Background checks! Even though it is not sure-fire, you can get a basic idea of who you are dealing with. We have been renting out houses for close to 25 years, and have only had one bad seed. Even the checks still let some turds float by. Have a lease agreement also. I forget where we got our agreement from, maybe our Attorney, but I am sure you might be able to Google for some ideas.So as someone who is potentially becoming a landlord for the first time and renting their house out...any suggestions? I know some people who do it different ways so I didn't know if anyone had any tips.
So as someone who is potentially becoming a landlord for the first time and renting their house out...any suggestions? I know some people who do it different ways so I didn't know if anyone had any tips.
There is a saying that goes something like this, "If you want to make an enemy out of a friend, live with them". Not that you'd be living with the Friend, but they would be renting your house, or apartment, and may think they have more rights that another person doesn't.Put everything in writing. You cannot modify a written contract (lease) verbally. Require written notices of anything that could be disputed or charged for later. Take time dated pictures immediately before the tenants move in and immediately after they move out. If you make any changes in the terms - allowance for charges, payment changes, etc. after the initial lease is signed - put it in writing. And include a separate paragraph to be signed/initialed by the tenants that they have received a copy of the lease and each changes thereto.
As for leasing to friends - do it only if the friendship is expendable. If there are any disputes over maintenance, upkeep, late or non-payment of rent the friendship will be over.