I have a 1 bedroom apartment at my house that I would like to rent out but i don't know where to start.?

Question

It is all furnished and everything is included other than cable and phone. I don't know how I should interview tenants, what I should charge or any laws regarding this. I don't want some young party happy person in there because I get up early and have 2 young kids. There is a shared backyard.

Answer 1

Advertise for free on Craigslist.com or roommates.com. It worked for me. Specifiy your needs and be picky if you want to. And yes, you should interview people before they move in. Don't discriminate in your ad against sex, race, religion or age. It's against the law.

Answer 2

Here in Northwestern PA there is an apartment association that as landlords we pay an annual fee to belong. They help you with ever thing from leases and their laws. There may be something like that where you live. Otherwise type up your own lease and include any rules you want in place as far as noise, keeping the place clean, use of the yard. If your paying the heat and electric you need to set the rent high enough to cover those things. Also collect a security deposit and place it in a separate saving account so you have it when they move out. Take pictures of what the place looks like when they move in so if they do damage you have proof. The apartment association has actual applications. By law you can check credit reports. You need to know they can afford the rent your asking. My advise, offer a small discount for paying on time. Some landlords just have a late charge and over the years I saw tenants that will pay the late charge rather than pay on time. Good Luck.

Answer 3

First of all go to your local Staples/Office Max type store. When there ask a clerk to find you pre made leases. You fill them out when you rent to a tenant. Also in the same section they have pre made questionaires that help you screen tenants and little easy to read and understand pamphlets on renting properties. But usually all you need is the pre made leases. Use the lease as a guide when screening perspective tenants.
But first and foremost you need to scan the local newspaper in your town/city. What are other 1 bedroom apartments going for? Furnished/unfurnished. Also location,location,location. The better the location the better the price. Is your home close to public transportation? highways? shopping? schools? Those are key points that you may be asked and/or to mention when a person calls to inquire. Next after you determine monthly rent you need to figure out the security deposit. Again the newpaper will give you the norm for your area. Usually it is like this they give you the rent for the first month then the security can either be 1-2 months worth of rent. It goes into an account. It is illegal for you to spend the security deposit not the rent. When they move out you do an damage assesment. Then get estimates. Get it all written down you need proof of how you spent the money and for what damages. After it is all taken care of you give the remainder to the former tenant. You have roughly a month give or take to accomplish this assesment and to pay the tenant. Normal wear and tear is to be expected. You can't deduct because of a smudge on the wall.
Now back to screening. Interview on the phone first. Ask how many adults/children/pets. Pets allowed? Is there a security deposit required just for the pet? That is seperate from the rental security deposit btw. It usually is 150-250$ depending on the pet. Use discretion. Next after you determine the pet issue if there is one to be determined. Ask about their job situation. Where? how long? wages earned? To be delicate about asking if they have $$ put it like this " Are you financially ready as we speak to pay such and such for rent and this amount for security" (Fill in the blanks). Ask if they have ever been evicted before. Your allowed to.Usually when a "visitor" stays for over 28 days they are considered a "tenant" (in my state that is the law) call your local housing court for the laws pertaining to use and occupancy.
Use your intuition. You only can decide if they are a fit for you and your children.
Advertising is simple. Put a for rent sign infront of your home. Hang up little flyers in local grocery stores, libraries, ect. And the newspaper. The first few are cheaper ways to advertise if money is an issue. Use the internet. Ask people at work, ect.
If you have specific questions call the housing court in your town/city. They do evictions and will answer any questions you have about renting.
You also need to determine the length of the lease (6months or 1 year).
You can also ask for character/professional references.
Good luck :) Hope you find the best tenant ever.

Answer 4

First check with your local town/city to see if you need a rental license first. (Unless you don't care about laws, which some don't).

Make sure you have an application ready to be filled out & a lease ready to be signed, and make sure you are versed on how to legally kick someone out if you have to.

Once you are comfortable with the "business" side of it, then you can start to advertise. Just remember, you can't discriminate (i.e. "no youngsters please). However, if a young person doesn't have the $$ to cover rent/utilities, then you can not approve their application.

Answer 5

I WOULD GO THROUGH A REAL ESTATE AGENT, they do not charge much and they will do all the hard worke like look for tenants and also do checks throughout thr year to make sure it is not trashed...

or you could advertise in your local paper..

Answer 6

Adverstise in your local newspaper's classifieds.

Answer 7

hey buddy which place please mention.