental property, & have it function perfectly.
But as a first time home owner & perhaps newly minted landlord, I
suspect that our intelligent fellow poster will learn more anyway.

 

[Curious George]

One may be uninformed, provided one has professional management.
Even a hamster could own rental property, & have it function perfectly.
But as a first time home owner & perhaps newly minted landlord, I
suspect that our intelligent fellow poster will learn more anyway.

I imagine we would be better off if more hamsters with good property management companies owned properties.

But that really doesn't address the questions. It is bad business to be uninformed. Property rights are severely limited when one is leasing the property. Understanding landlord tenant rights is pretty important. It is good business to be knowledgeable about that for which one contracts.

 

[Revoltingest]

I imagine we would be better off if more hamsters with good property management companies owned properties.

But that really doesn't address the questions. It is bad business to be uninformed. Property rights are severely limited when one is leasing the property. Understanding landlord tenant rights is pretty important. It is good business to be knowledgeable about that for which one contracts.

I've confidence that he'll learn the ropes.
No need to presume the worst.

 

[Curious George]

I've confidence that he'll learn the ropes.
No need to presume the worst.

I am not sure I am "presuming" the worst. Why do you think I am?

 

[Revoltingest]

I am not sure I am "presuming" the worst. Why do you think I am?

You posted....

I fear you are progressing towards being another irresponsible landlord. I hope i am wrong.

There's simply no reason to fear this, given his intent to get professional management.
This is better than the common alternative, ie, the unfamiliar jumping in with both feet
to do the job themselves, learning by trial & error.

 

[Curious George]

You posted....

There's simply no reason to fear this, given his intent to get professional management.
This is better than the common alternative, ie, the unfamiliar jumping in with both feet
to do the job themselves, learning by trial & error.

The fear is rooted in the fact that the user has implied a want to pick up a check, and also that the user has expressed that money would be tight.

Landlords need to make sure that they can cover a variety of costs if those costs should arise. These include maintenance and upkeep, emergencies, legal fees, and vacancy. Very few slum lord sets out to be slum lords. Rather the market is full of well intentioned people who just wanted to pick up a check, and did not have the finances, time, or knowledge necessary.

So far, the OP has communicated an eagerness for passive income and a lack of financial means. That doesn't mean they are going to be an irresponsible landlord. I can agree to that. By no means, however, was my statement unwarranted or unreasonable.

 

[Revoltingest]

By no means, however, was my statement unwarranted or unreasonable.

Trust the fee manager to ensure there's
enuf $ to cover what needs to be done.
He presents a picture of responsibility.

 

[Curious George]

Trust the fee manager to ensure there's
enuf $ to cover what needs to be done.
He presents a picture of responsibility.

Blind trust has never been my strong suit. My point was not baseless, it was formed by the OPs statements.

 

[Revoltingest]

Blind trust has never been my strong suit. My point was not baseless, it was formed by the OPs statements.

Have you ever run or used a licensed fee management company?

 

[Curious George]

Have you ever run or used a licensed fee management company?

Does that have anu relation to my point? If so what?

 

[Revoltingest]

Does that have anu relation to my point? If so what?

I suspect that you don't know that such services would keep him out of hot water.
If you'd had a bad experience with a fee manager, that would be interesting.
If you'd never been or used one, then your fears are unfounded.

 

[Curious George]

I suspect that you don't know that such services would keep him out of hot water.
If you'd had a bad experience with a fee manager, that would be interesting.
If you'd never been or used one, then your fears are unfounded.

They won't necessarily though, more to the point we have no idea with whom the OP plans on contracting, so neither of us can say.

What we can say is that "money will be tight" until the OP gets a tenant and the OP is excited by the prospect of collecting checks.

 

[Revoltingest]

They won't necessarily though, more to the point we have no idea with whom the OP plans on contracting, so neither of us can say.

What we can say is that "money will be tight" until the OP gets a tenant and the OP is excited by the prospect of collecting checks.

This seems to be a post in search of something to object to.
I'll be your left one that he'll manage without becoming a slumlord.