The Munchkins

Life with identical twins

The Old House Update

on December 22, 2015

I meant to write this post earlier in the month, but I’m superstitious and wanted to wait until things had been quiet for a few weeks before posting anything. There’s nothing like making an announcement and then having to backtrack on it days later!

So yes, I found renters for the old house. I showed the house to a bunch of people that first week. They all loved the house, but never emailed me asking for an application. I started to wonder if I priced it too high, but the next week I had three more showing requests, and all of them were serious. By that point we had moved out, and I think the house definitely showed differently. I accepted the first application that was submitted, and they moved in December 1. It’s a young couple with a dog that absolutely loves the huge yard. So far all has gone well!

As far as managing the rental, I am doing all of that myself. I’m using Rentalutions, which while a bit quirky, really has been great for keeping everything in one place and online. It puts your rental ad out there, does the application and background checks, as well as the lease. The tenants also make all payments through the site, so everything is electronic. The few issues I’ve had they’ve been super responsive about, so I’ve been very happy.

Once the house came off the market I got a lot of calls from other realtors. When they find out I’m renting it the next question is always how long is the lease and will I put it back on the market in a year? No. At this point, I’m planning on this being a long term rental. I’m close enough that I can be very responsive, it’s cash flow positive, and I know enough contractors that I can get things fixed. I’m also hoping that all of the upgrades I’ve done in the last five years (new windows, furnace, refrigerator, range, dishwasher, paint, refinished floors, patio) will mean that my expenses will be minimal. I think it will need a new water heater in a few years, but beyond that, everything else should be fine. That said, I could have the renters from hell and change my mind and sell.

One response to “The Old House Update

  1. Scott says:

    Keep the rental, as long as it is a positive investment, and build your net worth.

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