I want to rent my house out. But this wil be the very first time for me to do this. What do I need to know?

Question

WHet do I need to know? Where do I get this knowledge. I have no clue but I need to get out of this school district fast.

Answer 1

Here is just a few things I have learned thru the years. 1) Once the house is vacant of your belongings, then get a home inspection and take a video or lots of photos so you have documented the condition of the home prior to renting.
2) buy a basic rental application at office depot or staples. Check all references including prior landlords (very important)and employment. Get photo ID.
3) ask for income verification (this is common with apartment complexes) rent amount should not exceed 33% of the gross income)
4)collect a security deposit equal to one month rent. Plus an additional deposit for pets ( I will never allow a dog again)
5)have them sign a lease that you can get from online or office depot also.
5) Read up on your landlord rights and duties in the below websites for the county and state where your property is located. Get everthing you agree to in writing.
Hope they help !

Answer 2

Make sure you do a credit check ,and do some checking on the person you are renting to ,
A good idea is to make sure your contract is clear to the renters ,Go through the house and check off all the things with the tenant so they can not say later ,that was broken ,or this was broken ,etc and make them sign it ,,,,,,,
If you don't want pets make it clear ,,or charge them according for animals ,
Take pictures of your property to insure that everything is in good order ,, Tenants like to complain when things do not go their way and get out of payments
Ask for deposit ,some statesyou can do first and last. Some states you can't get both. Hope this helps ,,,,,,,
Screen people like you do your kids friends and you can tell if some what if its a good tenant ,,good luck

Answer 3

if you go to your local book store (ie Barnes & Noble, Bookstar etc) there are books on Tenant Law and Lanlord Law by NOLO. each book is the same...just geared toward either the tenant or landlord.
In the landlord book are all the forms you will ever need from applications, 3-day notices, eviction forms, walk-thru checklists, pet deposits, etc. make copies of the forms and use the copies.

I also agree---do a through background check. If you are not hooked up online to do this, look in your yellow pages under Investigations and pay $50 to have it done.

While property management firms are great, for just one home it may be a bit much, as you pay them for their services.

good luck ♥

Answer 4

Advertise in the newspaper. Ensure your own safety when you show the prospect around the house. Ask their background. Get a lawyer to do the Tenancy Agreement. Make very sure you collect enough deposits equivalent to at least two months' rental in case they move out without notice and leave your place damaged. Also collect utilities deposits in case they leave the bills unsettled.

Answer 5

If you don't have to, don't rent to section 8. I've done it and had an OK experience, until he moved out with no notice, but others I know have had nightmare tenants. I mean, if they're on section 8 they can't have their stuff together and are unlikely to treat your property with much respect. If you're near a university, students/faculty are a good bet and are usually good for a 1 year lease.

Answer 6

Do an extensive background check, you never know people as well as you think, get Credit, criminal, check etc.
Be specific and clear about rent, living space.....everything.
Get a good deposit
Above all Get Everything In Writing, really.
Take your time, don't rush
Follow your instincts, if you feel funny about someone then pass on them,

Good luck!!!!

Answer 7

Hire a "property manager". Get references.

To do it yourself, you need to know how to find potential tenants, how to screen them, how to make a valid contract, what your statutory responsibilities are to tenants, when it is time to kick them out, and how to kick them out.

If you have to get out fast, call a few real estate agencies, many also do "property management".

Answer 8

make sure that the people that move in are responsible and don't wreck it! it would suck when you decide to move back in if it had damage...make sure you cover it in the contract...any damage that is made, is to be taken care of by those who you allow to live there. also take pix of the previous condition of the house and have your and their lawyers agree that this is its current state...if anything were to happen...you wouldn't be responsible for the damages...Good Luck=]

Answer 9

I would suggest reading some landlording books before you jump in. Just go down to the public library and there will probably be tons of them.

Answer 10

Where is your house located and you can always get a manager to do it for you