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15 registered members (Hunting15, deadeye48, coosabuckhunter, BC, russellb, Crawfish, auman, Jweeks, Tree Dweller, Gobble4me757, Rockstar007, NWFJ, Tupi, 2 invisible),
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Key:
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Re: Renting a house. Need advice
[Re: taggedout]
#1796487
07/26/16 05:44 AM
07/26/16 05:44 AM
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Joined: Nov 2015
Posts: 14,088 Chilton County
MarksOutdoors
Booner
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Booner
Joined: Nov 2015
Posts: 14,088
Chilton County
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And be sure to drive by where they are living now. That is what your place will look like a month after they move in.
"The true soldier fights not because he hates what is in front of him, but because he loves what is behind him." -G. K. Chesterton
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Re: Renting a house. Need advice
[Re: taggedout]
#1796513
07/26/16 06:05 AM
07/26/16 06:05 AM
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Joined: Jul 2010
Posts: 9,163 B'ham
Goatkiller
14 point
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14 point
Joined: Jul 2010
Posts: 9,163
B'ham
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Remember to charge them an application fee to cover the cost of the report. Should be a local collections agency you can get to run their report for a fee.
And do what Marksoutdoors said. That is very true.
No government employees were harmed in the making of this mess.
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Re: Renting a house. Need advice
[Re: taggedout]
#1796525
07/26/16 06:12 AM
07/26/16 06:12 AM
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Joined: Feb 2014
Posts: 1,007 Roll Tide Town
Smoke_Diver
6 point
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6 point
Joined: Feb 2014
Posts: 1,007
Roll Tide Town
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Or you can post it on craigslist and rent it to Gary and SouthBamaSlayer.
-“No politicians, no salesman and very few friends allowed.” -Jbatey1- "I'd rather be a happy Bammer eating ribeye in a trailer than a miserable barner eating boogers in a mansion." -“If you gonna be stupid, you better be tough!”
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Re: Renting a house. Need advice
[Re: taggedout]
#1796531
07/26/16 06:18 AM
07/26/16 06:18 AM
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outdoorobsession
Unregistered
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outdoorobsession
Unregistered
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Heck yea...but get the cameras installed FIRST.
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Re: Renting a house. Need advice
[Re: Smoke_Diver]
#1796532
07/26/16 06:18 AM
07/26/16 06:18 AM
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Joined: Aug 2003
Posts: 3,995 pensacola,fl
dagwood
10 point
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10 point
Joined: Aug 2003
Posts: 3,995
pensacola,fl
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Also, keep in mind when you rent your primary residence, you will loose your homestead exemption. May not be a big deal in Alabama but I live in Florida and it can be. I rented my residence when I got remarried years ago and my payment went up about $200/mo.
jmlane
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Re: Renting a house. Need advice
[Re: slanddeerhunter]
#1796667
07/26/16 09:09 AM
07/26/16 09:09 AM
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Joined: Aug 2008
Posts: 5,342 mobile
charlie
12 point
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12 point
Joined: Aug 2008
Posts: 5,342
mobile
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It's two of the last 5 years you had to have lived there. There are a lot of other exemptions for partial tax write offs for capital gains as well such as moving for work, illness, divorce, etc. It's complicated and if it's a lot of money you should talk to a cpa. It may have changed but when I rented mine if you rent it over three years without you living in it , you will have to pay capital gains on it when you do sell
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Re: Renting a house. Need advice
[Re: JAT50]
#1796777
07/26/16 11:23 AM
07/26/16 11:23 AM
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Joined: Apr 2000
Posts: 12,245 Oxford, AL. USA
Big Game Hunter
Doesn’t Know His Code
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Doesn’t Know His Code
Joined: Apr 2000
Posts: 12,245
Oxford, AL. USA
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If the renters want to pay in cash you don't want them I only accept cash. No checks allowed.
IKNOWMYPHUCKINGCODEDAMMITYOUDICKHEAD!!!
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Re: Renting a house. Need advice
[Re: taggedout]
#1796784
07/26/16 11:27 AM
07/26/16 11:27 AM
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Joined: Apr 2000
Posts: 12,245 Oxford, AL. USA
Big Game Hunter
Doesn’t Know His Code
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Doesn’t Know His Code
Joined: Apr 2000
Posts: 12,245
Oxford, AL. USA
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You can have a credit check done but keep in mind, a fair % of folks that are renting don't have good credit. I'm not saying all have bad credit but from my experience, if they had good credit they'd buy a house.
If I were you, I'd consider a lease purchase. Take a fair amount down and figure them a monthly payment for 10 years @ 10-15% interest. Most of the time, they will never actually finish paying before moving out. You get the deposit, years of rent, and you get the house back and you start over.
Also, if the house is "theirs" they tend to take better care of it.
IKNOWMYPHUCKINGCODEDAMMITYOUDICKHEAD!!!
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Re: Renting a house. Need advice
[Re: taggedout]
#1796906
07/26/16 01:09 PM
07/26/16 01:09 PM
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Joined: Dec 2014
Posts: 5,034 Northport, AL
Phil_Army
12 point
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12 point
Joined: Dec 2014
Posts: 5,034
Northport, AL
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Here's what I would make sure of:
1) Monthly income needs to be greater than 3x the rent amount ($900/month rent x 3 = $2700/month minimum income). Get paystubs from employer and call the employer to verify that they work there and are in good standing
2) Verify their rental history. Call their previous landlords and see what kind of renters they were. If they can't provide that to you, make them pre-pay for the last month's rent with the security deposit and the first month's rent. It's more risky renting to people who haven't rented before or who can't provide landlord contact info.
