If I want to rent my house (Michigan/U.S.), where do I start? How do I go about forming a lease or other?

Question

If I want to rent my house (Michigan/U.S.), where do I start? How do I go about forming a lease or other?

Answer 1

You can type up a lease yourself if you know what you want in it.  You may be able to find one at a business product or office supply store.  If you do it yourself you will want to include the amount of security deposit, the amount of the rent, when it is due, if there is a late fee,  how much and when the rent is considered late, how long the lease is for (6 months, 1 year, etc.), if pets are allowed or not, if so then if there's a pet deposit, how much notice has to be given if they move, that they will lose their security deposit if they move early, any rules you may have (no loud parties, etc.), include an appendix listing any items you are providing like stove & refrigerator, anything else you can think of that you would need in writing if you have to take them to court.  Also, make an application for them to fill out asking for references and their last landlord's name and number and why they are moving.  Then put a sign in the yard and advertise on craigslist.org and/or in your local paper.  When someone fills out the application be sure and call their last landlord and their references.  It might keep you from renting to someone who will tear the house up.

Answer 2

Rebecca,

There is more to being a landlord than having a lease and those available in an office store are generic and may not offer the liability protection you need.  I suggest getting legal assistance.

I would also suggest contacting your local government to verify their requirements for rental property, if there is a mortgage, verify the paperwork you signed allows you to rent without the note being called due, and possibly joining a local Real Estate Investors Assoc.