2007-09-23 15:48:53 · 5 answers · asked by lost and confused 3 in Business & Finance ➔ Renting & Real Estate
go to HUD, you're rent is guaranteed, your tenants are guaranteed, your house will be kept clean and undamaged. your rent will be fair market value depending on size, and if your tenants give the neighbors any trouble, HUD will handle it. You do have to keep your property up to HUD standards, but that is to your benefit.
2007-09-23 16:00:52 · answer #1 · answered by curious115 7 · 1⤊ 0⤋
Besides don't do it? If you do not have any experience it will be the nightmare of your life. For every good tenant there are 20 nightmare tenants.
They will call you with every minor repair they can manufacture or worse, never call you with anything.
When some move out you will have to totally renovate the entire house. They will leave trash. If they don't pay the utility bills you will get stuck with them once they are shut off.
Keep separate bank accounts from your personal accounts. Maintain a journal of every single thing you do in the house after they move in. Take a video of the house before they move in. Do a criminal & credit check on them. Call employers so you are positive they work. Just because they verbally tell you they have a job doesn't mean they do. Be sure you have the model/serial numbers of all appliances you furnish with the brand name. Have an attorney prepare & put in the lease exactly what you want & expect. Are you going to allow pets?
Still thinking about renting out your house? Ever consider selling it?
2007-09-23 23:10:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Check your prospective tenants' background as thoroughly as is legally allowed. Tenants who seem like wonderful people may have past landlords with stories to tell of damage, loud parties, friends who moved in and stayed, broken leases, midnight move-outs, or illegal activities.
Be prepared to be interrupted for property issues during whatever's important, from sleep to your kid's concert. Toilets in rental properties never clog when it's convenient.
Accept that even good tenants will not take care of a rental house the way you did when you lived there. The wear and tear factor will go way up.
2007-09-23 22:54:05 · answer #3 · answered by Anonymous · 3⤊ 0⤋
Take heed to what Maryn said. My mom rented out one of her houses. Rent checks bounced, they trashed the place when they left, they filed a lawsuit for unlawful eviction.
She got fed up, sold the house, and never rented to anyone since.
She said it reminded her of that Michael Keaten movie.
2007-09-23 23:00:23 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Make sure that the plumbing is in good order and be specific about what you, the landlord, are willing to be responsible for in the lease.
2007-09-23 22:53:49 · answer #5 · answered by ♪ Pamela ♫ 7 · 1⤊ 0⤋