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So it looks like we might have found someone to rent our house. Since I've never done this before I am looking for help. Right now we are waiting on the application and then for the credit check and background check to come in. Does anyone have any insight on what to look for (besides the obvious outstanding warrants, credit score of 400, etc...)?
spiffy
I would recommend that if you do plan on being a Landlord you should have your lease and contract reviewed and or created by a Lawyer around you. Property law, and renting may have funny local rules in certain jurisdictions. I only say this because it is cheaper to pay a lawyer now (maybe an hour or two at or around $150-$200 an hour) then wait till when and or if you need to use his services to enforce the lease. (ie eviction, late payment, bad checks). I hear to many stories of people creating their own contracts with a lease to save money and end up screwing themselves in the end because they don't know the intricacies of property law. For one example, DON'T TAKE PERSONAL CHECKS. My dad has a friend at work who rents out Real Estate and he got shafted on the deposit and numerous other checks. (He is owed 6k+ and is attempting to evict the lady for the 2nd or 3rd time all because he didn't make certain requirements or put safe guards in the contract). Also you should make sure that your contract doesn't allow Sub Letting (or at least without your permission). Many people may not understand why but the basic reason is if your tenant doesn't pay rent you will have difficulty evicting your tenant's tenant since there is no privity of contract between you and the sub lessee. Basically there are some intricacies about renting property that you should have a lawyer look over since their are local rules that may be unknown to an average person (which may include restrictions on deposits, and special handling in accounts for those funds which if done incorrectly you could be fined or the court may award treble damages). It's cheaper to get a lawyer now then later.
I have a buddy that owns several rental properties and he always looks at length of time on the present job, and job history........job hoppers tend to be rent skippers according to him.
Well my real estate agent is providing the contract for me so I'm not worried there. I'm just wondering about flags to look for in the background and credit checks to try and avoid any of those eviction scenarios.
Thanks for the PM 597.
spiffy
I do a lot of landlord/tenant evictions, lease reviews, etc. But the laws very greatly from state to state.
Call a couple of the larger rental operations in the area and ask who they use for evictions. If you hear the same name a couple of times, give them a call and set up a meeting. You might spend a coupld of hundred bucks but it will be worth it if the tenants turn out to be shitbags.
With the credit check.... if they are not paying their debts... they won't pay you.Quote:
Originally Posted by spiffykyle
At least you know the lease will be up to local laws if the lease is provided the your Realtor
Thanks to everyone who PM'd me and offered up advice. We have found our first tenants and they are good people.
spiffy