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Old 02-10-2009, 09:06 AM
 
9 posts, read 72,349 times
Reputation: 17

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I own a four bedroom house in Charlotte but cannot move into it currently so I am looking into renting it. I have never rented out a house before so I need some advice.

First, I'll need a management company because I don't live in the area. How much of a cut should I expect them to take? Also, I'm interested in recommendations. The house is in SW Charlotte, BTW.

Second, how is the local market for rentals these days?

Third, does a place need to be fully equipped with all the appliances? Can a renter be expected to take care of getting a refrigerator or washer/dryer, or does the owner typically supply that?

Fourth, who typically picks up the HOA dues and alarm system payments? Utility bills?

Thanks in advance.
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Old 02-10-2009, 09:13 AM
 
Location: South Charlotte
1,435 posts, read 5,215,242 times
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Property management companies in the area typically charge 50-100% of (1) month's rent upfront and 6-10% monthly. This does not cover any maintenance issues that might come up during the rental periods.

Yes, appliances are almost always strongly suggested as it makes renting it much, much easier. Plus most renters don't have a refrigerator, etc.. Maybe a washer and dryer. I would just pickup cheapos off craigslist if you don't have any to supply.

Hoa dues are normally the owners responsibility.

Utilities and other expenses are typically the tenants. Sometimes you might have a property in a community that has water included in the HOA. You should take this into consideration when marketing your rent amount.

There are several very good property management companies in Charlotte that are easy to find on the net as well as obtaining feedback about their business practices and so on.

The rental market is pretty goood, however there is competition and if it were me I would make it attractive as possible I.e. appliances provided, etc..
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Old 02-10-2009, 10:17 AM
 
Location: State of Being
35,885 posts, read 66,914,083 times
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Just make sure you have someone do a VERY THOROUGH background search. That includes checking out for judgments against potential renters . . . people can look good on paper and end up ripping you off bigtime.
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Old 02-10-2009, 11:44 AM
 
Location: Mostly in my head
19,802 posts, read 55,621,783 times
Reputation: 18962
And a criminal background check, although that doesn't protect you from "good" people who turn "bad." But it can catch the nice-looking meth dealer.
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Old 02-11-2009, 07:52 AM
 
1,367 posts, read 5,080,519 times
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You may find more specific advice on City Data's Rental Forum. Maybe you already know about this, but some people don't know it's there so thought I'd point it out. There's a ton of info about what to do, what to look for in a management company, etc.
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Old 02-11-2009, 05:49 PM
 
467 posts, read 1,283,207 times
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I have a good property manager if you would like a referral. Feel free to PM me.
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