We promised to talk about life as landlords on this blog, so it’s high time we mention our first rental property. Gammon House (Zach’s house) is being rented by our friend S and her family.
When we first started down the path of Mildred House, we thought we’d rent Gammon House by the room – Roomie would stay there, then renting the other two rooms. This meant we’d furnish the downstairs (living, kitchen, dining). We had purchased/hoarded furniture with this plan in mind.
We’d do some of the major renovations on Mildred House while still living in our respective homes, and if we rented out Gammon’s rooms sooner than expected Zach would move in with me until Mildred was ready. Then S mentioned that she would like to rent Gammon.
This threw a wrench into our plan, in the best way. Renting to a friend we trust, who already knows the house and neighborhood, is the best. Plus, this meant she’d be WAY closer to us so we could see her more!
Roomie agreed to move to the new house with us, even while it’s a construction zone. S was planning to put her house on the market and once it sold, she’d move in. We figured that meant we had 6-8+ weeks to get Mildred House ready. Well, her house sold in two days and closing was three weeks. So out timeline got accelerated and we moved in before any renovations were done (*grumble* contractor availability).
Renting So Far
Both Zach and I have had roommates, but never rented a whole house. So far, it’s been really great! A few bumps have come up (the master toilet started leaking on move-out day) but we negotiated for S and her family to handle it in exchange for a discount on rent that month. We’ve made a few of these trade-offs and they’ve worked well for us both.
S’s rent covers the mortgage, taxes, insurance and a bit extra for maintenance issues. We get to hold onto a property that’s increasing in value and S gets a worry-free house.
We know we’re lucky because we know S, but we hope all future renters will be as easy! Thanks S – hope you’re enjoying the house!