Who has rental properties?

[93hulk]

As most of you may know we are putting our other house up for rent. It has been for sale for all most two years now and it has been killing us. Ive rented the house out twice before and have been burnt both times. So as you can tell Im rather nervous cause of all the repairs and upgrades that we have done over the past year. Can any of you give me some advise on whats the best way to protect ourselves? We have let the house sit empty for quite some time now to protect it. But the time has come to rent it out. Paying for two houses for two years has been a pain. So any help would be great, plus if you know any reliable renters send them my way.

Thanks

[DeckerEnt]

First and probably most important, talk to a lawyer and draw up a renter's contract or lease agreement. You can cover most problems in that and then both you and the renter know what is expected.
Keith

[Black Horse]

There are also compaines out there that specialize in screening rental applicants (they can dig into financial backgorunds, past history, etc.). Might be a good idea to use one. Rental agreement/contract is a must!

Sometimes you have great renters, sometimes they suck.....good luck!

[kaik1969]

Like everyone has said a good rental agreement is a must. I have a copy of what i use if you need it. I charge a $50 app. fee to run a backround check and credit history. Any good renter won't have a problem with this. If they start balking at it then there might be a problem. However, i have a tennant that told me upfront that their credit was not good and so far they have worked out.They were honest about their past and I respected that.

[Waffles]

My grandparents made millions ($10.8M when they died to be exact) in the rental business. My mother now manages the 88 units they hadn't yet sold off when they died. All of what everyone has said is true, but everything you just said is par for the course. You'd think that nicer places requiring higher rents would have more responsible renters, but that's not true either. Some of their townhouses rent for $2500/month to doctors and they still have late rents, evictions, and destroyed property.

[mustang8998]

Mark, where is this house located and how much rent are you looking for? Maggie has some friends up your way and all of them are renters.

I'm lucky. My "other" house is rented to Maggie's son and he has been there for two years. I dread the day he moves out and I have to rent it, to someone I don't know.

[93hulk]

Mark, where is this house located and how much rent are you looking for? Maggie has some friends up your way and all of them are renters.

I'm lucky. My "other" house is rented to Maggie's son and he has been there for two years. I dread the day he moves out and I have to rent it, to someone I don't know.


Its on Bonita dr in Middletown and Im wanting 900 a month. Its a great house and I would even do a rent to own. We just have to much money in this thing, and I just want the payment coverd.

[ihave1sweetride]

Get lots of money up front 4k or so... try to do as a rent to own. Most people won't walk away from money if it is a lot and they tend not to tear up the place either..

[Goober]

Try renting thru a realtor. My Dad does that and has had a lot of success.

[NaomiDstangLvr]

Its on Bonita dr in Middletown and Im wanting 900 a month. Its a great house and I would even do a rent to own. We just have to much money in this thing, and I just want the payment coverd.900 isn't bad, we've been looking for a house for rent. Too bad it's in Middletown. How many bedrooms etc?

[93hulk]

900 isn't bad, we've been looking for a house for rent. Too bad it's in Middletown. How many bedrooms etc?


Go to the Misc section of the classifieds on here. Pics and info are on there.:)

[Holly]

First and probably most important, talk to a lawyer and draw up a renter's contract or lease agreement. You can cover most problems in that and then both you and the renter know what is expected.
Keith

Agreed. Me and my mom were just talking about this yesterday, she wants to rent her house out. It's 4 bedrooms, 2 full baths (one of the bedrooms is a loft) out in Monroe Township (Clermont County). I told her I'd type up a renter's contract if that is the route she is ready to go. She doesn't think we can sell it right now, and it's sitting there empty, with $28k worth the work JUST done to it, painted, carpeting, new bathrooms. No basement, no garage, but it has a big ass front and back porch.
I may work on that contract this week. ;)

[NaomiDstangLvr]

Go to the Misc section of the classifieds on here. Pics and info are on there.:)
Ok, thanks!

[SlowRS]

We have a rental, just rented our house about a week ago. Our rental aggreement is rock solid. Its all about that contract.