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SVTPerformance's Chain of Restaurants
Road Side Pub
Interested in hearing from people who rent out property
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<blockquote data-quote="velocicaur" data-source="post: 16205271" data-attributes="member: 33335"><p>How stressed out are you? How do you deal with stress? Are you expecting any big life changes (wife, kids?)? How is your career? Do you have enough money to coverage the lost rent? What if the A/C dies tomorrow? Can you separate the emotional side from the business side? </p><p></p><p>You're either cut out for it or you're not and you'll find out in a hurry. Obviously find something that works out financially but you want to have an exit plan too. You should have a way to get out of it and be willing to take the loss that comes with it. "This sucks, time to sell." Real estate agent, taxes, etc.</p><p></p><p>I would definitely not rent out your new vacation home. It is no longer "your" home when you rent it out. It's a "place" that you use. You have strangers walking around and using your place for half the time. It is a really weird feeling. It's hard to explain unless you have rented out things before. For example, would you rent your car out for the weekend? Do you let other people drive your car? It's not your best buddy either, it could be the responsible 65 year old retired man or 16 year old down the street that will light up your tires all night (similar to AirBNB). If the answer is no, you're not suitable to rent out your house. If you don't "care" about your car and just see it as a car, then it might work out.</p></blockquote><p></p>
[QUOTE="velocicaur, post: 16205271, member: 33335"] How stressed out are you? How do you deal with stress? Are you expecting any big life changes (wife, kids?)? How is your career? Do you have enough money to coverage the lost rent? What if the A/C dies tomorrow? Can you separate the emotional side from the business side? You're either cut out for it or you're not and you'll find out in a hurry. Obviously find something that works out financially but you want to have an exit plan too. You should have a way to get out of it and be willing to take the loss that comes with it. "This sucks, time to sell." Real estate agent, taxes, etc. I would definitely not rent out your new vacation home. It is no longer "your" home when you rent it out. It's a "place" that you use. You have strangers walking around and using your place for half the time. It is a really weird feeling. It's hard to explain unless you have rented out things before. For example, would you rent your car out for the weekend? Do you let other people drive your car? It's not your best buddy either, it could be the responsible 65 year old retired man or 16 year old down the street that will light up your tires all night (similar to AirBNB). If the answer is no, you're not suitable to rent out your house. If you don't "care" about your car and just see it as a car, then it might work out. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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Interested in hearing from people who rent out property
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