So for those that have converted their home to a lease/rental property...what are some things that I should be aware of?

Will I need to change my homeowners insurance?
Will I need to notify my mortgage company?

etc etc.

Any help would be appreciated.

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Posted by TigerRob20

Baton Rouge

Member since Nov 2008

3732 posts

Posted on 2/17/14 at 11:52 am to lsufanintexas

You will want to change your homeowners insurance so you are not covering the tenants property. I don't think you need to call your mortgage company.

Be sure to use a good lease and try to have an 'unofficial' screening process to look out for tenants. I suggest having an application fee, it seems to keep unwanted tenants from applying.

Trulia.com was a great site for me to list my property on. Everyone who inquired about my property seemed like they would be good tenants. It was much better than using traditional methods.

Also, be sure to keep rental income/expenses separate from your personal items. Will help a ton at tax time.

I'd be happy to answer more detailed questions if needed.

This post was edited on 2/17/14 at 11:54 am

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Posted by Motorboat

At the camp

Member since Oct 2007

22679 posts

Posted on 2/17/14 at 2:13 pm to TigerRob20

Everything Tiger Rob said is true. Above all, screen your tenants. Them paying on time and not tearing up your property is first and foremost.

I have good tenants and have been very accommodating to them because they are good. for instance, when they had twins, I reduced rent about 15% because I know that they pay and I wanted to keep good paying tenants. It's easier than chasing it down all the time.

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