Landlording tips PLZ

[HotelMinion]

So I'm in my 30s and I'm thinking about acquiring a nest egg. I definitely don't want to work until I'm old and bitter and can barely stand. Many of my CWs are such. My mortgage on my apt is no where near paid off, and my job pays it off along with my other bills, but it leaves nothing for my savings. I figured that I could get a 2nd job for that but it's been slim pickings, mostly because I have a set criteria for it: strictly BOH, no customers, just on weekends. Every interview I've been on has never called me back. I've been thinking that maybe it will never work.
So recently, I've been offered to stay with my family. They'll charge me a renter's fee, of course, but since they owe me 15K, it won't be much. I have qualms about doing that tho. I only get along with my Bro, and just barely, and the rest are abusive bullies, except one or two. I can't stand bullies, can't live with them, and my bro promised to tell them to leave me alone. I believe him because he's the only one who can control them and they listen to him, not me. Plus I feel I've been just spinning my wheels here in the city, getting no where, and not really fitting in. Whenever i go out, I always get weird looks, since I look like a teen living alone. I haven't mind up my mind yet, but maybe it's time to try something new. I haven't decided yet but I do miss my family. I know it'll seem cruel, but they're like having a lame leg, at first it's annoying and painful, but then you get used to it and it becomes a part of you. They're a part of me that I can't just erase. I do love them because they're my blood, but not as people. Except maybe Bro.
Anyway my family lives in Suburbs, which I don't like, because you need to drive a car to get anyplace, and people drive like assholes, so although I have a license, I don't like to drive anymore. I try to take the bus or walk here in the City, and I won't be able to do that.
On the other hand, I do miss living with other people, particularly having a home cooked meal waiting for me, talking, having a clean home. I mean, I love being independent, but after a while it gets to you. Along with other reasons I won't mention, I'm seriously considering it.
Anyway, if I were to move back to Suburbia, I would have to rent out my apt. My Sis has done it before, and promised to help me, but she's busy with her own kid, and so I can't really count on her with that. So I'm asking you, my online friends, if there is any tips or tricks on landlording, or if it's really worth it for the MONEY? Cuz I know nothing!!! Thx!!

[EricKei]

Look into the local laws and permits required. There should be a lot if google-able info. All I really know for sure is that a) you will likely need permission from YOUR landlord/bank/etc first (if sub-letting is even allowed under your lease/etc), along with the usual city/county/state permits (if applicable); b) you'll likely need special insurance on the apt; c) As a LL, YOU are responsible for any and all repairs and maintenance. You'll need to set a good bit of $ aside. If you do rent it out, go in and take photos of EVERYTHING in there, including walls. Would be needed to prove the condition of the place before a new renter comes in, just in case they cause damage.

[wolfie]

Double-check the finances of it. I can see a few potential problems:

- From your description of your family, you may be looking for an out before the the lease on your place is up.

- As an inexperienced landlord, you're probably not going to be able to recognize a "professional tenant". Since you seem to be operating on a shoestring budget, you don't have a buffer to "ride out" the time to go through the courts, get them evicted, and repair the damage they did. You could quite easily wind up losing whatever equity you have, and taking a hit to your credit.

- You mentioned not being able to take public transport from suburbia. That means getting a car, and the associated expenses.

[taxguykarl]

FWIW, I've never seen anyone make a profit on single-family rental property.

[HotelMinion]

O_O Wow a lot of responsibility to be a landlord. More than I expected. Sis makes it seems so easy. Then again, she has lots of experience.
My family is tough to handle, but if they leave me alone to let me be, we can get along fine. I'm definitely making that as one of my conditions. I'm not too worried about them. However I will have to leave my job and find a job there, and in suburbia jobs are harder to find. I have a car, but still.
Has anyone tried Air BNB? As I understand, it allows you to rent out your home like a hotel, for a few days to a week. Maybe that would be better than doing contracts for months.

[Nunavut Pants]

I bought a condo when my wife and I had just started dating. Eventually we moved into her place, so I rented it out. The rent covered most of the mortgage, but the HOA fees were still a monthly expense. On the plus side, most of that was deductible from my income taxes. It turned out to be a little more gain than cost overall, at least until I lost my job for a year...

My area has very high housing demand, and lots of money generally speaking. So it wasn't hard to rent to people who had good incomes and good prospects.

[Captain Neon]

A couple pieces of advice from my wife's adopted grandfather and local landlord.

1) Look at their car. If it's a crappy, dirty car. They may not be able to pay the rent.
2) How well-kept are the prospective tenants? If they are slobs, they will not keep the place clean.
3) Did they show up on time? Tenants that show up late or not at all, don't pay on time or at all.
4) Do a background check!
4a) Check their credit. If they refuse to give you the information for a background check, they have bad credit.
4b) Verify employment history. If they lie about their job, they will try to scam you.

If this is property that you own and you are renting it out because it is too far to commute, hire a property management company to deal with all of the crap involved with being a landlord. They take care of all the BS, and they cut you a monthly check.

[Becks]

How judgmental.

1) Look at their car. If it's a crappy, dirty car. They may not be able to pay the rent.

Oh, man, he wouldn't have rented to me when I had my Saturn...never mind that I paid my rent ON TIME every month.

2) How well-kept are the prospective tenants? If they are slobs, they will not keep the place clean.

Meh.
Some of the most well-kept people I know are also some of the biggest slobs I've ever met.

3) Did they show up on time? Tenants that show up late or not at all, don't pay on time or at all.

My husband always cuts it close, time wise, for everything.
However, I'm the one who actually pays the rent.