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Author Topic: Slum lords of Woopig...  (Read 443 times)

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Offline pinkphiloyd

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Slum lords of Woopig...
« on: May 20, 2020, 02:24:45 PM »
So, I just got this job offer in Tulsa.  It's not exactly my dream job, but it's pretty darn close for a first gig.

The thing is...we love living in NWA.  And we love our house.  And we love having a few acres, and we really, really, love being a 3 minute drive from Beaver.  So, we really don't wanna uproot and sell if we don't have to.

I have a second interview with a local company next week.  I thought the first one went very, very well. But...I'm nowhere near as interested in the work they do, and the starting pay, if offered, is going to be $6500 a year less than what I'd make in Tulsa.

Trying to make myself get to the point: I think I'd feel a whole lot better about accepting the Tulsa gig if we could maybe keep our house here and rent it out, the idea being that we could move back home in 2-3 years after I've got some experience and more opportunities open up for me here.

Does this seem:
a.) feasible (How would one go about the responsibilities of owning rental property that's a 2 hour drive away? I've heard all kinds of anecdotes about what a nightmare having rental property can be.)

and

b.) reasonable, if so?  (Somewhere there's a quiet voice in my head telling me that we're being totally ridiculous; that we should just move, and when we're ready to come back, we'll almost certainly be able to find a new house that we love just as much, or even more.)

So, anyway. I just thought I'd turn to Woopig, the ultimate repository of knowledge and wisdom, for thoughts from anyone that might have experience with this kind of thing.  Adulting is bullshit.  I'm not cut out for it.


Offline uagrad2007

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Re: Slum lords of Woopig...
« Reply #1 on: May 20, 2020, 02:29:29 PM »
There are management companies out there that will take care of it for you.  One in central Arkansas I know of charges 10% of the rent.  They will collect and send 90% to you.  And, if the renters move out, they don't get paid so they actively look for renters to move in.  That might be worth looking into since you will be a couple of hours away. 


Offline bleedinred

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Re: Slum lords of Woopig...
« Reply #2 on: May 20, 2020, 02:38:49 PM »
a) I wouldn't own rental property 2 hours away.  I know people who do it and it works fine but I am just too damn lazy to manage something like that (and too cheap to pay a management company).  I have rental property a few streets away from where I live now and it is awesome.

b) I left Arkansas in 2001 with the thought that I would start my adult life and then come home. Nope.  It is true that you can buy a new house but salaries, career opportunities, friends, and wife/kids can enslave you to a particular location.  My advice is before you leave make sure you're mentally okay if you never go back. 

2 hour ins't a huge hurdle today but with every drive it becomes a little more painful.  Add kids, wife, general adult responsibilities and you won't make it as much as you might think.

Riding in seat #1 on the Muss Bus.

Offline Barton Fink

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Re: Slum lords of Woopig...
« Reply #3 on: May 20, 2020, 02:43:35 PM »
Always a rough call when relocating. Good things is Tulsa isn't far away and you can probably routinely make trips back. I always looked it as what I would regret the most for what I didn't choose. Would you regret not taking the job more than not staying in NWA?

<--- I'm with him

Offline acater

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Re: Slum lords of Woopig...
« Reply #4 on: May 20, 2020, 07:23:08 PM »
I know a great company in Bentonville that could manage it. I would highly recommend renting it out. He would come look and tell you what it would rent for. They manage 700 homes and typically have less than 10 vacancy’s. PM me for his info.

Everyone that has told me what a nightmare having rental properties is also bitches about every other part of their life.

"I hate you Acater!"- Otis Kirk

"What is he undermining exactly? You know, what democratic freedoms have been undermined?" Crenshaw asked. "We just had an election where we switched power in the House. Democracy is at work. People are voting in record numbers."

Offline DRYANKNPULL

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Re: Slum lords of Woopig...
« Reply #5 on: May 20, 2020, 08:05:35 PM »
I have always used a management company. If you use a good one, there is no situation that can arise that they haven’t seen before and can take care of it quicker and cheaper. I have a duplex that I’ve never seen.


