Fears of landlording for the first time

[Rene Brown]

Good day!  Husband and I have a 1100 square foot home we are trying to sell.  It is a 3BR, 2BA single family home with attached garage and full basement  with potential for at least 1 BR to be added downstairs.  Needs lots of updates.  Not many lookers and barely any offers.  We are thinking about renting.  I have read many forums and watched webinars.  Very interested in renting, but heard many horror stories.  Very poor RE selling market here.  60 homes on market.  We live in a town of approximately 5,000 people.  Not much industry for decent jobs.  Therefore not many people that may qualify to rent at $600/mo.  I realize that the unknown fears are what holds many people back in the landlording realm.  Any words of encouragement or ideas would be greatly appreciated!  

[Steven J.]

@Rene Brown in my experience landlording wasn't as bad as I thought. I dreaded the late night phone calls and the overflowing toilets and in 3 years of managing a 24 unit building I think I had 3 actual emergencies. IMO, I'd much rather manage a larger unit than just one or even a couple because if you lose one unit of 24 its not as painful as losing 1 of 1 units. 

I think the key is to screen your tenants well. Spend the money on a screening process and then make yourself stick to being a business person as opposed to a good friend of the tenant. If you keep yourself from becoming a buddy of the tenant its much easier to retain that business relationship.