Need help from people who have rented their homes out without the help of a property management company?
I’m thought 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 vital equipment that should be said?
The rent will be high as it is, so I don’t want to charge up to satisfy realtor monthly fee.
i used craigslist and filled it with students. I like renting to them they’re simple vacant
I rent several properties, and I manage them myself. You should have excellent leasing references, and check them thoroughly. Require a deposit and agree that you will pick your rent up each month, if they will not agree to a bi weekly covenant. and a must is a one year lease.
You need some excellent forms to stay on. Check out the web there are lots of excellent ones. I use the forms at www.terrible-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.
One of the first equipment 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 leasing conditions and other information a landlord will need to know.
They will give you lots of insight into renting as well as leasing and eviction forms, a way to secure credit reports, and as a member you will have limited access to an frequent attorney for simple questions you might have.
I hope this has been of some use to you, excellent luck.
“FIGHT ON”
As many have stated here already, make sure you check references. One of the mos timportant equipment to do is get excellent people into your property. Once you get a terrible self in, it is truly a job to get them out.
Make sure you know the laws in your area. Joining a landlord family local stage 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 background 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 may possibly place you into foreclosure.
Check out different blogs of landlords. I am biased towards http://www.weblogfor.us
Excellent luck!