Leasing out your S&B home?

[Yaj]

Hello friends!
We want to go full time but don't want to give up the S&B yet.
It's a nice older home (70's) on a lake just North of Milwaukee.
We believe we should be able to get top dollar for a lease so we anticipate attracting a good caliper tenant.
That said we are trying to figure out the best way to market the home for lease. We would like to get the ball rolling A.S.A.P. hopefully by spring or early summer.
The question for any of you that have already done this type of thing is; How did you market the home?
We certainly would like to hear any thing that may help us do this as properly as possible.

I will check this thread often and any thoughts will be immensely appreciated!!!

[DianneOK]

We also sold....we had absolutely no intention of returning to SO CAL. We cut our ties to that state as soon as practical. We invested and the had the means to resettle in a part of the country we truely love. We had an exit plan that served us well.

[usnret]

Like many things on the forum, people have different experiences for the same situations. In the end there are no single "correct answers", you have to decide what will work for you. In our situation we decided to "sell". We looked at the pros and cons and then made the decision that we thought was best for us.

[Roads_Less_Trav]

We have leased out our home on our own (no property manager) for nearly 7 years and it has been fine. Prior to that we leased out other houses for 14 years, no property manager, no problem.

We put a sign in the yard and sit inside and wait for people to come in. Amazingly, they do. We evaluate them as people, get a contract from Staples and go through it with them. We shake hands and hope for the best.

We have them pay by direct deposit into our checking account with stiff daily penalties if they are late. Usually the first month is rocky as they sort out how to do this, but all of our tenants have figured it out. No one has been late and no one has skipped out on us.

We've had 4 tenants since we left home 7 years ago and all have been good. We have returned to our house twice to work on it between tenants. In each case, one week of work (painting, cleaning, small repairs) has made the place better than when we lived there ourselves.

We have a home warranty contract with American Home Shield and give the tenants the contract number. Depending on the repair, either they pay the service fee or we have them deduct it from the rent.

We do have a friend in the area who can stop by in a crisis (one set of tenants was physically disabled, so our friend went over to the house twice for them. We paid our friend, of course. We also had this friend put a sign in the yard once when we had a tenant rollover when we were on the opposite side of the country and didn't want to drive back. We paid him one month's rent for getting our new tenants.

It has worked out really well for us.

[Skid_Row_Joe]

Larryzv7 wrote:
Well Skid Row Joe, let me tell you my story. I am a disabled Vietnam Veteran and because of my disability the State of California has allowed me to be exempt of property taxes; in fact the only taxable thing I have is my rental income and I have never owed anything on that. In spite of my very substantial retirement income I am in a low tax bracket.

I refinanced my house a few years ago and my mortgage payment is $300/month on a 3-bedroom, 1.5 bathroom house. It is not my intention to brag, but I really don’t need the rental money as I have 3-tax exempt retirement incomes, social security retirement, the military, and the State of Colorado, where I worked for 20-years, besides the rental income.

I do insure my house because it is prudent to do so, and if a neighbor had a fire in their house and that fire jumped to my house I am covered. Further, my house is in California, a State known for having earthquakes that damage property. I also have a home warranty which covers the air conditioner, hot water heater, washer/dryer, dishwasher, etc.

Technically I started camping back in 1964 when I joined the U.S. Army at the age of 17, and I started RVing in a Volkswagen Van when I got out of the army some 30-years ago. I have a lot of experience on the road and went from traveling around the U.S. in a VW van, to a Ford van, to a Chevy conversion van, to a popup tent trailer, to a small hard-side conventional trailer, and now in a 5th wheel; haven’t tried a Class-A yet.

In short we all have our values and we carry those values with us when we RV. What you’re doing seems to be working for you and what I’m doing definitely works for me. We all have different things at our disposal. You have your friends and neighbors to watch your house and I have my veterans benefits.

As a person retired from the military I can fly for free on military aircraft to anywhere in the world those aircraft may be going. I am planning on putting my RV in storage, hopping on an Air Force plane, and flying to New Zealand, rent an RV there and tour that country for awhile. As a disabled veteran I also get to camp for free at State Parks in California, Oregon, and elsewhere. I also get all of my medical care for free from the VA. So these are some of the things that influenced how I have designed my fulltime RVing lifestyle. Different people have different amenities and resources at their disposal.

As long as your house isn't paid for, you're required to insure your mortgage holder against loss with that insurance proof-in-place. So, that's not even at issue for you to decide whether or not you carry insurance on it.

