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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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