[SportyandMisty]

The number one thing is to screen your prospective tenants. When someone responds to an ad, for example, they will typically say "when can I see it."

The right answer is (in different words of course), "right after I decide I might consider renting it to you. Tell me your situation <insert qualifying questions>"

[norscio]

First, SINCEREST thanks to all who took the time to reply. I had no intention of using a property manager, simply because the tenant, as I have been told at least, has a good record. However, I am a type-A personality, not at all handy beyond the minor tasks and can see myself getting stressed should the tides turn. I have an idea but can you tell me what I may expect to pay a property manager in the LV, seeing as I have a tenant in the home already? What EXACTLY do they handle? Also, how are repairs and maintenance tasks handled? Are they marked up? Thanks again for taking the time to help the newbie.

[timothyaw]

I'm a type A personality, and there is NO WAY I could be a landlord. I'm too particular about my residence to even think about renting it out. But I think you said it's an investment property, so that may make a difference.

[LookinForMayberry]

Originally Posted by norscio

- Property Management
- Lease Agreements
- Handling the Transition
- An LLC?
- Basic Maintenance Tasks
- ANYTHING Else You Think I Need To Know

Sounds like you are off to a great start.

DH has been managing our rentals since '93 when he started with his first. He's learned a lot over time. He uses a regional association to obtain his legal forms (Rental Housing Association of Puget Sound), and there is probably something similar in your area.

We don't have an LLC.

We started out with the philosophy not to buy a house, nor in a neighborhood we would not live in ourselves. We have it in top condition, as like new as we can have it when we rent it, and that allows us to rent it for a higher sum to people that can pay. He lets the new occupants know that he wants it returned to him as it was when they move in, or the repairs are on them. It generally takes him a week to turn a vacancy.

Our rentals are his business, and he treats it like one. He has a web site, and he watches the rent rates on DuPree & Scot, another local service, and adjusts the rents up or down as the market fluctuates. His market is college students so he has to be very explicit with them about the rules and regulations. I think that is a good idea, anyway.

He requires an application with a valid driver's license, and processing fee -- $20. He checks their references, work and financial, and he doesn't turn over the keys until he has the cash in hand. (There are times he's had to go to the bank with them to cash their checks.)

We've got just the one duplex, now, but it cash flows nicely, and it's all ours. Generally, he starts getting calls several months before the existing lease agreement is going to expire, but he always gives the existing renters first option. They get the same rates as any new renter would get.

Seattle House and Apartment Rental Listings

Hope that helps.

[eventusstultorummagister]

Originally Posted by SportyandMisty

The number one thing is to screen your prospective tenants. When someone responds to an ad, for example, they will typically say "when can I see it."

The right answer is (in different words of course), "right after I decide I might consider renting it to you. Tell me your situation <insert qualifying questions>"

In my experience (and I was in the military for 22 years so I did a lot of renting) every time I encountered a landlord who started asking a slew of personal questions right off the bat invariably turned out to be a horrible landlord (ie. would not respond to maintenance issues, would not provide rent receipts, etc.). The best landlords were the ones who you met in person who were personable and friendly. The "all business" types are always the ones who blame you for the termite infestation and end up stealing your deposit.

[dynimagelv]

^....tried to rep but im all repped out......