As a property owner and a new landlord I began my search on what I needed to know before I rented my property. I first started at the library and looked up books on what I needed to know about the entire process before I rented my house out.
What I found out and what I learned has made me feel comfortable and well informed.
The following list are some of the things I wanted to learn about. After hours of research I realized I needed much more information to be a well informed landlord.
Below are some of the questions I was asking myself.
1.) How much money you can get for your property monthly.
2.) Do I want to allow pets and if so how much extra should can I charge.
3.) Do I want a rent or lease my house and what is the difference.
4.) How much do I charge for a security deposit.
5.) What is the process for screening tenants.
6.) Where do I get rental or lease agreements.
7.) Do I continue with my property insurance or get some other kind.
8.) What if my tenants don’t pay.
9.) What happens if a tenant gets hurt on my property.
10.) How do I resolve a dispute with a tenant.
The ten questions above were just some of the questions I was asking myself.
Putting a “for rent” sign on the window and listing my house on craigslist.com was the easy part. I got requests to rent my home two days after putting signs on my window of my home. That happened to be the easy part.
What you need to know before you rent your house?
This is a question that I hope to answer for you in this article and give you the correct resources to achieve your goal.
Each property and where it’s located will have a variety of factors that will be unique and the questions you want answered will vary. You will want to price your home at the price that best suites your particular needs, you must run a credit check or back-ground check to protect yourself. If a potential renter tells you they have bad credit I probably would not spend the money on a credit check but I would run a background check. For example: the person you are renting too works for the government and has your rent money sent to your bank on the first of each month through a payroll draft. You will need simple legal forms, a security deposit and much more.
Through all my research at book stores, libraries, Internet web sites, etc. I found one particular source where I got simple legal forms, answered all my questions and had much more information that I was unaware that I needed.
I purchased “Every landlord’s legal guide” from Best Buy for around $40.00. I recommend this CD ROM -booklet because it has everything I needed to feel comfortable about being a well informed landlord and took all the stress I was having away within minutes of downloading it into my computer.
To be a well informed landlord you will need to know how to screen tenants, prepare a lease or rental agreement and understand the difference, basic rent rules, security deposits, discrimination, sublets, landlord’s duty to repair and maintain the property, landlords potential liability for tenant’s injury, landlord’s liability for criminal acts and activities, landlord’s right of entry. The CD contains 18 chapters for you the landlord and has legal forms that you download and make copies to have signed by you and the new tenant. I could go on and on about this Book-CD and how it has helped me feel comfortable that I’m being a well informed landlord.
I’ve looked at a variety of good articles on the web about what a landlord needs to know before they begin renting properties, but so far nothing comes close to this Book-CD.
Good luck, and I hope you get all the information you need to feel as good as I do about renting out your property.