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Pitfalls to avoid, or advice to successfully rent out a house
Posted on 3/30/12 at 11:35 pm
Posted on 3/30/12 at 11:35 pm
I've been going back and forth between selling vs. renting my current home. I have had my house on the market for 8 months now and I can count the number of viewings on one hand. I have found a house I would like to purchase but I need to get out from under my current mortgage. Financially speaking, renting it would be a good option for me (so I'll spare you the mathematical details) so there is no concern there. But this would be my first experience as a landlord so I do worry about unforeseen circumstances/problems that may make this an unwise decision. Those of you with experience in this area what advice can you give me? I just don't know what I don't know.
3
Posted on 3/31/12 at 1:18 pm to Santos
What part of Louisiana is it in? Do you have it on the internet? If so, do you have a link?
Posted on 3/31/12 at 9:03 pm to Santos
Rent it to sorority girls, they are clean and won't trash the place
Posted on 3/31/12 at 9:08 pm to bunky
quote:And you can hook up a live camera feed to the internet and make bank
Rent it to sorority girls, they are clean and won't trash the place
May not be legal though
Posted on 3/31/12 at 10:43 pm to TigerTatorTots
quote:
And you can hook up a live camera feed to the internet and make bank
I like it when OT humor creeps into money board discussions.
Posted on 3/31/12 at 10:45 pm to urinetrouble
Posted on 4/1/12 at 4:04 am to Santos
Make any potential renter give you a copy of their credit report. They can get it for free at Credit bureau. If they won't do this: do not rent to them unless they pay several month in advance. I personally would not rent without this.
When they come look at the house, walk them out to their car. Take a look at condition of car and how clean/dirty the car is on the inside. How they keep their car is how they will keep your house. I was told this many years ago andhave found it to be a good indicater.
Get a la residential lease agreement from a realtor friend. I'd you dont know one, ask the person that has it listed for the last 8 months. They should understand.
Other forms can be bought on the net for 20-30 dollars ; application, walk through check list, late notice etc
I always mount a fire extinguisher in the pantry just to help cover any liability issues.
When they come look at the house, walk them out to their car. Take a look at condition of car and how clean/dirty the car is on the inside. How they keep their car is how they will keep your house. I was told this many years ago andhave found it to be a good indicater.
Get a la residential lease agreement from a realtor friend. I'd you dont know one, ask the person that has it listed for the last 8 months. They should understand.
Other forms can be bought on the net for 20-30 dollars ; application, walk through check list, late notice etc
I always mount a fire extinguisher in the pantry just to help cover any liability issues.
Posted on 4/1/12 at 8:58 am to tigers win2
quote:
Make any potential renter give you a copy of their credit report. They can get it for free at Credit bureau. If they won't do this: do not rent to them unless they pay several month in advance. I personally would not rent without this.
This is good advice, but just remember...they don't have to have perfect credit. A late credit card payment here, and a student loan there are not deal breakers. First and foremost, make sure the applicant does not owe any money to former landlords. Also, someone with a constant disregard for paying bills, i.e. delinquent utilities, should be heavily regarded as a poor tenant prospect.
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