I'm perfectly happy keeping mine as it is used for all my coach's mechanical repairs and maintenance, as well as the city where my dentist and doctors are located. There's a big advantage to having a paid for haven that is scant cost too, rather than a pricey lot somewhere that cannot be convenient to ones doctors, or for your vehicle's mechanicals if you do your own maintenance as I do.

Many other fulltimers I know of are required to spend their time at least yearly at their doctor's city where they lived for annual check ups, and many run back to them from the road when they get sick. So, this is a real issue for some of us. I bought my 1st rig in my mid 30's so, yeah it's still working in my 60s! If it didn't pay off, I certainly wouldn't do it either!

[Larryzv7]

Well Skid Row Joe, let me tell you my story. I am a disabled Vietnam Veteran and because of my disability the State of California has allowed me to be exempt of property taxes; in fact the only taxable thing I have is my rental income and I have never owed anything on that. In spite of my very substantial retirement income I am in a low tax bracket.

I refinanced my house a few years ago and my mortgage payment is $300/month on a 3-bedroom, 1.5 bathroom house. It is not my intention to brag, but I really don’t need the rental money as I have 3-tax exempt retirement incomes, social security retirement, the military, and the State of Colorado, where I worked for 20-years, besides the rental income.

I do insure my house because it is prudent to do so, and if a neighbor had a fire in their house and that fire jumped to my house I am covered. Further, my house is in California, a State known for having earthquakes that damage property. I also have a home warranty which covers the air conditioner, hot water heater, washer/dryer, dishwasher, etc.

Technically I started camping back in 1964 when I joined the U.S. Army at the age of 17, and I started RVing in a Volkswagen Van when I got out of the army some 30-years ago. I have a lot of experience on the road and went from traveling around the U.S. in a VW van, to a Ford van, to a Chevy conversion van, to a popup tent trailer, to a small hard-side conventional trailer, and now in a 5th wheel; haven’t tried a Class-A yet.

In short we all have our values and we carry those values with us when we RV. What you’re doing seems to be working for you and what I’m doing definitely works for me. We all have different things at our disposal. You have your friends and neighbors to watch your house and I have my veterans benefits.

As a person retired from the military I can fly for free on military aircraft to anywhere in the world those aircraft may be going. I am planning on putting my RV in storage, hopping on an Air Force plane, and flying to New Zealand, rent an RV there and tour that country for awhile. As a disabled veteran I also get to camp for free at State Parks in California, Oregon, and elsewhere. I also get all of my medical care for free from the VA. So these are some of the things that influenced how I have designed my fulltime RVing lifestyle. Different people have different amenities and resources at their disposal.

[Skid_Row_Joe]

Larryzv7 wrote:
Skid Row Joe, I can appreciate what you have said, but the key in what you have said is that you have trusting neighbors and friends to watch your property, which is not the case for most people. I rented my house out to strangers, got a security deposit, and it all worked out just fine; not to mention the extra income I got from renting my house.

My tenants will be leaving in February and I intend to put my house on the market for sale. I am not attached to my house as you seem to be, as this is my 4th house. I have owned houses in Texas, Colorado, Washington State , and California. Now my RV is my home.

Different strokes for different folks, and what I did may not work for others, just as what you did may not work for others. There is no right and wrong in this; there is only individual personal preferences and what resources, family, friends, neighbors, etc., a person has to rely on in such situations.

Frankly, I am tired of being a sticks ‘n bricks homeowner with a homeowner association that acts like my property is not my own. I most likely will buy another house in the future but it’s not something that is in my current plans.

Larry:)

After almost 30 years, the home has paid for itself many times over what renting something somewhere would instead. Taxes are $150.00 a month, and dirt cheap utilities being off. No, I do not insure my home, it's just not worth throwing the premiums away year after year when I've had no event. So, I do not have to reside here, rather RV yearound if I want to. That's why I bought the RV was to travel, and that's what I've been doing for almost 30 years. Nothing new to me, and yes, I rely on my neighbors to keep an eye out. No big deal, really it's not, in maintenance, cost, or expense.

[Charlie_D_]

"chalie" as you call me does get out. Average 10,000 miles a year and usually at least 2 5 week trips with various trips in between. I retired at age 57 and now barely 65 so I have no need to work from the road nor do I change my oil or sleep in Wal Mart lots. Good neighbors and friends surround me. Most people choose a different life style than you so don't be so condescending of them.

