[ConeyIsBabe]

As I sit in Oregon and think about my options.... (can't sell right now), (could wait until :dontknow: I sell), would it be practical buy property in TV now and rent it out, or let it sit vacant with a manager -- that's where I need some advice.

To all the TV landlords who don't live on their property (except to visit occasionally) if it's not too personal, may I ask for details - like who manages your property? What's the bottom line on cost for management? Assuming the property is F&C, can I assume total maintenance runs around $1,000 per month PLUS the management fee ?

As I recall reading somewhere on TOTV..... some people who do this, break even if the place is rented, if not - what would be a realistic figure for the cost of this endeavor?

THANKS for any answers ;D

[barb1191]

CIB...

We don't rent our TV home but I can offer this scenario, if you haven't already given this thought. If you are able to buy in TV while still owning in Oregon, how about the idea of renting Oregon and settle permanently in TV?

As I recall, you have someone living on your premises in Oregon that may be able to manage the property for you. Yes?

Just a thought.

barb

[ConeyIsBabe]

barb..... I do have someone living on the property who look after it, if I were to rent in TV for a month or two, but I would NOT consider renting out my house to tenants. Just exploring all my options. Thanks for the suggestion.

[Lil Dancer]

We had a patio villa about 5 years ago that we used to rent out. We stayed there a couple weeks a year and would check things out at that time. Otherwise, we hired someone to come in and clean after each tenant left and she would tell us what needed to be done. We had someone responsible doing the lawn, etc. So there really wasn't much maintenance to it. It was a great deal back then, because of the tax write offs, and because we were able to rent it about 10 months a year. Now, there is so much competiion - people have homes they haven't been able to sell, etc., that unless you've been doing it for awhile, and you have repeat customers, you might be able to rent only during the high season. Don't know if that would be profitable for you after paying all the expenses.

[wlou]

I am an absentee landlord as of last DEC (2007). The total costs I have spent so far...( I have a 3BR Wisteria designer ranch house) Electric 577.00, Gas 200.00, water/sewer 577.00, telephone 239.00 lawncare ( incl mowing and all spraying which you have to do here) 685.00 (that was paid all up front for the lawn stuff.) .. We are using the villages prop mgmt and it has been wonderful. Most of the renters have been on the Lifestyles preview tour and b/c of that , our home has not had hardly any wear and tear at all... We did not get it ready for rentals until 3-01 so missed out on the "high season" of Jan, Feb..The total (net) rental income after cleaning costs and prop fees that include when we have been down, equal...$ 4600.00 so far. When you go down as a "renter " in your own home, you have to pay the 20% fee that they would normally get. That way you stay within ALL guidelines for a rental property in the eyes of the IRS and can go whenever you want and as much as you want. That Part was VERY important to us. If you just rent out on your own, you have to be careful.IRS rules state that you can only go down to your property 14 days or less for "Maintenance"...Anyway, I hope all this helps as I remember how much stress it was figuring out what to do. ???We still have our home up north here and bought because we love TV..I say go for it! Especilally now while the prices are so reasonable..We have not regretted it. The rental income has not paid the moprtage at all but as you can see, is covering everything else. The added plus is their is no long term tenant AND TV property mgrs check on your place at least once a week and stay in touch with you..Good Luck and I hoped I helped!

[ConeyIsBabe]

Lil Dancer & wlou....... THANKS for the information; you have answered a lot of questions that were in my mind. There does seem to be a lot of competition in sales and rentals :

[MelZ]

CIB:

We have been renting our Courtyard Villa in Hadley using Property Management since late March of 2008. We are very happy with the Property Management team and the rentals to date. We visited TV in June and the house have virtually no wear and tear.

Our premise was to minimize negative cash flow until we retire and we are happily achieving that. Since we are still working I anticipate a nice tax write off for 2008 which will offset most of the negative cash flow since we missed all of the high season.

Previous poster gave a excellent synopsis of positive for using the system with TV property mgmt. I have friends who do their own rentals and have had much worse results ( slobs basically) with longer term rentals.

Hope this helps

[Peachie]

Oooohh, so much good information provided in this landlord forum. Thank you for explaining your experiences, all I need now is the pill I can take that will make me want to share our nest. Sigh, I'd better find that pill if we continue to maintain two homes and totally pick up the tab for our health insurance for the next 4-5 years. :

[784caroline]

wlou
Are you certain about using your property for 14 days for "Maintenance"? Its my understanding that you can use your property for 14 days outright for "personal" use but you could still make "maintenace trips within reason and still be under the IRS rules.

