Become a landlord

Found a tenant and have started all the paperwork. If it goes through, they will move in Jan 1. I am so nervous about this but I see it as the only way to recoop some of my investment in this terrible housing market. It is simply awful in Michigan where my house is. I don’t see it coming back up for another 5 years actually.

The tenant will sign a two year lease agreement. Section 8. And the rental fee will not cover the mortage but again, it may my only way to stop the bleeding. Looking for a property manager right now and considering purchase of home coverage insurance that covers renters.

On the bright side, despite nerves, there is something happening in a positive direction. AND renting the house out will give me a measure of financial freedom that I am not enjoying right now. Money = freedom to me. That’s it.

getting closer. I am really keeping my fingers crossed on this one! Will still lose money but at least it will stop the bleeding….

when I may have to give this one up! The housing market is terrible so now I have conceded to renting the house out but so far, no takers!

I don’t want to become a landlord actually, especially not long distance but I do want some financial relief. There are many things in my life on hold right now due to this additional burden…..

I guess that means I’m a landlord now :)

We decided to use a managing agent which increases the cost but reduces the stress. Hope things go well.

I set this goal to buy another house and rent out my flat. But things sometimes get crazy and shortly after buying my house and becoming a lnadlord i had to re-locate with my job. Before i knew it i’m a landlord x 2.

Its worth it, especially with the current market, i’ve got two tenants paying my mortgage and i’m renting until i decide my next steps.

We didn’t accept the highest offer as we didn’t think that it was really affordable for her. I’ve seen people in debt and it’s not fair to help someone get into a bad state financially.

The next highest offer was from an Italian man who I met yesterday. I liked him and he will keep the place in good shape as he currently has a cleaner and is a bit of a neat freak. He wants to paint the living room walls a neutral colour but is paying for and doing the painting himself. Fine with me :)

He moves in just over a week after we move out which will give us a chance to steam clean the carpets and get the furniture items he’s requested.

My aim is to be a nice landlord.

Whoop :)

The first offer was way below the asking price, the second a little below (but acceptable) and the third was for the asking price and she wants to move in v soon too so only a short void.

And the one offering the asking price just loved my purple (well more like the colour of blackcherry yogurt) living room walls and the carpet and curtains too :) The other two wanted to repaint the walls a more neutral (boring) colour.

I hope we get some tenants quickly.

There are some lovely photos on the agents website – we have chosen Hotblack Desiato as we’re big fans of Douglas Adams who lived in Islington and liked the name of the estate agent so much he asked them if he could use it as a character in a radio play he was writing.

We move in 10 days and the place will be ready a couple of days after – need to deep clean the carpets and do the last bit of painting before they move in.

I want to be a landlord to those that need to have a new start. I want to let them know that you can start over again and give them help and not just collect rent.

As yet we don’t have a moving out date so it can’t be marketed right now but if the photographer’s done his bit then it will be so much quicker to get it on the market and people looking round once we have a date. Got the estate agent coming round again this afternoon.

The bedroom is decorated now – looks totally different but more neutral. It was such a job and took 3 weekends due to the amount of furniture/fixed shelving we had to move to get to the walls. We’ve put a quite a few things in storage at our parents’ houses to make the flat look less cluttered and bigger.

We just have a shortish list of small jobs to do – not all need doing before people come to look round.

Hope this all goes smoothly…