I just closed on a condo and will be renting it out. Generally, do I need permits from state/local government? Insurance?
2006-07-20 02:15:01 · 8 answers · asked by The Oregon Kid 3 in Business & Finance ➔ Renting & Real Estate
No permits. But it would be very wise to cover it against damages by the tenant. Call your insurer for that. Make sure you get a set of tenants who won't tear the place up. I live in a condo in Dallas and my neighbor rented his out. The people were asked to move out because they were unruly so they trashed the place - BAD!
2006-07-20 02:19:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You do not need any permits from the state/local government, but you will most likely need permission from the condo association.
And yes, you should have insurance. Check with a property and casualty insurance agent to get specific about your particular situation.
2006-07-20 02:20:52 · answer #2 · answered by ps2754 5 · 0⤊ 0⤋
No, you just need a condo. Don't try renting out somebody else's condo....there are rules against that. You can get your own condo at the county jail, and you might have to share it with a "Bubba"--not of your choosing!
2006-07-20 02:21:23 · answer #3 · answered by EMAILSKIP 6 · 0⤊ 0⤋
Check with your Condo Association. They set the rules you will have follow for leasing your property.
2006-07-20 02:18:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
foreclosures isn’t a call. It’s a outcome of being financially unable to make your human being loan charge. allowing it to ensue would damage your credit. As for renting to relatives or absolutely everyone else, save your emotions out of the photo. you would possibly want to get an lawyer to entice up a lease spelling out the time period of the condominium, the quantity to be paid in lease, deposits to be paid, duty for damage and upkeep, and consequences to violating the lease. you would possibly want to no longer let them pay lease previous due or violate your lease. take care of them as you'll a complete stranger in this difficulty. My own selection will be to employ a sources administration corporation who would look after lease sequence, upkeep, tenant screening (might want to the renting to relatives no longer workout consultation), and grant a lease.
2016-11-06 21:15:33 · answer #5 · answered by bhupender 4 · 0⤊ 0⤋
I would have to say probably, because if something were to happen, like a fire for example, it probably would be good for the insurance to know.
2006-07-20 02:19:05 · answer #6 · answered by Linds 7 · 0⤊ 0⤋
u dont need a permit but you must have a legal Tenancy Agreement. And the tenant must sign it, one copy for you and one for him/her.
Cheers!!
2006-07-20 05:07:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If private one is 'no'. But need to declare for your income tax and property tax would be higher.
2006-07-20 02:21:00 · answer #8 · answered by Tony Tan 1 · 0⤊ 0⤋