I want to put my apartment up for rent?

Question

I have an apartment and I want to put it up for rent. I am terrified after many stories you hear. I would like to get some advice in critical points I should be asking and/or requesting from the tenants. How do I collect the rent? One of my worst nightmares is if they destroy the house or switch the new apliances. What about credit report? Help Me!!! Thanks to all in advance.

Answer 1

You might want to think about hiring a property manager, they charge 6-10% and take care of everything.

Certainly require a credit report.   You are also going to need to change your insurance to cover a renter, since it will no longer be owner occupied your present insurance will not be valid.

Your state should have a standard rental application form, it will pretty much cover what you can legally ask.

Verify employment, talk to previous landlords and check their credit for evictions and charge backs (where they refused to pay their bill).

You can tell a lot about their ethics from their credit report.

Answer 2

My family was in the rental business for over 30 years and I could tell you Horror stories of damages that were done to our apartments .....

Even had a bird Colonel and his family move out before the end of the lease and strip the house . Took all the bathroom fixtures, mantle, windows, and riped up the carpeting ......

Ok; info you need is PROOF of employment for at least a year , Full Credit report , Last TWO landlords so you can call and verify how they treated the places ......

Be sure to talk to youur attorney about a tight rental agreement ... which would include a list of the items that come with the house and serial #'s , if applicable and NO PETS as pets can and do destroy property .....

Good Luck !!

Answer 3

Make sure you're covered legally from all angles.  Become extremely familiar with the eviction process.  There are websites that do all the credit report research for you.  Common sense says "bad credit = no lease".  You won't have anyone destroy the place if you only lease to people who have excellent credit, a good employment history (be sure to contact their previous employers and ask for references), and good references from previous living situations.