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Joined: May 2002
Posts: 8,032
14 point
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14 point
Joined: May 2002
Posts: 8,032 |
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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Joined: Dec 2012
Posts: 1,821 Likes: 8
8 point
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8 point
Joined: Dec 2012
Posts: 1,821 Likes: 8 |
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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Joined: Nov 2011
Posts: 5,815 Likes: 39
12 point
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12 point
Joined: Nov 2011
Posts: 5,815 Likes: 39 |
people who have not payed their rent in the past go around looking for private landlords. that said I rent to a family of 7 that was living in a motel for 2 years. i figured that if the could pay a cheap motel 1000 a month they would be happy to pay me half that. I just dont look at as a buisness. I wouldve been better off selling. but I know those kids are alot happier. my advice would be to pay a management company unless you like getting involved.
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Joined: Jun 2013
Posts: 1,068
6 point
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6 point
Joined: Jun 2013
Posts: 1,068 |
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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Joined: May 2002
Posts: 8,032
14 point
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14 point
Joined: May 2002
Posts: 8,032 |
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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Joined: Sep 2015
Posts: 41
spike
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spike
Joined: Sep 2015
Posts: 41 |
from a "Landlord" if your doing this strictly as an income so be it. if you are doing it for any other reason I'd suggest you don't. im one of those horror stories. evictions in Alabama start at $370 and that's the cheap part of the whole thing!
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Joined: Feb 2009
Posts: 4,462 Likes: 17
10 point
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10 point
Joined: Feb 2009
Posts: 4,462 Likes: 17 |
I was in the rental business for about 25 years and for the most part, sooner or later all tenants suck. If they were worth a damn, they would buy a house.
Definitely, get a credit report and check previous landlords, but keep in mind, landlords will lie to you to get rid of a bad tenant.
There are a few good tenants out there, but there about as common as unicorns.
The happiest day of my life was the day I sold my last rental property. Good luck!
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Joined: Jul 2011
Posts: 5,391
12 point
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12 point
Joined: Jul 2011
Posts: 5,391 |
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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