Of late we've seen several TOSC members buying homes before they can move to Sun City permanently. It brings back fond memories of those days we suffered through the long wait. Of course we wanted to be here, but the good news was we rented out our place during those winter months. Even back then (99-03) we were getting $1800 a month (for 4-6 months) which covered our annual cost of ownership. The bad news was we couldn't use the house during the exact months we would have loved to come. The good news was my folks lived here, and they had a spare bedroom. We took advantage of it as often as possible. The only downside was when we drove by our place and we'd tear up, longing for the day. What's even more interesting is all of this talk of buying has got us looking again. Nope, not selling the compound, but the idea of buying a smaller place and renting it out seems to make sense. If we can cover our costs by renting during the winter months, we could then start to convert it for the day we want to downsize. 3000 square feet is just a lot of house and while it suits our needs today, 5 or 10 years from now it will just be too much. We looked at two homes yesterday, neither which worked for us, not looking for another home to remodel. Consequently we are looking for homes already done. One of the more interesting features is to see when a home last sold. There are several that were purchased in June and July of this year and are back on the market already The on-line pictures really look good (which doesn't mean much), as they have clearly remodeled the kitchen and bathrooms and added new flooring. The problem for me is they are flippers and the prices are generally 70K more than what they sold for a month or two back. My guess is they put 30 grand into the remodel and are looking for a like amount of profit. Just seems high when you consider a buyer could do essentially the same thing at half the price. The bigger question is; how much can a furnished home get in rent? We know the rental agencies have diddly-squat for inventory and the demand is far higher than they will ever be able to cover. I've told my wife (and of course she doesn't see it that way), rents on a nicely appointed 2000 square foot home could run as much as $2000 for a 6 month rental. What's even more intriguing is the idea of going monthly. I think we get as much as $2500 a month (certainly for January, February and March). November, December and April would be less, but not a lot. So, what do you think? If you did or are going to buy, is renting in your future or would you just as soon save it for your convenience?
I'd like to put mine up for rent but I'm having trouble finding a contractor/handyman to remove one wall. It really needs to go. I've had 2 of the say ok and then bail on me. I have guys to update the electrical, plumbing and painting etc. But I can't find anyone to remove a wall. Anyone know someone decent who might have time? Its not a huge job and I don't need them for a month or so. I've called everyone already recommended but no luck yet.
Have you tried J R Hochstetler C ? He did our kitchen and is wonderful. I know he starts to get busy but a job like yours might be a simple in and out before the hoards start pouring back in to town. You can reach him at jrhochstetler@cox.net . If you want his phone #, pm me. Yours will be a prime rental, being on the lake and all.
A couple of years ago I considered purchasing a place to rent. Then I decided I did not like the idea of being a landlady.
Try Albrecht and Son. They seem to do a lot of work in SC. 623-876-0550 They are going to do some work for me.
I've been a landlord for 30 years now having 2-4 units for rent at one time. I just sold my rental units and I'm happy to be out of that game. The main reason I want to rent my home in SC is because I think it's better for a house to not be emplty for 3 years. Houses need people in them. I'm used to maintaining rentals so I could do it again if I had a good reason but I'm not planning on that in SC.
Renting in Sun City is different and for the short term, it's almost like giving people a gift. Here's why, first off the renters have to be 55 or older. But the bigger issue is that in many age restricted communities, you either can't rent at all, or are limited to longer periods of time. Cynthia is right, leaving a home unattended for any length of time isn't something I would do, but plenty of folks do. The good thing for those who do let them sit empty is the monthly costs are minimal; given taxes. rec fees and upkeep. I would struggle knowing with short term rentals I could be picking up $2000 a month; especially knowing people renting will be taking pretty good care of it. And for those absentee owners living a long way off, there are companies that will oversee the rentals for a piece of the action. The thing is, there are virtually no single month rentals available. While that would compound the work load, it would be fun to see more of those available. I'm surprised some aggressive realtors haven't bough a couple of homes and gone to weekly rentals in an effort to attract potential buyers from out of state. Albrecht does do a lot of work in Sun City, so i'd give them a call. I also sent an email to J R questioning why he'd treat a friend of mine that way.
I'll tell you the reason I think people only rent for 3-6 months minimum. It's the furniture. If you put furniture of your own in the house you need to maintain it. So many landlords do the rental furniture bit. And those places rent in 3 month contracts. At least that's what I found in Phoenix. Most people renting short term want it furnished. And then the turnaround and clean time is not too good if only one month.
Bill, I know a good realtor in your area if you need one. PS, don't do it. Being a landlord is likevwork.
I've worked with Dana Normand for years and I'm NEVER disappointed, no surprises and the job site is always cleaner then when they started !
It's not like work, it is work. Sometimes you can go for months just collecting rent and all is happy with the wallet. And then there are those years where everything hits the fan. Things breaking & people complaining and such. Even worse I had my rentals in a rent control city. I won't elaborate, but, not fun.
Quite a few of the people in my condo association leave for the entire summer. I've checked with the Posse and, Yes, there are more burglaries in the summer. If you let Posse know you will be gone, they will check your house. Of course, us neighbors watch out for each other.
No problems here with any rent controlled city C. As we get closer to closing, I find myself laying awake at night figuring how to rent the house out. I'd love to do it by the week, opening the doors to those who want to try Sun City up close and personal. The challenges with that are almost too long to list, so reality will probably set in. Ideally we'd find a 6 month rental, November through April. In that we won't own it till the end of the month, we don't even dare start marketing it till we do take ownership. Jan, Feb and March will be no problem for sure. The other three months will take some doing, perhaps getting creative on the pricing. It will be nicely furnished, and in all likelihood will have wifi, cable and phone included in the rent. I may even add a golf car if we can work out the insurance end of it. Should be interesting, if nothing else.