Offline Swahili Steve

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Re: Slum lords of Woopig...
« Reply #6 on: May 20, 2020, 08:08:50 PM »
I rent my place back in arkansas. If you can get a decent renter who will lease for two years do it. I do not pay someone to manage it as it’s not worth it IMO. I have a appliance handy guy on call when I need him, and another handy guy and several other contacts I call if there are issues. You can easily put the place up for lease on Zillow or cozy and they both have rental application and background checks your renter can go in and do themselves and sends to you. I make all tenants pay via ach or Venmo ect

Once in Yamsylvania, we had the potato famine. Which did not upset us because, hey, we eat only yams! Then we realized it is better to starve on potatoes than eat yams. We became so poor we had to raise monkeys for their fur. OK, we raised them for their pleasant smell and many tasty parasites. The kids today, tell them about parasite stew, and they look at you like you're some kind of nutty man, crazed from yam poisoning.

Offline pinkphiloyd

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Re: Slum lords of Woopig...
« Reply #7 on: May 21, 2020, 09:18:22 AM »
I'm gonna make the wife read this thread then we're gonna stress out for a few days and figure something out.


Offline razorwire

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Re: Slum lords of Woopig...
« Reply #8 on: May 21, 2020, 01:40:04 PM »
I am sure Senior has passed by now; but, John Box Real Estate managed a house we owned while I was in school at the U of A when we moved away for a few years until the couple that were renting it decided to buy it.  He did an excellent job and was exceptionally honest.


Offline HRC

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Re: Slum lords of Woopig...
« Reply #9 on: May 21, 2020, 02:45:35 PM »
I'm gonna make the wife read this thread then we're gonna stress out for a few days and figure something out.

That sounds like a quote from The Invention of Lying.

A lost chicken?  A chicken?  In the woods? - ElvisHog - 2/4/2004
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Offline TexZilla

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Re: Slum lords of Woopig...
« Reply #10 on: May 22, 2020, 01:52:20 PM »
There is much wisdom on these posts and it really comes down to what’s best for your family.  In one of the earlier  posts the advice of being prepared to never move back. I think that is very good advice.

Look in the mirror.  Some folks should never move away from their home, while others live the adventure.  I dragged my wife from Memphis to DFW to Jackson MS to San Fran to Portland to Denver back to DFW.  We moved to all for jobs and had the intention at each to hopefully make it the last stop, and dove into the local community.  I got a lot out of it and we nearly ended up in Seattle, Chicago, Minneapolis, Bentonville, Spokane, Albuquerque, Charlottesville, Houston, San Diego, New Jersey, and Madison WI.  For most of it we saw it as a adventure but most of it was after kid was grown. 

I relocated a lot of coworkers as well and learned to make the questions on this the most challenging part of the interview.  I always wanted to meet the spouse on the interview trip.  Sometimes you had to probe to see if the coolness of the job or the move was clouding their decision.  The tough ones were where the ties to home were so strong you knew it would affect their move.  And it seems that every time I went against gut and made a hire anyway the issues came fast and usually moved to a resignation.  Sometimes the house curiously wasn’t selling in a hot market, the wife went back to her parents all the time, the kids hated school, and boom I’m going home for Christmas and not coming back. 

How tied are you to NWA?  I think there is a lot of credence to finding a place to live you love and then find a job there that enables you to stay there.  My parents loved NWA so much they left their only child and grandchild in Memphis and moved to Rogers.  I understand your dilemma.

Tulsa is a very nice town.  Lots of money there.  Would you dive into being a Oklahoman or be driving home every chance you could and complaining about every little thing and comparing it to “home”.  Home should be wherever you and your wife are.  And where does she want to be?

The other thing is what would you do if in three years you get a great job offer but it’s not NWA but Phoenix or Chicago or Tupelo, MS? Is the job that important to move or not.  Looking back there are many times I wish I had stayed in DFW in 94 and found jobs to remain here. 

The sell or rent question is yours.  I have friends with similar resumes as mine who kept their houses and have rentals around the country.  They are all better. Financially than me.  Some use management companies and other diy it.  My suggestion is if you can afford it keep it and rent it and use a management company and learn from them. You might find you can later manage yourself.   
Good luck!  Congrats again!