For those who do rent, a good insurance policy will protect them. Believe it or not, their are a lot of intelligent people who RV and know how to protect themselves.

[Larryzv7]

Skid Row Joe, I can appreciate what you have said, but the key in what you have said is that you have trusting neighbors and friends to watch your property, which is not the case for most people. I rented my house out to strangers, got a security deposit, and it all worked out just fine; not to mention the extra income I got from renting my house.

My tenants will be leaving in February and I intend to put my house on the market for sale. I am not attached to my house as you seem to be, as this is my 4th house. I have owned houses in Texas, Colorado, Washington State , and California. Now my RV is my home.

Different strokes for different folks, and what I did may not work for others, just as what you did may not work for others. There is no right and wrong in this; there is only individual personal preferences and what resources, family, friends, neighbors, etc., a person has to rely on in such situations.

Frankly, I am tired of being a sticks ‘n bricks homeowner with a homeowner association that acts like my property is not my own. I most likely will buy another house in the future but it’s not something that is in my current plans.

Larry:)

[doxiemom11]

Unoccupied ( home still has all it's furnishings) is not the same as vacant - devoid of normal household furnishings. Please verify whatever you do with your insurance agent. It is not always easy to read a policy yourself and correctly understand what it is saying.

[Skid_Row_Joe]

Larryzv7 wrote:
It’s best to lease out your house, especially if you’re going to be gone for long periods of time, otherwise you may return to find squatters in your home. A lot of homes that were abandoned became places where homeless people camped out, and even if you have a burglar alarm system on your house, as I do, when people know you’re gone for a long time they can find their way around that alarm system and your house may become a target for thief. Having someone live in your home can be a deterrent, as a lived in house is probably not as often targeted as a vacant house.

Not necessarily - you may have irreparably costly damage done to your home while away. Best leave it empty with neighbors, family or friends looking in on it. I've done it for 30 years, and some of my neighbours are like family to me anyway. Rent it out to strangers, and have it destroyed? No way I'd ever do that. My home is more valuable than to let strangers live in it. Yuk!

[Skid_Row_Joe]

Charlie D. wrote:

So don't give up your home. Keep it and travel all you want to in your RV. Just because you have an RV, does not mean you need to lease out your home.

Check the fine print in your insurance policy-if the info. is even there-many insurance companies will drop/refuse claims of homes empty longer than 30 days. Some states require a longer period from the insurance company than 30 days. Some policies also include disclaimers about failure to maintain cooling/heating, water turned off, etc.

I don't need to check my fine print. I don't insure my home, haven't for over a decade, and yes, I do turn off the city water at the street. With good neighbors and the Internet, you can actually pay bills from your computer on the road. Who would think?! 🙂

Some people are afraid to leave their home for more than one day. After 30 years of RVing away from my home for months at a time, I can assure you, it doesn't run away! Get out more chahlee, you're letting life pass you by sitting at home! LOL!

[Larryzv7]

It’s best to lease out your house, especially if you’re going to be gone for long periods of time, otherwise you may return to find squatters in your home. A lot of homes that were abandoned became places where homeless people camped out, and even if you have a burglar alarm system on your house, as I do, when people know you’re gone for a long time they can find their way around that alarm system and your house may become a target for thief. Having someone live in your home can be a deterrent, as a lived in house is probably not as often targeted as a vacant house.

[Charlie_D_]

So don't give up your home. Keep it and travel all you want to in your RV. Just because you have an RV, does not mean you need to lease out your home.

Check the fine print in your insurance policy-if the info. is even there-many insurance companies will drop/refuse claims of homes empty longer than 30 days. Some states require a longer period from the insurance company than 30 days. Some policies also include disclaimers about failure to maintain cooling/heating, water turned off, etc.

[Skid_Row_Joe]

Yaj wrote:
Hello friends!
We want to go full time but don't want to give up the S&B yet.
It's a nice older home (70's) on a lake just North of Milwaukee.
We believe we should be able to get top dollar for a lease so we anticipate attracting a good caliper tenant.
That said we are trying to figure out the best way to market the home for lease. We would like to get the ball rolling A.S.A.P. hopefully by spring or early summer.
The question for any of you that have already done this type of thing is; How did you market the home?
We certainly would like to hear any thing that may help us do this as properly as possible.

I will check this thread often and any thoughts will be immensely appreciated!!!

So don't give up your home. Keep it and travel all you want to in your RV. Just because you have an RV, does not mean you need to lease out your home.