They are able to provide the first and last month's rent as well as $1000.00 security deposit. It is a difficult transition for me, we had lived in that house for 29 years. But over the last couple of weeks, it has gotten easier to visit the house and not become emotional. I just have to remember that we will be making more memories in our NEW home!
My next task will be to seek out an accountant. I think I am going to need one.
14 comments:
I am super happy you are renting your old home out really fast. I pray you all end up on the 'upside' of everything. As a landlord I can tell you, it isn't always easy. I think knowing your tenants can be a blessing and/or a curse. The main thing is that they don't believe you are uber wealthy because you have a house to rent -
Good luck!
Hi Borrower,
I expect it will be challenging, and actually"knowing" the renters... can complicate things.
As to whether they think we are uber wealthy or not.... They may actually have more in the bank than we do.
Regardless.... it will be interesting. I pray successful... but definitely interesting.
This is a great step though. We will be moving soon and have been going back and forth on this issue. It's a hard decision to make.
I don't think I'm cut out to be a landlord. I think I would be too stressed out. But I think the way you've handled it is great and I hope that knowing your tenants will make your job a bit easier.
My husband and his family would rent out places they owned. They only had a couple of issues with "bad" renters so given you know them pretty well, it should be smooth sailing. Congrats on being a Landlord!
Why do you feel the need for an accountant? I thought I would need one but found turbotax to be enough.
Niki,
One day after signing the lease agreement, I feel a burden has been lifted.
Jane, I was way more stressed before we signed, today is much better.
Jill,
Thanks. I am thinking positive and that things will work out for all.
Frugal sTudent,
I would just feel better and more at ease with my finances by finding a bookkeeper/accountant.
Congrats on renting out! It is also really nice that you know your tenants personally. But after watching all of the 'judge' type shows on tv, I would recommend you have a third party handle any confrontation that might arise. I doubt you will need to but it will make keeping the friendship that much easier. I had a best friend that gave me a raw deal and if I could go back I would handle things differently.
--LaTisha
Hi Latisha
I can see where a third party would be advantageous. Thanks for the suggestions.
Congrats Lisa! Quicken has a great landlord program that will integrate with turbo tax...
I hope your new role as landlord is working out well. I understand the emotions. I had lived in our previous home for 17.5 years when we moved 3 years ago. We have been renting it so I need to drop by there occasionally. Every time I go, I realize how much I miss it. The plan is to move back there someday when the kids are grown and I don't need to live in the better school district any more!
Forgot to say...I'm a tax accountant. I'd be happy to answer any general questions you have about reporting the rental on your tax return.
Congrats Lisa! Quicken has a great landlord program that will integrate with turbo tax...
My husband and his family would rent out places they owned. They only had a couple of issues with "bad" renters so given you know them pretty well, it should be smooth sailing. Congrats on being a Landlord!
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