Rent houses

[AlohaStyle]

Used ezlandlordforms.com for all my paperwork. I had about 8 responses within the next 2 weeks. Showed the place like 6 times and pick one.

Great info, thanks. Did you do credit/background checks? What service did you use for checking these things and what type of charges are incurred?

 

[CigarSaint]

I feel for yea... a buddy of mine is doing the same thing.

 

[JGD]

I did it all myself. Went rather smoothly. I just used rentals.com to list, think I paid like $90 to list there and their affiliate sites. Used ezlandlordforms.com for all my paperwork. I had about 8 responses within the next 2 weeks. Showed the place like 6 times and pick one. Had a couple of issues at the house, either I called someone to get it fixed, or the renter called a place to get it fix and mailed me the receipt and took it off the rent.

I know (well, pretty sure) it will rent. Just the hassle of getting everything cleaned back up, panted, etc. It is about 40 miles away, so just there is time involved. Did not want to rent, just with market so bad, still owe too much with pool being built in 05.

If there are damages, make sure you look into the state laws regarding returning the security deposits. You could unknowingly get screwed if you try to withhold it without doing it properly.

For example, in MD the landlord must either return the deposit plus interest within 30 days or send the tenant a list of a damages with corresponding estimates to fix said damages (real estimates that are documented). If the tenant does not get the deposit or list of damages/ estimated within 30 days their are automatically entitled to 3 times the amount they were due. Plus, an additional $50 if the land lord did not set up a proper interest barring account to hold the deposit.

I fully intend to use these provisions when I move out in May as my landlord is, well.... terrible.

 

[Mmalone999]

I'm a little young, but I plan on having rent houses in the future. I love the idea of having a passive income. Keep us posted.

 

[Kenman25]

Better get some practice on those handy man skills. From what I have seen, if you cant do a lot repairs or fix its on your own with your own tools; the cost of keeping it rentable becomes overwhelming. Thats a contractors jackpot...

Keeping costs down and income up=fix everything yourself

 

[The EVP]

My brother rents out one of his houses and uses a Property Management Company to oversee it. They screen the tennants, make them sign a rental agreement, collect the rent, etc. When a repair is needed, they notify him first with a quote and he can approve it or try to find a repair person himself. They take a small percentage and he doesn't really make a profit on it but he's building equity pretty fast.

 

[Cigary43]

We rent out condo in San Diego and when we first rented it out it was a disaster because we rented to "friends" who basically tried to take advantage of the friendship. Our next tenants we really took great pains to get the right ones...we did. He's a police officer and they are excellent renters...they cannot afford any black marks on their financial records or their employer will cause them more grief than we could. Use credit services and a reliable background check...no deadbeats...no late payments...good credit and stable background.

 

[PLUSH]

We rent out condo in San Diego and when we first rented it out it was a disaster because we rented to "friends" who basically tried to take advantage of the friendship. Our next tenants we really took great pains to get the right ones...we did. He's a police officer and they are excellent renters...they cannot afford any black marks on their financial records or their employer will cause them more grief than we could. Use credit services and a reliable background check...no deadbeats...no late payments...good credit and stable background.

Ain't that the truth. It is amazing what some people have on their credit and the stories they give. Most people have had some ding within their lifetime, but man, but page after page of charge-offs and no-pays. Not at my house.