Leasing out your S&B home?
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 l...
Forum Discussion
I am renting my property while I full-time RV. The easiest way to go about it is decide how much rent you want to charge on a monthly basis, and how much of a deposit you want, then call a reputable property management company and ask them their rates and services. It’s a wonderful thing to have an extra rental income every month. I currently have a very good tenant renting my property.
Now I don’t know about Wisconsin; my property is located in California. I am charging $1,500.00/month with a $1,500.00 deposit, which is in line with other rentals in my neighborhood. I pay the property management company a flat one hundred dollars monthly to manage my property. I am sharing these details with you because some property management companies will charge you and arm and a leg; they will want a percentage of the rent and have you pay them even if the property is empty, etc.
I have an excellent property management company which has licensed realtors and their own maintenance and repair crew, etc. They pay for all of the advertising and marketing because they can write it off on their taxes. Their maintenance and repair crew is excellent and reasonably priced. They interview prospective tenants in their office and do the background check at no expense to me, and then telephone me to let me know of potential renters. I have the final say based on what the property management company found in their background check. I do not meet the prospective tenants because I am out-of-state fulltime RVing.
So these are some of the things you might want to consider. As you will be full-time RVing I strongly suggest a property management company because you will not be in the area to interview prospective renters, etc., and if anything on your property breaks down, the dishwasher, etc., the property management company can handle it and let you know via a phone call what your options are, etc. Things are a lot easier with a good reputable property management company then they are doing it yourself.
Now I don’t know about Wisconsin; my property is located in California. I am charging $1,500.00/month with a $1,500.00 deposit, which is in line with other rentals in my neighborhood. I pay the property management company a flat one hundred dollars monthly to manage my property. I am sharing these details with you because some property management companies will charge you and arm and a leg; they will want a percentage of the rent and have you pay them even if the property is empty, etc.
I have an excellent property management company which has licensed realtors and their own maintenance and repair crew, etc. They pay for all of the advertising and marketing because they can write it off on their taxes. Their maintenance and repair crew is excellent and reasonably priced. They interview prospective tenants in their office and do the background check at no expense to me, and then telephone me to let me know of potential renters. I have the final say based on what the property management company found in their background check. I do not meet the prospective tenants because I am out-of-state fulltime RVing.
So these are some of the things you might want to consider. As you will be full-time RVing I strongly suggest a property management company because you will not be in the area to interview prospective renters, etc., and if anything on your property breaks down, the dishwasher, etc., the property management company can handle it and let you know via a phone call what your options are, etc. Things are a lot easier with a good reputable property management company then they are doing it yourself.
