What do you have to do to rent your property out (as far as contracts/laws/things to know) without having problems? Please respond to laws that apply to California only. TY
2007-07-04 15:14:20 · 4 answers · asked by setexamplez 1 in Business & Finance ➔ Renting & Real Estate
The only thing I can come up with is generally universal...
Once you rent-out the property, you may NOT enter the property without the leaser's permission, outside of certain specialised circumstances.
Where I'm living, it is a minimum of 24 hours *written* notice, or 7 days verbal notice.
2007-07-04 15:25:16 · answer #1 · answered by jcurrieii 7 · 0⤊ 0⤋
After having problem renters, we started selling the house to the people who want to rent it and hold the mortgage. They are then responsible for everything as they own the house, and you collect the checks. Basically rent-to-own concept, but this way you are the bank. Have we had slow payers? Sure, but we've never had to foreclose on anyone (5 houses so far) and I get NO calls about the leak or the lights, or the whatever. www.creonline.com is a great site for real estate investors. Good luck.
2007-07-04 22:21:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need a certificate of occupancy, for one, and if you haven't rented out before I'd suggest buying the Nolo Press guides for do it yourself landlords and aquaint yourself with the real estate laws in California.
To avoid 85% of potential problems, screen, screen, screen your tenants. Don't fall for sob stories, don't listen to sketchy details. You have every applicant fill out a standard application and you get their full name, birthdate, ss#, employer, previous employer, 3 past landlords and all their credit info and you verify employment, you call at least 2 former landlords (not just the current one because if they are problem tenants that landlord might lie to you and say they are wonderful when in fact they are horrible to get them to move quicker if they have a place to go). Pull their credit reports and also check their checking account.
Some dings in credit might be okay-- people coming out of divorces sometimes have big dings but everything else checks out and their previous credit was good. Don't let a problem tenant move in in the first place and you've eliminated a lot of headaches.
2007-07-04 22:27:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can review the state statutes on the public site of the county clerk for your county.
2007-07-04 22:22:07 · answer #4 · answered by oplsjames 3 · 0⤊ 0⤋