I'm thinking of renting out my home myself, without the help of a realtor or broker. If you've done that, how did you do it? How did you screen the prospective tenants? I know all leasing contracts are different, but what are the most important things that should be said?
The rent will be high as it is, so I don't want to charge up to satisfy realtor monthly commission.
2007-09-24 08:15:02 · 5 answers · asked by ron-D 7 in Business & Finance ➔ Renting & Real Estate
As many have stated here already, make sure you check references. One of the mos timportant things to do is get good people into your property. Once you get a bad person in, it is truly a job to get them out.
Make sure you know the laws in your area. Joining a landlord association's local chapter will help you with this.
Get a lease that protects you and always remember that YOU are the boss in any situation.
Never let any problem continue. If you do you are only setting yourself up for more problems in the future.
Make sure that you rent a property and turn a profit on it. A property should cash flow. If you are only covering the mortgage payment then you can and will lose your shirt in the process. One eviction, extended vacancy, or high cost maintenance item could put you into foreclosure.
Check out different blogs of landlords. I am biased towards http://www.weblogfor.us
Good luck!
2007-09-24 11:42:32 · answer #1 · answered by Patrick 5 · 0⤊ 0⤋
One of the first things you should do is find and join the Apartment Housing Association in your city. You will find one listed in your telephone book.
They have monthly meetings so as to keep you abreast of current rental conditions and other information a landlord will need to know.
They will give you lots of insight into renting as well as rental and eviction forms, a way to secure credit reports, and as a member you will have limited access to an associate attorney for simple questions you might have.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-09-24 09:22:44 · answer #2 · answered by loanmasterone 7 · 1⤊ 0⤋
You need some good forms to follow. Check out the web there are lots of good ones. I use the forms at www.bad-tenant.org - go to the forms sections and they have a complete form on how to screen tenants. You can also check to see if your potential tenant is listed there.
2007-09-24 09:21:21 · answer #3 · answered by Propertytaxguy 1 · 1⤊ 0⤋
I rent several properties, and I manage them myself. You should have good rental references, and check them thoroughly. Require a deposit and agree that you will pick your rent up every month, if they will not agree to a bi weekly agreement. and a must is a one year lease.
2007-09-24 08:24:46 · answer #4 · answered by justpayindues 2 · 0⤊ 0⤋
i used craigslist and filled it with students. I like renting to them they're easy going
2007-09-24 08:23:00 · answer #5 · answered by sarah W 4 · 0⤊ 0⤋