i need to rent my single family home for about two years. I will be staying about one hour away. What do i Need to do. I never rented out a home before.
2006-12-06 17:25:44 · 10 answers · asked by dgoldenboy67 1 in Business & Finance ➔ Renting & Real Estate
A lot! This is by no means a complete checklist, but it should point you in the right direction:
1. Research local laws regarding Tenant and Landlord rights.
2. Screen prospective tenants carefully and thoroughly.
3. Prepare a thorough lease agreement and make sure all tenants to be included on the lease sign it.
4. Take pictures or video of the property before tenant moves in to document the condition of the home. Do the same when they exit to document any damage.
5. If you will not be able to spot inspect or make or arrange for repairs to the property while it is leased, I advise using a professional Property Manager to handle this on your behalf.
6. Consult an attorney. They will be invaluable in helping with items 1-3.
Also see http://www.nolo.com/ for Tenant/Landlord legal forms and information.
Ask for several references and take the time to contact each one. Do a background check using an online service (http://www.knowx.com/ for example). Ask for 2 forms of ID with at least 1 being a photo ID (copy and keep on record). Having said that, I recommend that you initially consult an attorney to find out what the local laws are for Renters and Landlord's rights, what forms of screening are legal, and what is legal in terms of rejecting prospective tenants. Additionally, have an attorney prepare a lease agreement.
Renting is tricky depending on where you live. For example,There was a woman who was a Realtor and she rented out a house. The tenant made the first 2 rent payments on time. The third month he could not pay on time, so she let him slide a few days which turned into months. She could not evict him for 6 months because the local law said that since she set the premise that he could "slide", she could not start eviction procedings until rent had not been paid for 6 continuous months. Turns out, he stole identities and had been taking advantage of this little known law for several years. Ouch. And the house was trashed to boot. This is why an attorney is highly recommended.
Hope this helps-good luck!
2006-12-06 17:29:03 · answer #1 · answered by Caitlin 5 · 2⤊ 0⤋
2
2016-07-19 08:59:31 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Here is a great forum on land-lording from investors who are experienced in this. http://www.reiclub.com/forums/index.php?board=28 .
FYI: You can cashout 100% of your homes value on a rental property. If you want to cash flow better there is also a great "pick a payment option" with a low start rate so that you can make more money every month. Feel free to email me directly @ anthony@lowermydebtnow.com for more information.
Best Regards,
Anthony
2006-12-07 01:53:50 · answer #3 · answered by lowermydebtnow.com 2 · 0⤊ 0⤋
Well, the most easiest way it would be for you is to hire a property manager! Check your local yellow pages or YAHOO LOCAL, and call on a few property management companies, and price them out! They will manage the property and help you through the renting process!
2006-12-06 17:32:00 · answer #4 · answered by ALEGNA 3 · 1⤊ 0⤋
You have several choices. List it yourself for rent, complete a lease agreement and begin lease. You can also list it with a property manager and a Realtor. You can list it on MLS for all to search. Let me know if you need any help.
http://www.azspotlighthomes.com
2006-12-06 18:21:37 · answer #5 · answered by homes_az 2 · 1⤊ 0⤋
Do you have a local landlords association? Ours costs $25 per year for dues and it can provide all the intention to lease, lease, deposit form, etc. in accordance with state laws. Do follow Caitlin's good instructions. Make sure to do a background check including the financial stuff. Do take photos or videos of your place.
Get a good deposit and excellent references.
2006-12-06 17:45:59 · answer #6 · answered by Susan M 7 · 2⤊ 0⤋
Rent-To-Own Home - http://RentToOwnHome.uzaev.com/?VidV
2016-07-13 04:57:59 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Hopefully this helps.
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2006-12-06 17:29:29 · answer #8 · answered by Looney Tunes 2 · 0⤊ 2⤋
draw up a proper full proof lease contract, get help from an attorney to cover all loopholes, it will be worth it
2006-12-06 17:33:47 · answer #9 · answered by king of spain 3 · 1⤊ 0⤋
prop management
2006-12-06 17:33:13 · answer #10 · answered by Anonymous · 0⤊ 0⤋