Are there any tips for renting out a home?

Question

We have been trying to sell our home for several months. We are upside down on it and cannot mark it down any further.

We tried to to the contract to deed, but it was so expensive after the lawyer and title company fees.

So, our only option is to rent it out and re-coup some expenses. We have found a renter who is willing to pay what we have asked. I am going to go to Office Depot/Max to get renting forms for the contracts. Any other suggestions (CHEAP, sorry but it IS a factor here, especially after paying two mortgages for a year) would be welcomed!

Answer 1

Let the management company deal with it. Tell them what you need and want. Sure you have to pay them 16% of rental income but it will give you a peace of mind. They will find the right renter for you, do the background check, and generate the lease agreement.

Answer 2

There are many many things you can do,

But check the tenants referrences, not once but 3 levels deep, as in check the initial referrences, then ask those you talk to, for more referrences that know the aplicants, then check those, and do the same thing one more level.

But once this is done,

you may want to offer the property to you new found tenant, as a rent to own proposition, by which you may be able to ask a little more rent Say 10 to 20 % more and allow this money to go towards a downpayment somewhere in the future (you need to establish how long they have to commit to purchase) and at the end of this period you appraise the property, and establish the sale value and complete the sale, or if the sale does not go forward, return upwards of 50% of the extra monies you collected (your choice, as part of your contract with your tenant)
This way, and either way your tenant chooses, they have an incentive to look after the property, as they are living in what will be their home at some point.

Good Luck

Answer 3

Do a background check on your tenant. Try www.backgroundcheck.com. Get all of the lease terms in writing. Verify the renter's employment. Get first month's rent and security deposit in the same amount up front.
Put a clause in the lease that the renter must buy renters' insurance with fire legal liability insurance adequate to cover the value of the building. Have the renter name you as an additional insured on the policy.
Get yourself mentally prepared for anything.

Answer 4

You need to find a company who will run the credit check for you and give you reccomendations. They will tell you if you should or should not rent to the person...listen to them! They have never been wrong for me. Be sure to get a deposit that covers an entire months worth of rent and that your contract has everything you want in it!!

Answer 5

Check the renters past history. Bad renters can demolish your place and not pay and be tough to get rid of (depending on which state you are in).

Answer 6

you have do your homework before you will rent your house to anybody.
take all personal information from your tenants ;
name, SS#, date of birth, work place address and phone numbers . also don't forget to check with their previous landlord .
check their credit ,and when everything look OK, collect deposit and first rent. do the walk true inspection with them and put everything in writing on the lease.
remember, that with renting the house there are other things you need to discuss- cutting the grass and snow removal, utilities, garbage pick up. i assume ,that they will pay their utilities- make sure that they put their names for electric, gas and water e.t.d
if you need simple house rental agreement form with the inspection- contact me and i will e-mailed to you.

Answer 7

...Ask them why they are moving from wherever they are now.
And if their current landlord gives a glowing recommendation, then watch out! They're trying to GET RID OF THEM FAST!

Verify all jobs. Do not let them have cats--cat pee is REALLY hard to get out of carpet/hardwood/even plaster!

Answer 8

Don't rent to me. I would poop on the rug.