Quote:
Originally Posted by Nightfyre
Successful renting is all about either:
a) Not giving a shit about the property (IE slumlording)
or
b) Picking the right tenants
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Picking the right tenants is often about having good luck.
I had a friend rent a 1,600 square foot home for $5,500 per month in my area. You'd think that for $5,500 a month, you'd get a decent renter(s). But what happened was that the renter's girlfriend moved out three weeks after the leased was signed, so the guy got a bunch of buddies to move in to defray the cost.
The house was trashed and after the guy lost his job and, unbeknownst to the home owner, sublet the house. Well, a neighbor's friend met the new tenant and was invited inside the home to hang out.
When he entered, he saw guns, scales and about a ton of marijuana. He told the neighbor and I personally called the home owner (who lives out of state) to inform him of what was going on. He called the Feds, the people were evicted and jailed, and he had to spend $40k to restore his home.
No thanks.