I need a crash course on being a land lord
- Thread starter Lugnut
- Start date
SELL IT, don't rent it
Chasey_Lane
Salt Life
Search the classifieds for related property. That should be a good starting point. Can you let me know how much (PM) please? I have a co-worker looking to rent something SOON.
This is the way to do it. Its all on them. Last I checked they charged one months rent.
Lugnut
I'm Rick James #####!
That's an option too. Just takes more time.
EXCELLENT thought... Thanks Mig.
Tilted
..
Well, you really need to spend a fair amount of time investigating all the issues, so you don't make costly mistakes - a crash course isn't really going to cut it and may come back to bit you.
But a few points of advice:
(1) Probably the most important thing is to do everything you can up front to make sure you have a good tenant. Don't be lazy in this regard - ask for references and information, and actually follow up on them.
(2) Make sure of what your legal rights and responsibilities as a landlord are in Maryland. I suspect you can find information on the Maryland government website. You should also make sure you understand the eviction process, so that you know what you are in for, in the unfortunate case where (1) wasn't good enough to weed out potential problems.
(3) Do a thorough lease - you can probably find them on-line or borrow one from someone who does this on a regular basis. But, if you have an attorney that you consult on other matters, it is probably worth a few hundred bucks to have them review it (or recommend someone to review it) and make suggestions on contingencies that you missed.
Just don't go into it with the mindset that you hope everything will go smoothly and if it doesn't you will worry about the problems when they happen. You should go into it properly prepared for problems, and then enjoy it when there are none.
But a few points of advice:
(1) Probably the most important thing is to do everything you can up front to make sure you have a good tenant. Don't be lazy in this regard - ask for references and information, and actually follow up on them.
(2) Make sure of what your legal rights and responsibilities as a landlord are in Maryland. I suspect you can find information on the Maryland government website. You should also make sure you understand the eviction process, so that you know what you are in for, in the unfortunate case where (1) wasn't good enough to weed out potential problems.
(3) Do a thorough lease - you can probably find them on-line or borrow one from someone who does this on a regular basis. But, if you have an attorney that you consult on other matters, it is probably worth a few hundred bucks to have them review it (or recommend someone to review it) and make suggestions on contingencies that you missed.
Just don't go into it with the mindset that you hope everything will go smoothly and if it doesn't you will worry about the problems when they happen. You should go into it properly prepared for problems, and then enjoy it when there are none.
Lugnut
I'm Rick James #####!
nomoney
....
I was a property manager for my ex neighbor and doing all of that is a hassle and a pita. It ends up being cheaper to do it that way (without a realtor) but like migtig said, the realtor takes care of EVERYTHING (and they will even take care of the advertising). I think the realtors charge your first months rent for their take. (It could be a little more depending on your situation, etc)
Lugnut
I'm Rick James #####!
I was a property manager for my ex neighbor and doing all of that is a hassle and a pita. It ends up being cheaper to do it that way (without a realtor) but like migtig said, the realtor takes care of EVERYTHING (and they will even take care of the advertising). I think the realtors charge your first months rent for their take. (It could be a little more depending on your situation, etc)
Thanks Nomo, I'm waiting on a quote now for property management services.
itsbob
I bowl overhand
I used one in NH years ago, and the amount they charged depended on the level of the service..
They charged a percentage of the rent every month.
I paid (if I remember right) 6% a month and they guaranteed renters.. if one moved out they would find another one.
They had me 4 renters to chose from in a week, I got to chose which one I liked best and they happened to be Section 8 (HUGE beneftis to renting to Sect 8).
IF there was problem.. they'd take care of the eviction process, they also maintained and ensured the renters took care of their portion of maintaining the appliances and the exterior of the buidling.
Had the refrigerator break and they had a new one in there in <24 hours, and asked what I wanted to do for a permenant solution.
Money well spent and made my life ZERO stress as far as being a landlord.
SoMDGirl42
Well-Known Member
If you decided against this option, you may want to stick close to the Navy Housing office for renters. You are only a phone call away from the Command Master Chief if you have any issues with the renters as well.
JULZ
BFJ
rule #1- do not rent to 4D
and stay away from Section 8...it is more hassle than it is worth. There are numerious rules of theirs that you must follow.
Toxick
Splat
Pop in unexpectedly. Tenents love that.
Do not accept regular checks. Only accept Money Orders or Certified checks. This makes things very convenient for the tenents, and they will thank you later.
Also, be sure that you get a leg up on your tenents ASAP. What you can do is - if they're stupid enough to send you the rent through regular mail - simply throw their money orders away, and say that you never got it. Be sure you involve the court. Once you do this three times, you can toss them out at your leisure. Plus it takes at least 6 weeks for them to cancel the money orders and get the money back (minus fees, of course). This will encourage them to pay earlier next time.
And if they're so much as a day late, hit their credit. If they can't pay their bills on time, they don't need to be in your house.
If they ever have the audacity to try and pay you in person, by coming to your house, threaten to shoot them in the face. Remind them that they should send you the rent through the mail like it says in their ####ing lease. Use those exact words.
Leave civility by the door. It has no place in a tenent/landlord relationship.
You're welcome.
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tyky
eieio
I thought you were gauranteed payment by the state for Section 8. Although I have no experience with it myself that's just what I have heard
itsbob
I bowl overhand
I disagree.
renting to Sect 8 I NEVER had to worry about my rent, it was paid to me by the state. The renter had to cough up something like $250 a month, but he paid the state, and the state paid me 100% of what was due. The state is NEVER late, and always pays, EVEN if the renter doesn't pay his share for 6 months in a row, I still get mine.
My renter was an out of work painter and drywaller. He fixed up my house VERY nice. Re-painted all the rooms, fixed holes in walls and refinished other rooms that needed it.
And like I said, even though I rented to Sect 8, I had 4 renters to chose from of which 2 weren't section 8. I chose them and never regretted it. just because they are section 8 doesn't mean you HAVE to rent to them, and doesn't mean you can't do background checks. If you don't like them, or don't trust they'll take care or you house don't rent to them.
BadGirl
I am so very blessed
The day that rent is late, is the same day that you go to the court house to file paperwork for non-payment of rent. No joke. The second that the renter senses that you're going to work with them is the second that they'll find a way to take advantage of the situation.
Now is the not the time for you to play "Mr. Nice Guy".
Now is the not the time for you to play "Mr. Nice Guy".
tyky
eieio
I agree to a point but most leases have a late fee for rent paid by a certain date, I think you should at least give them til then. Then by all means go to the courthouse
punjabigyrl
Active Member
In my 5 years of being a landlord I have found that its worth getting a management company and let then deal with everything. Its anywhere from 7-10%. Make sure you get a good reputable management company, make sure you have realestate lawyer to check the contract with you and them, also, tell them to contact you for anything that needs to be fixed in the home. I'll PM you some other landlording stuff. Goodluck.