For this that have owned or currently own rent house, what’s some words of advise for a soon to be new landlord? What would you change in your houses to make your life easier?

I’m thinking stained concrete floors, 1x4 trim, Lowe’s grade cabinets, cheap granite.

Had two....never again....make sure you get a healthy deposit up front...

If they fall behind nip it in the bud....

This. Unless you have a lot of units the economics aren't really there.

never owned any but have done a lot of ac work for various property mgrs. and owner operators. your on the right path there, a serious application/lease/contract will help more than anything, just have to be careful.

Cathy rented one in Georgia on a temporary basis. She did ask much. She didn't get much.

Make sure everything is working before you rent it.

I do not think you understand the question lol

Does he ever?

PC

Talk to our friend and run it like he does. You are an arse and it is a business. Run it like one and you will do well. I am proud of you boy. You have put some thought into this deal and it shows.

Our friend had enough units to make it pay. Still the opportunity cost for the money is steep. Lots of better returns out there.

I was thinking the same thing....

Also, run good background checks....protect your investment scrutinize who you let in...

Been there, done that.

One successful angle to it is good renters. Good luck with that though.

Better ways to make money.

I had a management company which worked out great. Until it didn't. The biggest plus to that approach was guaranteed rent. Renters skipped paying. Didn't matter, I got paid. House sat empty. Didn't matter, I got paid. When the house of cards finally started crumbling I had a nightmare of a legal matter, a torn up house, and a complicated tax situation.

Commercial Steel doors front & back
Solid core doors inside (no holes to fix)
1/4' plywood under the Drywall (no Big holes to fix)
Solid Tub/Showers not the thin plastic crap..

I’m all ears on better ways to make money. I’m not in this for the monthly income, the long term payoff is what I’m interested in.

NIO, BABA, TSLA

If you're looking at the long game, it's tough to beat. Screen your renters hard. Ask for references and check them. Run background checks. Verify employment and income. There are no guarantees, but being willing to put in the work and let it sit for an extra month while you find the right renters will avoid 90% of problems. Make up a list of criteria before you ever list it and then stick to it. No bankruptcy, no eviction, minimum income, minimum credit score, types and number of pets, etc. It will make it easier for you to be objective and will also avoid any descrimination claims if you review every applicant the same way. Give the checklist to interested tenents before they apply and charge an application fee to cover your background check. That alone will rule out a lot of deadbeats.

CURLF, TCNN, INSG

Sounds horrible

Y’all speak in’ Minion now

Nothing is worse than a bad tenant. You will get one if you stay in it. Fix it up nice for rental, get a renter in there with a lease that lets you show it. Flip it to the next landlord. Do it again.

We have gone back and forth about doing this multiple times. As most people above say, finding good renters is key. There are forms you can print off online to use as rental agreements.
Require references.
Clearly state when rent is due- and that it needs to be to you on time.
Prepare yourself for late-night calls about clogged toilets.

Short-term, not much money to be made unless you already own the property free and clear. By the time you factor in property taxes, insurance, and upkeep the margins are usually pretty slim. I've passed on a couple because the monthly expenses/monthly income ratio was so low.

As a long-term investment, if you can live with the low return and have the abilities or the resources to fix whatever needs to be, the property will probably appreciate. That's if they don't trash it.

As I said, we looked into it and decided it wasn't worth it for the return. And we have a good AC guy, a good electrician, and a half-arse plumber that are very responsive.

If you purchase it and need to do those items we rehab and redo investment properties. I can do everything and we do quality work for reasonable rates for investors

You are on the right track.

Keep living room/dining room and halls tile or "Stained concrete" just carpet bedrooms, that way if they tear up carpet you can re carpet only one room at a time and not have to match halll.

I suggest renting small house one story house only and keep sq ft under 1800 sq. ft.

Charge a hefty security deposit.