My wife finally sold her home outside of Boston about 6 weeks ago. She's in the process of completing a 1031 exchange for a couple of new townhouses (we live just south of Knoxville) which we'll close in about ten days. It's been awhile since we've screened potential renters and would like some input regarding the best online product(s).
We rented the Boston home to the same family for 13 years. While they always paid the rent, we struggled with late payments, bounced checks (early on), and a general dis-connect with the tenants. Plus, being 900 miles from your rental was a real pain in the neck. Fortunately, we came to an agreement to sell the home to them. From this experience, I've learned I don't ever want to rent to people who don't pay their rent in a timely manner. Also, we have the financial means that we can wait as long as we have to, as one will be paid for, and the other will be financed at 50% of the selling price.
Years ago I used a program that issued a green, yellow, or red light which protected the confidentiality of the renter's credit file, but let the landlord know they were good to go, so-so. or no go. I don't remember it and can't find it. That said, I'm sure there are several excellent products out there...I just don't know which one is preferred.
As I said, the townhouses are brand new. 2 story, 1950 square feet, 3-2-2. New, 3 bedroom apartments about a mile from the townhouses are going for $1900...so we'll be a bit north of that.
Any input, thoughts, perspectives, opinions are solicited.
Final caveat....I'm 65 and about to retire. My wife is 60. The last thing I wanted to do was to become a landlord again. However, if we didn't do the 1031 we were looking at a 6-figure tax bill to our favorite uncle in D.C. and his cousin in Massachusetts. Fortunately, this will be the first time we'll own rental property within ten minutes of our house.
Thanks in advance for your opinions.
We rented the Boston home to the same family for 13 years. While they always paid the rent, we struggled with late payments, bounced checks (early on), and a general dis-connect with the tenants. Plus, being 900 miles from your rental was a real pain in the neck. Fortunately, we came to an agreement to sell the home to them. From this experience, I've learned I don't ever want to rent to people who don't pay their rent in a timely manner. Also, we have the financial means that we can wait as long as we have to, as one will be paid for, and the other will be financed at 50% of the selling price.
Years ago I used a program that issued a green, yellow, or red light which protected the confidentiality of the renter's credit file, but let the landlord know they were good to go, so-so. or no go. I don't remember it and can't find it. That said, I'm sure there are several excellent products out there...I just don't know which one is preferred.
As I said, the townhouses are brand new. 2 story, 1950 square feet, 3-2-2. New, 3 bedroom apartments about a mile from the townhouses are going for $1900...so we'll be a bit north of that.
Any input, thoughts, perspectives, opinions are solicited.
Final caveat....I'm 65 and about to retire. My wife is 60. The last thing I wanted to do was to become a landlord again. However, if we didn't do the 1031 we were looking at a 6-figure tax bill to our favorite uncle in D.C. and his cousin in Massachusetts. Fortunately, this will be the first time we'll own rental property within ten minutes of our house.
Thanks in advance for your opinions.
