What does it take to rent off a house?

Question

Are there any specific papers or licences i need? What am i required by law to do as a land-lord? What should i do if i plan to rent property to someone? Does anyone who has experience have any pointers?

briman- thanks for your "answer"...

Answer 1

In most jurisdictions, you only need a license if you have multiple properties to rent out; check with your local landlord/tenant affairs court to be sure.

As a landlord you must make sure the property and everything that comes with the house is in good working order. You're also responsible for the "long life" assets of the house--- the appliances, plumbing, etc; so if something breaks, you have to fix it. You should put a clause in your lease about misuse or intentional damage, though, so that your tenants are not dropping bowling balls in the bathtub and needing a replacement every week. The house has to be habitable--- there has to be running water and heat.

Your tenants pay all the utilities other than water. The water bill stays in your name and you should build the cost of water into the rent. The tenants should get their own accounts for cable, phone, etc and pay the company directly.

You must maintain insurance on the property, liability and fire, but your coverage will rarely cover the tenants' belongings. If you're a nice landlord, you'll explain this to your tenants and encourage them to get a renter's insurance policy. That way, if there's a fire or they get robbed, etc, they're covered.

And you must make sure your tenants comply with any Homeowner's Association or Civic Association rules, if you have those where the house is.

Make sure you are clear about the security deposit-- how much it will be, how much interest it will earn (because in most states you have to pay interest on the security deposit), and how long it will take to get the deposit back.

Answer 2

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Answer 3

You need to draw up a rental agreement which is a contract between you and the renters-otherwise if they fail to pay rent or cause any damage you have a harder time if legal action becomes necessary. The rental property states naturally the monthly rent, what they are responsible for if they damage any property,Usually the first and last month's rent is due at the first payment and there is a security deposit amount also due in the 1st payment. You should also state your restrictions on any physical changes they may think of doing such as painting -either none at all permitted or to consult with you first.It should also be specific on you rules concerning visitors and overnight guests-there should be a limit of the time allowed for company to stay with them(up to you but usually approx 2-3mos. ) before there will be a specific amount added to their rent. By law you are required to keep the house livable-responsible for repairs unless you take amount of the rent if they repair but 1st consult with you,all rodent and bug control-chk with your County Health dept, also all sewage , plumbing etc. There should also be specifics about pets and if you allow what type and how many-cjk with County for each county has own limit and if you do allow then a PET SECURITY deposit is collected with the 1st payment. Your County should also be able to tell you more specifics on what's required.

Answer 4

You can do what my landlord does; Ask to be paid in cash at the 1st of the month. That way he doesn't have to claim it or something like that.... and he never fixes anything in the house either. :P Rat-bast**d slum-lord.... oh well.

As for the specifics of what you need to do by law, you need to check up on the laws local to your area.

As for pointers, I'm an 18 yr old kid and i can tell you to get on paper an agreement or some other such legal thing to cover your *** should the renter cause damage to the property. Have rules and regulations so you can go back should there be a problem and say "Well, it's right here on paper with YOUR signature, that if your cat tore up the carpet the repairs would come out of your pocket should you move out with it in poor condition..."

You might want to have "no pets" in the main agreement for the house (as they cause the most damage). I'm a renter, and we're going to have to repair the carpet cause of cats clawing it, dog AND cats peeing on it.....oh my.....plus some of the wood flooring got messed up somehow. But our landlord still says we're the best he's ever had...(god I'd hate to see the guys before us lol)

Well, i hope this helps, and good luck to you! :D

Answer 5

you don't have to do anything but tell them how much and rent it but that is not a good idea.

you should have a rental or lease agreement and it should be in writing, the laws about deposits vary from state to state, some areas require you put it in a bank account and give the renter the interest at the end of the year, many states don't require that.

Check references, past landlords, job and so on.
Get to know the court clerk and the rules for your area to evict the person.

have enough money in the bank to fix things that go wrong, hot water heater, sewer and so on, because you have to fix it right away if he goes bad.

Answer 6

Go to: http://www.thelpa.com/lpa

This site will tell you alot of information - such as: The Landlord Protection Agency welcomes you to the art of landlord protection through safe, effective, profitable property management. What's The LPA about? We prepare you with an arsenal of specialized landlord tools, lease agreement, rental application, key rental forms, plus powerful nitty gritty landlord knowledge for your protection!
Join The Landlord Protection Agency in upholding a winning philosophy and code of ethics among landlords, property managers and real estate rental agents in dealing with tenants. Learn How to Eliminate Tenant Problems! We offer a wealth of landlord experience, and many valuable resources and services including:

Free Landlord Forms (Downloadable)
Essential Landlord Forms (Downloadable)
Landlord Q&A
Report Tenants to Credit Bureaus
Landlord Tenant Law


Good luck

Answer 7

the first step is check w/ your city - in Mesa arizona you can be fined $1,000 for every month you did NOT designate your property as rental......

Go to the Secretary of State in your state website....that's the very first step.

I have a rental property and have successfully evicted and re rented all without attorney assistance.

Look for a Landlord Tenant Act for your state - here in Arizona, landlords are REQUIRED to supply a copy to tenants!

Answer 8

Check credit history and criminal background at least.