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Landlords?

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Tirya:
Does anyone here own property that they rent to tenants and would be willing to answer some questions about being a landlord? I was reading something today about foreclosure auctions and the insanely low prices, so I'm wondering if an investment property would be a smart move...

VenusInFurs:
I own property but I live in myself.

However, from renting for ages, I can give the following advice:
-Be very selective with who is going to live there.  you can make them fill out application forms with credit information and check each potential tenent out.  Also get a feel for them personally by meeting them.
-Make sure you take whatever the maximum possible damage deposit is in your state.  Also, be very clear in your rental contract.
-Don't allow smoking, even if you're 'pro-choice' when it comes to smoking.  I had to wash the walls in an apartment once when I moved in and the previous tenants were smokers and it was AWFUL.  After three washes the water was still black.
-Make sure you're familiar with rental laws and tenant rights in your state.
-Splurge on quality when it comes to fixtures and appliances.  Stuff in rental gets a bit more wear and tear than normal when people move in and out and spending a bit more now can save you a lot later.  Also, if you're going to allow pets you might want to not have carpet.  actually it's probably best to not have carpet anyway.  It looks ugly after about 10 years, even if you have really expensive carpet and if you have some sort of wood flooring or high quality laminate you can usually jack up the rent ;)

Ghost Wolf:
I wouldn't do it.

Tirya:
Why not, GW?

Ghost Wolf:
That's just my personal preference. First, you have to deal with renters, as well as upkeep on another property, more property taxes, etc. It may be okay for you if you're into that sort of thing, though. Just seems to have too many negatives for my taste.

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