3) Don't give them a key to the house until they transfer the utilities into their name and ask for proof (account numbers). If you give them the keys without doing that, you could get stuck paying their utility bills
Broker/Owner and Area Representative for 1st Class Real Estate 2018's #1 Real Estate Agent according to the Tuscaloosa News
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Re: Renting a house. Need advice
[Re: taggedout]
#1797399
07/27/16 02:38 AM
07/27/16 02:38 AM
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Joined: Apr 2000
Posts: 12,245 Oxford, AL. USA
Big Game Hunter
Doesn’t Know His Code
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Doesn’t Know His Code
Joined: Apr 2000
Posts: 12,245
Oxford, AL. USA
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Just remember one thing. It's a business and the house is an asset of that business.
IKNOWMYPHUCKINGCODEDAMMITYOUDICKHEAD!!!
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Re: Renting a house. Need advice
[Re: taggedout]
#1797560
07/27/16 04:55 AM
07/27/16 04:55 AM
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Joined: May 2002
Posts: 8,030 Central Alabama
muzziehead
14 point
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14 point
Joined: May 2002
Posts: 8,030
Central Alabama
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Me personally. I would definitely do all the background and credit history you can do legally. I have a few homes that I rent and I try to not allow pets or smoking in the house and absolutely no illegal drugs. If they have a pet, then they pay a pet deposit per pet of $400, that is non-refundable prior to getting a key.
I also make them aware that I will pay random visit to the rental property to insure that they are taking care of the place and not breaking any of the rental agreement clauses. Establish a FIRM DATE for when the rent is due, and make a late payment be felt. Document everything. Also, require them to carry RENTERS INSURANCE on their personal belongings and verify they have it.
I require one months rent up front as part of a refundable damage deposit. I have returned only one full amount in the years I have been renting. That covers painting, floor repairs, window repair, anything that must be done to the property when they move out. We walk the property together and they sign off on the estimate for repairs. AND, NEVER allow them to do the repairs themselves.
"Don't cling to Mistake, just because you spent a lot of time making it."
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Re: Renting a house. Need advice
[Re: Big Game Hunter]
#1797602
07/27/16 05:25 AM
07/27/16 05:25 AM
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Joined: Dec 2012
Posts: 1,743 alabama
mzzy
8 point
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8 point
Joined: Dec 2012
Posts: 1,743
alabama
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Just remember one thing. It's a business and the house is an asset of that business. this is so important. keep it as a business , they're not your friends . doesn't mean you have to be a ahole. just business. some renters are very good at working a landlord. also strong rental agreement, if you can think of it then put it in the agreement no matter how silly at sounds. since it's only one house I would recommend the lease with purchase option. and get an attorney for all this initial paperwork if you dont feel comfortable doing it yourself. you'll probably need one somewhere along the way anyhow even if things go well .
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Re: Renting a house. Need advice
[Re: muzziehead]
#1798535
07/28/16 03:21 AM
07/28/16 03:21 AM
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Joined: Jun 2013
Posts: 1,063
BibbHunter
6 point
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6 point
Joined: Jun 2013
Posts: 1,063
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Me personally. I would definitely do all the background and credit history you can do legally. I have a few homes that I rent and I try to not allow pets or smoking in the house and absolutely no illegal drugs. If they have a pet, then they pay a pet deposit per pet of $400, that is non-refundable prior to getting a key.
I also make them aware that I will pay random visit to the rental property to insure that they are taking care of the place and not breaking any of the rental agreement clauses. Establish a FIRM DATE for when the rent is due, and make a late payment be felt. Document everything. Also, require them to carry RENTERS INSURANCE on their personal belongings and verify they have it.
I require one months rent up front as part of a refundable damage deposit. I have returned only one full amount in the years I have been renting. That covers painting, floor repairs, window repair, anything that must be done to the property when they move out. We walk the property together and they sign off on the estimate for repairs. AND, NEVER allow them to do the repairs themselves. you may want to review tenant's rights laws. In alabama, you are required to give two days advanced notice for non-emergency entry in a rental. Everything else I agree with.
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Re: Renting a house. Need advice
[Re: taggedout]
#1798687
07/28/16 05:50 AM
07/28/16 05:50 AM
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Joined: May 2002
Posts: 8,030 Central Alabama
muzziehead
14 point
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14 point
Joined: May 2002
Posts: 8,030
Central Alabama
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I am aware of the tenants rights laws. A phone call usually suffices a couple of hours prior to arrival. If they requested 48 hours I would honor their request.
But most renters aren't aware of that right.
"Don't cling to Mistake, just because you spent a lot of time making it."
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Re: Renting a house. Need advice
[Re: taggedout]
#1799437
07/28/16 06:11 PM
07/28/16 06:11 PM
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Joined: Jul 2011
Posts: 5,391 Cleburne County
NortonZ7
12 point
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12 point
Joined: Jul 2011
Posts: 5,391
Cleburne County
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I almost got in to the rental business a couple years ago. I was just gonna buy 5 or so trailers and rent them. Working at the Sheriffs Office for a few years changed my mind. I answer soooo many calls for landlord/tenant disputes. Landlords get pissed when there isn't anything I can do, because it's a civil matter. If you're gonna be in the business I guess you just gotta realize you're going to get to deal with some real gems.
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