Newbie Landlord

JeJeTe

Happiness
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.
 

Roman

Active Member
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.
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.
 

frequentflier

happy to be living
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.
The house we purchased last year has a rental unit attached. We lucked out with our tenant: a single, educated, respectable young man with a good job. He will be here with his job for another year or two. After he leaves, I can only hope we will be so lucky again!

One piece of advice Pete gave us is to check out the person's car when they come to look at the rental. If the car is trashed and filthy; with crap strewn about inside, you can probably expect them to keep our rental in the same condition. I would also check current landlord, look them up on MD Judicial Case Search and do a background check.

I don't know the best way to advertise- I lucked out because I hung a notice in the Kiewit office next to my store and had the apartment rented in less than 24 hours. I also ran an ad here on somd and got some calls but did not take it any further since it was rented.

Good luck!!
 

JeJeTe

Happiness
Thanks, guys! This has been helpful. I actually have a very interested potential renter who is a friend of mine so I'm hoping that work out.

I need to try and sort through the tax implications of this too.
 

libertytyranny

Dream Stealer
I'm not sure if renting to a friend is a good idea. Sounds like a good idea, but rarely is from what I've seen.

However, one thing I am glad I did is put in the lease specifically what repairs and upkeep the renter is responsible for. Lawn maintenance, changing hvac filters every three months, ridx in the toilet etc. I also keep a warranty on the house but made sure to include that all repairs had to be signed off on by me or they were liable for the costs. REQUIRE renter's insurance and see proof. Keep copies of everything. Especially if its someone you know you may want to be lax on these things, don't. I'm paying for that right now :/
 
R

rhenderson

Guest
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.
 

Roman

Active Member
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.
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.
 
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