I'm interested in renting out a house I've lived in for the last 7 years. I would like any help with some of the fine details on being a landlord. The likes of say, contracts, duties, ect... Anything would be helpful at this point.
2006-08-06 14:09:02 · 11 answers · asked by Russ O 1 in Business & Finance ➔ Renting & Real Estate
take my advice. my family has had several rental properties for over 40 yrs.don't do it renters are slobs, you can't get them out'the laws are slanted to renters rights.they travel in packs on group moves out another moves in. anyone tells you being a landlord is easy money is a liar.
2006-08-06 14:16:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
2
2016-07-19 18:56:05 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Well, you will want to rent for about 100 dollars or so more than the mortgage costs, for improvements and repairs, and add to that 1/12th of the property taxes every month, just to make ends meet. The amount you charge over that, is profit.
Make sure you put every rule you can think of to be safe, in the rental agreement. More to come
Okay it might help to hire a real estate attorney to draw up the paperwork. There are also websites that can help, also:
http://www.citicredit.net/tenant_screening.html
Try doing a search of leasing/ property management companies in your area. They are usually looking for more properties to lease out, and can be very helpful, in getting your place rented, etc- and doing all the paperwork and stuff. Search "leasing and management" and your city name, also in quotes.
Good Luck!
=)
2006-08-06 14:13:50 · answer #3 · answered by ♥ Krista ♥ 4 · 0⤊ 0⤋
your best bet is to contact your local Landlord and Tenant's Act. They will give you the pertinent information. They will also help you with tips on looking for the right tenant, what you can do about references, first and last month's rent, and security deposits. As for contracts, you may want to consult a lawyer...it is not easy to evict a tenant without resonable legal cause
2006-08-06 14:27:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your local public library should have all that information...including legal documents and forms... Whatever you do...make sure you get potential tenants credit reports...and dont fall for any of their lame excuses to hide their bad credit... You should not care hi/her mother was sick or die and for that reason their payments were late...All that is rubbish (caca)... Verify employment by showing up at their place of employment...dont call on the phone they will have a friend lying for them... Go with your instincts after you have done all of the above.... Evictions are time consuming and expensive in most states. I use to be a landlord and got burnt too many times for being compassionate...ans dumb. Best of luck!
2006-08-06 14:25:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Rent-To-Own Homes : http://RentToOwnHome.uzaev.com/?bppz
2016-07-12 15:18:24 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Look up the Land Lord Tenant laws in your city and state and the Warranty of Habittability that you as a land lord would be held too.
2006-08-06 14:15:26 · answer #7 · answered by smurfettewv 2 · 0⤊ 0⤋
I searched on google.com and came up with these web sites. You also need to develop a relationship with a special attorney as you'll more than likely be needing one. You need to ask him about your state's requirements as to your expectations because the laws differ from state to state.
http://www.atg.wa.gov/consumer/lt/textonly.htm
http://nail-usa.com/
http://www.mccurrielaw.com/CM/FSDP/PracticeCenter/Personal-Injury/Premises-Liability.asp
http://www.unc.edu/student/orgs/sls/pages/topics/landlord_tenant.htm
2006-08-06 14:20:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You should be able to find all you need on your states website.
2006-08-06 14:13:18 · answer #9 · answered by Crystal L 3 · 0⤊ 0⤋
Go to your local library.
2006-08-06 14:14:29 · answer #10 · answered by NFCsouthchik 2 · 0⤊ 0⤋