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Unread 2018-10-04, 09:25 AM   #1
impaul4
 
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Default Rental Property Owners get in here.

So it's been quite a year, long story short I'm thinking about buying the wife's parents old house in Lenexa near 79th and Quivira. They just did a slight remodel with new floors, bathrooms and paint to make it livable again.

My wife and I have never owned a property before and in my head it doesn't seem too hard to manage but I'm sure I'm missing quite a few components.

My questions are:

1. Is a property management company worth it to deal with the admin of the property?

2. Where and how do you decide on rental contracts and deposits and payments?

3. At what point is it not worth doing it? I estimate after taxes, P&I, to bring about 300-350 home.

4. What can I expect to have to constantly fix, or deal with for tenants? The house is older (built in 70's) but the HVAC, windows and remodels are newer. The only issue is they need a new main sewer line. It has backed up and they get it rooted once a year.

I want to do this as I think it's a great 4 bed house near the elementary schools and would rent to a good family. But I don't want to deal with people from hell.
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Quote:
Originally Posted by EUPHORIC View Post
I guess people are doing anything for a quick buck these days. If I wanna vacuum my house butt naked while listening to Darude - Sandstorm with the blinds open, I should be able to without people OUTSIDE giving a fuck.
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