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Old 09-29-2010, 04:05 PM
 
1,741 posts, read 6,078,810 times
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After some consideration, I am thinking about renting out my home. I have never rented out my property before and thought this might be a great place to get feedback from others who may have done so. My thought is the most important thing is to get someone in here that first, can afford to pay the rent obviously, and secondly, someone that would take care of my place. I work in banking so I am familiar with credit reports and applications so I think I can use those skills to interview prospective renters and get a feel for them. I am guessing I can find some applications either online or at a office supply store. Anyway, this is jumping off point so if anyone has any suggestions especially from past experience in being a landlord I would appreciate your replies.
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Old 09-29-2010, 04:36 PM
 
1,465 posts, read 4,869,430 times
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3 tips to get you started
  1. Post this here //www.city-data.com/forum/renting/
  2. Do reading on being a landlord. Start with a google of tenant law Virginia
  3. Understand rental taxes (this is often overlooked but quite important)
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Old 09-29-2010, 04:37 PM
 
Location: Eastern Washington
15,811 posts, read 50,856,905 times
Reputation: 15595
It's easy enough to find someone with a decent FICO score to rent to, but you might be surprised at how badly many ostensibly high-class people will treat a rental house. If you advertise for rent you are under all sorts of EEO laws and if you turn away a minority person you may be considered "guilty till proven innocent" of doing it based on race.

The way I got around all that when I rented out rooms in a large-ish house I owned awhile back was to not advertise, instead to network, and find people "vetted" by friends. In turn I rented the rooms relatively cheaply, with the understanding that things had to be kept reasonably clean and quiet.
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Old 10-02-2010, 06:51 AM
 
238 posts, read 579,721 times
Reputation: 135
as mentioned, it would be to your benefit to check out the rental laws in your area. for example, in our area, to rent out a single family dwelling, doesn't fall into some of the EEO laws as mentioned by M3Mitch, so double check for your area.

we currently rent out a single family dwelling, and quite honestly, we do credit checks, etc. but most importantly, we follow our intuition. we advertised on craig's list and although we had a ton of responses, we still follow our intuition. fortunately for us, DH is the 'face', i handle writing up lease and credit checks, etc. also in the last 8 or 9 years we leased out, we've only had 2 tenants. another thing we did, was to go visit the place prospective tenants currently live (as well as phone call to current landlord at the right point in the process). that's how we would get a feel of how they lived. also we had something in lease that allowed us to gain access to house monthly.

also, if your city has it, join a landlord organization. our city has something similar, and what it does is help us avoid complicated matters. for example, our tenants must be able to put utilities in their names (so credit has to be fairly decent) per contract. some of the utilities are 'lienable' so when a tenant does not pay this particular utility, being a part of the landlord organization can be helpful. we've received notice that tenant owes $0.02 on bill. we've also been notified when tenant's usage is way outside the norm/usage history.

we've been pretty lucky and have had tenants that took care of the place as well as paid rent on time. we've learned to ignore the prospective tenant that comes with a wad of money to avoid a credit check or the sad sob story of why we need to rent to them. the 'tag team' approach has worked for us. remember it's a business and it is a whole lot harder getting someone out than getting them into your unit.
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Old 10-02-2010, 07:59 AM
 
Location: Simmering in DFW
6,952 posts, read 21,272,857 times
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Educate your self on Fair Housing Laws and also any local/state ordinances regarding the safety issues in your property....smoke detectors, fire extinguishers, etc.
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