Being positive and upbeat

High Tea Waioli 004-A

Hawaii.  Red Ginger.

Last Monday, David resigned from his job as accountant, because the work environment was so unpleasant.  If he doesn’t find something better, he’ll retire.

We hope to supplement our income and savings by renting out a furnished studio attached to the main house for $950 per month.

If you read the Hawaii Landlord-Tenant Code, you will note the potential problems that landlords face.  It won’t be easy finding the perfect tenant, and I wonder if the extra income will be worth the effort.

I should discuss the pros and cons with my sisters, all of whom are landlords.  In fact, one of my sisters owns two apartment BUILDINGS with six units in each building.  Isn’t that incredible?  She is a big-time landlord, to say the least.

David and I were landlords at one time, too, but our resident manager screened the applicants.  All we did was collect the rent.

Some of you may be pessimistic about this latest venture of ours, but I prefer to be positive and upbeat.  Hopefully, everything will go according to plan, and we will have no regrets.

19 Responses to “Being positive and upbeat”

  1. Cathy Says:

    Gigi I don’t think commentors are being pessimistic – many of them like yourself (and myself) have been ‘landlords’ and realise the responsibilty and pressure that can be thrown on a person. Like you we were fortunate to have an agent working on our behalf.

    I know I at least am interested in how things turn out for you and David because I certainly ‘wouldn’t have the guts’ to do it that way so wish you luck.

    Might be a case of taking a little old lady into part of your home – shouldn’t be any noisy late night party drinking sessions – well at least you’d hope not lol

    Take care

  2. Olga Says:

    You will find the right person! It can and has been done.

  3. denise Says:

    I think David made the right choice. Having had that experience before, he saw the writing on the wall. Good luck renting out. It is a great way to supplement one’s income.

  4. DJan Says:

    Someone is hoping for that perfect place you have, and I am confident it will work out for you. Glad that David has finally let go an unpleasant situation.

  5. Christine Says:

    Good for David, he will be happier. And good luck on renting, I am sure you will do your homework on this first!

  6. Jeanie Says:

    Well, you won’t know how it will work out until you try it, and having a positive attitude about it will go a long way toward helping it to go well.

  7. Beatrice P. Boyd Says:

    Staying positive is always a good thing and besides hiu will never know how and if something will have worked out unless you try it. Listen to everyone’s comments and suggestions then make your own decisions. If David was not happy, as it seems he wasn’t then quitting was rhe best choice for him.

  8. granny annie Says:

    You will never know until you try. After all it must work for some because people keep becoming landlords. I truly wish you the best in your endeavor.

  9. Tom Sightings Says:

    A suggestion: Rather than advertising and trying to find a tenant on your own, hire a real-estate agent. They’ll take one month’s rent for their effort, which cuts into your profits, but they very likely will do a better job screening people, checking their credit, and following up on references. No, I am not a real-estate agent. I am a landlord who has had mostly good experiences, but a couple of problem tenants who at times had me pulling my hair out. I finally started using a real-estate agent. And so far, so good.

  10. mageb Says:

    You can use an agent. It will ease things greatly. Yes, I was always a landlord renting out some portion of our big houses. It was always the greatest help to have the extra money, but often the stress wasn’t worth it.

  11. Linda Reeder Says:

    I didn’t realize David’s new job was a problem. I’m sorry it didn’t work out.
    As to your renting out part of your house, I have no advice. It is outside of my experience. Eventually you will figure out what works best for you.

  12. SchmidleysScribbling Says:

    Very interesting. I am always interested in how we seniors cope with lower income and at times more outgo. I am in the midst of paying for dental expenses. Oops there goes another vacation!

  13. Karen Says:

    I don’t think you will have any problems renting the place- with the rent at $950 for a studio (cooking allowed?), only someone who has a good job is going to be able to afford it- unless you are willing to take a couple. If a single person has a job that provides him/her the means to pay that rent, then they are probably not going to be a party person etc., and instead a professional person.
    I’m not criticizing the amount of the rent, by the way- you can easily see if you are in the ballpark by checking other places which list rentals.
    We have rentals and generally have no problems- just spell everything out ahead of time- and have a written lease. I interview people and check references- both job and previous landlord. I ask for that information before I even schedule an appt to see rental unit as if someone has something to hide or doesn’t want to share that information from the onset, then I view the person as not worth the time to show it.
    I use Craigslist to advertise- easy- free – and always have more than enough people responding. Last time I pulled the ad after three days as I had 50 responses. I only showed unit over three days to people pre-screened by me. Also, I try to treat tenants the way I would want to be treated- I used to be a tenant, too, at one point, and I think that goes far in establishing a mutually respectful relationship which results in long-term tenants.
    glad David left the job if he didn’t like the environment- he’s had more than his fair share of being in a bad environment. I think he’ll be able to find something else if he wants to keep working.
    Good luck and keep us posted!

    • gigihawaii Says:

      Excellent advice! Thanks so much.
      I already created an application form and intended to give it to those who had seen the apartment and expressed an interest in it, but pre-screening applicants over the phone is a great idea.

  14. Karen Says:

    Also, re: the suggestion to operate as a B&B – much more work with getting rental ready for check ins and cleaning up after check outs(although perhaps less wear and tear than a long-term tenant), but you need a permit to run such an operation – not required to have a tenant in your house.

  15. Beatrice Says:

    It is so difficult to get good tanents here, too. You have to be very careful – wish you luck! 😉

  16. marmeladegypsy Says:

    Good for David, resigning. If you can afford to do it, it isn’t worth the stress. That’s the key reason I retired last September (health issues, too, but things have been good of late). It just isn’t worth it so long as you can manage.

    I think I mentioned my partner Rick rents the other side of his duplex. It has been helpful in getting the house paid off and covering extra income when his own business is slow. I wish you all good fortune!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: