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tips for first time landlords?

Tenzing N.Tenzing N. Posts: 466
edited July 2012 in All Encompassing Trip
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.
Post edited by Unknown User on

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    Get_RightGet_Right Posts: 12,479
    have a good attorney and handyman on call
    expect some damage
    reap the rewards
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    mookeywrenchmookeywrench Posts: 5,764
    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.
    350x700px-LL-d2f49cb4_vinyl-needle-scu-e1356666258495.jpeg
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    FrankieGFrankieG Abingdon MD Posts: 9,095
    Document everything.
    2003: 7/14 NJ ... 2006: 6/1 NJ, 6/3 NJ ... 2007: 8/5 IL ... 2008: 6/24 NY, 6/25 NY, 8/7 EV NJ ... 2009: 10/27 PA, 10/28 PA, 10/30 PA, 10/31 PA
    2010: 5/20 NY, 5/21 NY ... 2011: 6/21 EV NY, 9/3 WI, 9/4 WI ... 2012: 9/2 PA, 9/22 GA ... 2013: 10/18 NY, 10/19 NY, 10/21 PA, 10/22 PA, 10/27 MD
    2015: 9/23 NY, 9/26 NY ... 2016: 4/28 PA, 4/29 PA, 5/1 NY, 5/2 NY, 6/11 TN, 8/7 MA, 11/4 TOTD PA, 11/5 TOTD PA ... 2018: 8/10 WA ---- http://imgur.com/a/nk0s7
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    whispering handswhispering hands Under your skin Posts: 13,527
    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.
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    eMMIeMMI Posts: 6,262
    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! :)
    "Don't be faint-hearted, I have a solution! We shall go and commandeer some small craft, then drift at leisure until we happen upon another ideal place for our waterside supper with riparian entertainments."
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    elvistheking44elvistheking44 Posts: 4,245
    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.
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    whispering handswhispering hands Under your skin Posts: 13,527
    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..
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    Thoughts_ArriveThoughts_Arrive Melbourne, Australia Posts: 15,165
    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.
    Adelaide 17/11/2009, Melbourne 20/11/2009, Sydney 22/11/2009, Melbourne (Big Day Out Festival) 24/01/2014
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    stargirl69stargirl69 Posts: 6,387
    I miss read the thread title.I thought it said Tips for time lords :? :fp:
    “There should be a place where only the things you want to happen, happen”
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    Thoughts_ArriveThoughts_Arrive Melbourne, Australia Posts: 15,165
    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?
    Adelaide 17/11/2009, Melbourne 20/11/2009, Sydney 22/11/2009, Melbourne (Big Day Out Festival) 24/01/2014
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    peacefrompaulpeacefrompaul Posts: 25,293
    stargirl69 wrote:
    I miss read the thread title.I thought it said Tips for time lords :? :fp:

    I remember my first beer :lol: :P
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    antares434antares434 Posts: 110
    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.
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    RKCNDYRKCNDY Seattle, WA Posts: 31,013
    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.
    The joy of life comes from our encounters with new experiences, and hence there is no greater joy than to have an endlessly changing horizon, for each day to have a new and different sun.

    - Christopher McCandless
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    DS1119DS1119 Posts: 33,497
    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?
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    hedonisthedonist standing on the edge of forever Posts: 24,524
    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!
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    RKCNDYRKCNDY Seattle, WA Posts: 31,013
    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?
    The joy of life comes from our encounters with new experiences, and hence there is no greater joy than to have an endlessly changing horizon, for each day to have a new and different sun.

    - Christopher McCandless
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