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Over the last decade, the real estate market in the US has ridden a rollercoaster of epic proportions. Climbing to unprecedented heights, the market called out to speculators like the sirens called to Odysseus. Unfortunately, the speculators heeded the call and smashed on the rocks to the tune of trillions of dollars. Many of the speculators have sunk to the bottom. But what about the regular folks that just happened to be in the normal home purchasing window during the run up? Some have sunk as well. Some are treading water. Many need to move and can’t afford to sell their homes at a huge loss. It’s this last group we’re interested in here.
What is an Involuntary Landlord?
An involuntary landlord is a homeowner who has decided to rent their home out as a “lesser of evils” rather than as an investment opportunity. Generally these homeowners would like to sell their home. They need to move for work, or they want to be closer to family, or maybe they have a health care need or an opportunity for their children. Whatever the situation, they have a strong motivation to move. Unfortunately, unless they want to price their home as if it were in foreclosure, selling the house is not really an option. On top of that, an enormous number of homeowners owe more to their mortgage lender than the home is worth in today’s market.
After going through the typical cycle of disbelief, frustration, anger and dismay, they begin to consider their real world options. Stay put? Sell at a big loss (possibly requiring a short sale)? Send the keys to the bank (called a deed in lieu of foreclosure)? All distasteful choices.
“Maybe we could rent it…“ “What?! Rent our home to a stranger? Suppose they tear it apart? Suppose they don’t pay the rent? Who will pay the utilities? Who will pay the Homeowners Association? Who will pay the insurance? Suppose something breaks? What if there is a fire? Will there pets ruin the carpet?”
Slowly, but surely, an involuntary landlord is born.
Being a landlord is a lot like being a barber. It looks pretty simple, but there is a tremendous amount of knowledge and skill involved when it is done right. There are probably way more involuntary landlords out there operating without the necessary knowledge than there are untrained barbers cutting their own hair. I would rather see you try to cut your own hair. Mess up your hair and you can just shave your head and three weeks later, voila! Mess up as a landlord and the consequences can be dire.
Fortunately, you have come to the right place! Among these pages you will find articles on every aspect of the landlord experience. Learn how to prepare your home for rental, market it, set the rent correctly, select the right tenants, handle the security deposit, handle maintenance requests, perform evictions, renew the lease, raise the rent, lower the rent, handle the move out, and everything in between.
Welcome to the wonderful world of owning investment property! Even if you didn’t plan to be a landlord, this may be the first step you take towards an enormous fortune built on the backs of rental houses. Throughout history, rental houses have been a great source for building wealth. Enjoy your visit, make sure to sign up for the free newsletter and come back soon. Until then, if you have any questions concerning property management, landlord/tenant issues, general real estate concerns or just need the best possible team managing your North Georgia Property, call me personally at 770-682-7735.
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Posted by: Galloway24Cora | 01/04/2012 at 01:01 AM