[Pookirgirl]

We did own a Courtyard villa there a few years back which we purchased specifically as an investment property. Well, as first time investors, we were ignorant to a few things. First of all, we purchased a 2 BR, 1 Bath home. Big mistake. The one bath really put the "kabotches" on the rental. Everyone wants 2 baths it seems. So, the rental history was NOT good. We had it in TV property management hands and they get 15% right off the bat. It also seemed somewhat ridiculous that our house was sitting empty most of the time and when we wanted to come for a visit, we had to pay them the percentage!
TV property management team does a good job as watchdogs but there are many private people there in TV that will do the same thing for a lot less money. Ask around!
Also, if you do decide to go with TV PM, they give you a very specific list of things your home MUST have before they will rent it out for you.

[wlou]

Tax advisor ( from 2 years ago!) said, 14 days personal use, then a small min for Maint.., BUT , he did say the IRS was VERY sticky with that..he said if you are found to have used the home more than 14 days in a calendar year, the IRS would ask for all kinds of receipts and they are extremely strict with that.Also said, be very careful if a friend, or non business person was your caretaker, questionable in their eyes....So, first hand knowldge? I have none, just what this fella told us, .. so if anyone out there knows FIRSTHAND, lets hear from ya! There must be some CPA'S on this board, active or retired...

[MelZ]

Wlou

Prior to putting my home in the property management program I spoke with my CPA and I also conferred with a friend who own rental properties in the Atlanta area. If I didn't know better I would have thought you talked to them because both gave me the same advice not to exceed 14 days or 10% of rental days per year. They also suggested I keep good records of expenditures for the Schedule C.

[livsea2]

Originally Posted by Pookirgirl

We did own a Courtyard villa there a few years back which we purchased specifically as an investment property. Well, as first time investors, we were ignorant to a few things. First of all, we purchased a 2 BR, 1 Bath home. Big mistake. The one bath really put the "kabotches" on the rental. Everyone wants 2 baths it seems. So, the rental history was NOT good. We had it in TV property management hands and they get 15% right off the bat. It also seemed somewhat ridiculous that our house was sitting empty most of the time and when we wanted to come for a visit, we had to pay them the percentage!
TV property management team does a good job as watchdogs but there are many private people there in TV that will do the same thing for a lot less money. Ask around!
Also, if you do decide to go with TV PM, they give you a very specific list of things your home MUST have before they will rent it out for you.





I am curious, is there anything out of the ordinary that they require you MUST have? Or pretty much things you would need anyway to provide renters? For instance, the place I rented they had only one 19" TV in the entire house. In this day and age I think that's absurd. Also no music at all, no radio, CD player or even phonograph player (not that I would have anything to play on it!) Those type things I think should be provided but I digress back to the point. What were the types of "must haves" please. Thanks.

[784caroline]

Mlou
I agree with the 14 day rule BUT the way you stated it earlier yuo said it was for maintenance. Its 14 days for personal use. I you need additional maintenance periods and you can demonstrate the need (within reason) you can use it.

[Pookirgirl]

Livsea2..I did make an error in my post. I said TV property management charged you 15%... when it was actually 18%! It might even be more now. That was a few years ago.
They make quite an extensive list that they require you have in your rental home. I don't remember exactly but when we purchased the home, it was turn key and a former model home. We still spent a thousand dollars putting required items into it. It did require one television but we did purchase one for the master BR as well. They asked for an alarm clock for each bedroom so we purchased alarm/radio clocks. You did have to supply telephone service but they strongly suggested that it be hooked up just for local calls. We had an electric garage door opener installed. Rugs were required in front of each and every door opening going outside. There is a requirement of a minimum of drinking glasses, wine glasses, dishes, plates, pots, pans etc. Appliances required were toaster, iron and ironing board,flashlight. Also, we had to have emergency lighting installed. Bathrooms had to have a minimum of ...I think...6 towels, wash cloths,hand towels. The list goes on. I think it was two pages. We did use another property manager (privately) and she only charged us 10% per rental and when we came down to stay, we did not have to pay anything. Other things to consider is: you must have lawn service as well as bug protection. It does add up. We were also charged for cleaning services between tenants!