Involved In Real Estate · Vancouver , WA · Member since 2014 · 13 posts · 4 votes
I am a new real estate agent and am looking into purchasing my first home. I have a family and have been looking at homes with basements that could easily be turned into two units in the future. In the next 2-3 years we plan on moving abroad for a couple years, and idealy I'd want to be making some profit from my rental if possible while i'm away. Is this possible or unrealistic? any other advise on rental properties is welcome as well.
Retired Landlord/Author · Commerce Township, MI · Member since 2012 · 1k+ posts · 1k+ votes
11y
The rule of law is never rent to family or friends!!!
I never recommend out of state landlording unless you can find a great property manager, but half the time they aren't so great.
We as people, a human race, can like our co-worker, think our neighbor is a nice guy, have acquaintances and think they're great, but don't understand that once we rent to them they become TENANTS. They no longer become your family and friends, or the nice guy next door, or the wonderful co-worker. They are almost like Jekyll and Hyde. (I wrote a blog about this called the Tenant Phase)
Nobody knows another individual as well as a Landlord and that is the problem. Anyone other than a landlord cannot understand the reason why we could evict someone just because they don't have the money to pay their rent. Or refuse to let a pregnant woman live in our home without paying rent because she's pregnant, or evict someone around the Holidays! (SCROOGE). We are viewed as uncaring meanies who only want money. Not too many people view our Industry as a job. And that includes the media and the courts.
So I say to you, I wouldn't do it if I were you. You want to be happy while you are abroad right? Being a landlord entails worry and responsibility, being on top of things, no matter if you live next door to your rental or live abroad. I'd rather live close when trouble happens, not far away.
I don't mean to dampen your hopes, but this is the truth, and because I want to help you I need to tell you the good the bad and the ugly.
Involved In Real Estate · Vancouver , WA · Member since 2014 · 13 posts · 4 votes
11y
Hi Nancy :)
Thanks for your response. I've been filling my brain with podcasts this past month and find my future plans are changing. I also completely understand where you're coming from.