tips for first time landlords?

Tenzing N.

We'll be renting out our home later this month. Anyone have experience with this and if so give me you top hints and tricks. Thanks.

Get_Right

have a good attorney and handyman on call
expect some damage
reap the rewards

mookeywrench

For taxes,

Keep a spreadsheet file of all your expenses and rental income.

Find a decent appraisal of your house's FMV...don't just guess it.

Maintain a list of your assets and their purchase price.

And hang on to those receipts.

FrankieG

Document everything.

whispering hands

I cannot stress enough to do credit checks and application
fees with potential renters. If you're going to allow
pets, ask for current vet records, and verify the breed of dog
if that is the pet. DO NOT take the owner's word on the
breed!!! Some breeds will nullify your HOI. Also, charging
pet rent in my experience ( on top of a healthy deposit )
seems to weed out the more irresponsible pet owners.
Cats and smaller dogs do more damage then well
trained larger dogs, keep that in mind to decide on a deposit.
But more than anything make the possible tenant pay for and pass
a reputable credit check.If there is ANY history of
Non-payment on utilities or evictions don't rent to them.
Be patient in the tenant hunt there ARE respnsible
Tenants out there and good luck. If you ate planning to allow
Pets and want to know better how to cover yourself you
Can email me via my contact info here on the boards
in my profile.

eMMI

whispering hands wrote:

Cats and smaller dogs do more damage then well
trained larger dogs

:? Depends on the cat (and the owner even more so). None of our kitties have damaged any of the houses/apartments we've lived in. If anything, it's the furniture that gets the abuse, but that isn't likely to bother a landlord. (Unless you live in a furnished apartment.) Not really on topic, I know, but I feel like I have to defend my feline friends.

As for the actual topic, I don't really have advice to offer but do definitely do credit checks. If the tenant isn't a first-time renter, you could ask for references too. Best of luck with everything, I hope you find a dream tenant!

elvistheking44

whispering hands wrote:

I cannot stress enough to do credit checks and application
fees with potential renters. If you're going to allow
pets, ask for current vet records, and verify the breed of dog
if that is the pet. DO NOT take the owner's word on the
breed!!! Some breeds will nullify your HOI. Also, charging
pet rent in my experience ( on top of a healthy deposit )
seems to weed out the more irresponsible pet owners.
Cats and smaller dogs do more damage then well
trained larger dogs, keep that in mind to decide on a deposit.
But more than anything make the possible tenant pay for and pass
a reputable credit check.If there is ANY history of
Non-payment on utilities or evictions don't rent to them.
Be patient in the tenant hunt there ARE respnsible
Tenants out there and good luck. If you ate planning to allow
Pets and want to know better how to cover yourself you
Can email me via my contact info here on the boards
in my profile.

I think it should be MANDATORY LAW for the landlord to refund your credit check fee. I understand its a necessary thing, but it shouldn't be stuck strictly on the tenant.

You wanna check my credit, fine. Pay for it yourself though.

whispering hands

First off Emmi you're right it's the owner.. but when renting you never know the type of owner you're going to get.. and the prime reason I mention this is.. carpet and flooring of any sort is extremely expensive, which is why most places charge higher cat deposits than dog deposits..a dog pisses on your carpet you can steam clean it out.. a cat pisses on it and you have to replace it.. a few tenants down the line whom are negligent on cleaning kitty's box and you could almost buy a new house on what you've paid on relapcing carpets.. And trust I love my Kitty too, but I myself am anal about littler box smell and clean it twice a day, which most people think is rediculous since I only own ONE cat! As for the Credit checks, yes, if you pass the credit check and I rent to you.. yeah a refund is fair.. if not.. tough cookies.. I'm not paying for anyone to take a shot living on my property..Anyhow just wanted to clarify all that..

Thoughts_Arrive

Make sure everything is highlighted in the contract and made clear to the tenants.
Also, be firm but fair.
My tenants at the start were being pains, always asking my agent to ask me if they could paint the house, mind a dog for a few weeks, etc etc.
They kept asking for changes, I was firm and said no, they inspected the house and signed a contract for lease.
How they find it is how they get it.

Also, make sure you know the value of fixed and non fixed items inside the property.
It is essential for calculating depreciation during tax time.
Keep all your receipts for tax time.
I got a good return last financial year.

stargirl69

I miss read the thread title.I thought it said Tips for time lords :? :fp:

Thoughts_Arrive

stargirl69 wrote:

I miss read the thread title.I thought it said Tips for time lords :? :fp:

I can give you tips on that if you would like?

peacefrompaul

stargirl69 wrote:

I miss read the thread title.I thought it said Tips for time lords :? :fp:

I remember my first beer :P

antares434

I'm a lawyer ... The tip I give all my small operation residential landlord clients is to sell their property and get out of the residential landlord business. There are plenty of much less stressful ways to make and/or invest your money.

RKCNDY

antares434 wrote:

I'm a lawyer ... The tip I give all my small operation residential landlord clients is to sell their property and get out of the residential landlord business. There are plenty of much less stressful ways to make and/or invest your money.

uhhh...I'm not in it for the money, I need to rent mine because someone got transferred to a job that is about 75 miles ONE WAY from the house. We have no choice but to rent it out. Unless someone will give us the difference (between what we owe and what we can sell it for) in cash.

I'm leaning towards a property management company.

DS1119

RKCNDY wrote:

antares434 wrote:

I'm a lawyer ... The tip I give all my small operation residential landlord clients is to sell their property and get out of the residential landlord business. There are plenty of much less stressful ways to make and/or invest your money.

uhhh...I'm not in it for the money, I need to rent mine because someone got transferred to a job that is about 75 miles ONE WAY from the house. We have no choice but to rent it out. Unless someone will give us the difference (between what we owe and what we can sell it for) in cash.

I'm leaning towards a property management company.

DO you have good fire insurance?

hedonist

TAKE BEFORE AND AFTER PHOTOS.

Keep copies of emails, texts, etc. - as was said, document every little thing.

Read up on the laws in your state - not just landlord rights, but those of tenants as well. You have responsibilities toward them as it relates to security deposits, damages, etc.

After having watched many episodes of Judge Judy and People's Court, I wish you luck in this endeavor!

RKCNDY

DS1119 wrote:

DO you have good fire insurance?

I know we have to get 'landlord insurance' and probably up the fire.

I'm very familiar with the Tenants Union here in my state, when we were renters, the property management company sucked donkeys.

Any advice on finding a good property management company?