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  #31  
Old 02-16-2012, 07:28 PM
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Originally Posted by snrusnak View Post
Well I think the biggest problem is that it is a large piece of property in central florida, where everyone wants 1/8 acre lots with cookie cutter homes. To have someone manage it as a rental and maintain it would cost a fortune. I've offered to keep it up if they decided to leave now and leave it empty while trying to sell it, but they said they don't want to do that.

I'd buy it if I could afford it, it's a nice piece of land and the whole house is redone within the last 5 years.

Is it anywhere around West Palm Beach? My cousin is a real estate agent down there if you need someone to help sell it I can probly get in touch with him for you. Been awhile since I talked to him so Im sure he still doing it? As far as the reverse mortgage, if your parents do the renting out they can have legal documents drawn up for the tenants to be 100% responsible for everything from damages to lawn care.... Only time they would need to go down is when the tenant leaves and new tenants apply. Renting out a house can bring in a really nice income if they just keep it until the housing market picks up. But also have an agent to target people who are looking to relocate due to jobs changes/transfers/military... big market there is in the right area.
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  #32  
Old 02-16-2012, 07:37 PM
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  #33  
Old 02-17-2012, 08:08 AM
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^lol funny picture.

It's about 4 hours or so from west palm beach. It's in Orlando. I appreciate the tips. I'm not sure if you have any experience with rental properties but we've always had some and no matter what they get destroyed. Most renters just don't give a F about other people's property. It's useless to go after someone as well because 9 times out of 10 they don't have a penny to their name and all you do is waste your own time and money pursuing it. It's cheaper/easier to just fix what damage they did and move on to the next renter. We've probably only had 2 "good" renters. They were both elderly women.

Usually what happens is once they decide they are moving out they make a late rent payment, then they don't make the next month's payment, then you can't get a hold of them, then when you do get a hold of them there's some excuse like "I sent it, must be lost in the mail", then about two weeks later they have disappeared and your place is trashed...

Unfortunately the laws are GREATLY in the renter's favor, you can't do anything basically. Most items fall under "wear and tear" also, unless it is clear damage, but then like I said it's a waste to go after them. Every time we get a late payment we know what's coming, but there's not really anything you can do to stop it. Basically all you can do is charge a late fee.

EDIT: Oh, my point was I don't believe renting is an option for them, they don't want to deal with the issues and problems that come with it, especially on their house that they just redid. And I know for a fact no renter would sign up to take care of their entire property. Well, that's not true, what I should say is I know for a fact no renter would actually take care of their entire property....they'd probably sign up for it though lol.
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  #34  
Old 02-17-2012, 08:11 AM
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Big thanks to IH Scout Driver for helping me out!
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  #35  
Old 02-17-2012, 12:44 PM
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You are welcome; glad it helped out.
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  #36  
Old 02-19-2012, 11:36 PM
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^lol funny picture.

It's about 4 hours or so from west palm beach. It's in Orlando. I appreciate the tips. I'm not sure if you have any experience with rental properties but we've always had some and no matter what they get destroyed. Most renters just don't give a F about other people's property. It's useless to go after someone as well because 9 times out of 10 they don't have a penny to their name and all you do is waste your own time and money pursuing it. It's cheaper/easier to just fix what damage they did and move on to the next renter. We've probably only had 2 "good" renters. They were both elderly women.

Usually what happens is once they decide they are moving out they make a late rent payment, then they don't make the next month's payment, then you can't get a hold of them, then when you do get a hold of them there's some excuse like "I sent it, must be lost in the mail", then about two weeks later they have disappeared and your place is trashed...

Unfortunately the laws are GREATLY in the renter's favor, you can't do anything basically. Most items fall under "wear and tear" also, unless it is clear damage, but then like I said it's a waste to go after them. Every time we get a late payment we know what's coming, but there's not really anything you can do to stop it. Basically all you can do is charge a late fee.

EDIT: Oh, my point was I don't believe renting is an option for them, they don't want to deal with the issues and problems that come with it, especially on their house that they just redid. And I know for a fact no renter would sign up to take care of their entire property. Well, that's not true, what I should say is I know for a fact no renter would actually take care of their entire property....they'd probably sign up for it though lol.
I agree with you completely about renters, My aunt owned entire city blocks ( I actually rented from her back in the days before I bought my first house ) I helped with maintenance and all and yes there are idiots who trash the places. If your parents do a reverse mortgage, they get to keep the house till the bank pays it in full to them... Maybe you could live in it ( thats if you dont already own a house? ) Hopefully with the market picking up a bit they can get it sold. Have they checked into targeting people who are relocating from other states due to job transfers/promotions?
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  #37  
Old 02-20-2012, 08:12 AM
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Yeah I'd do that but I own a house and it's a hand full as it is lol...
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