No. of Recommendations: 1
Our plan is to have a renter pay our mortgage and repair fund, and keep the house as a long term investment.

"Everyone has a plan 'till they get punched in the mouth." -- Mike Tyson

Have you checked with the renters, and are they eager to pay your mortgage and pay your repairs?

Do you have plans for when [true story which happened to me] your renter calls you Saturday afternoon and says "the kitchen sink has backed up and flooded the floor and all we did was pour the grease down the sink every time we cooked fish the last few months"?
Do you have *ANY* idea how much congealed Crisco can get trapped in a 25 foot run of 2" drainpipe? And how much a plumber is going to charge you to fix it? Including the weekend & especially the Sunday surcharge?

Before you decide to become a long-distance absentee landlord, do your research and take a careful look at articles/papers/books that discuss the bad side.

You don't want to end up like my son's father-in-law. When they left Whidbey Island for Chicago they put their house there up for rent with a local RE property manager. Three years later, they lost it to foreclosure and then their Chicago house because all of the money they put into the Whidbey house trying to keep it.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.