What is involved in renting out your house?

Question

I'm thinking about renting my house out. I would appreciate any advice or anything anyone knows about what it involves.

Answer 1

You should check out HUD.gov in your state and find what is needed or looked for during an inspection and get your place to met the standard. Determine if you or hired help with handle maintenance/landscape. Be sure to get a security/pet deposit, at least, the same amt as the rent. Make sure utilities are out of your name, make sure the tenants have renters' insurance. Do a credit/background check, a 700+fico score may care more about taking care of your place than a 500. Put everything in writing, rent amt, late fees, parking, storage, garage use, everything. Have a set rent due date.

Remember, the sweetest face grandma, hot chick, fine guy, handicapped, student, single, widow, religious, vet, atty, and 5 kids no dad, all have the ability to lie and take advantage of you, just write everything down.

Answer 2

I have rented out my house for the past several years.  Make sure that everything is repaired and in good working order.  You will still need insurance but it will be a different kind of insurance ask your agent about it.  You didn't ask about tenants but I will tell you anyway, there are some very good tenants and some very bad tenants and I have had both.  Before you rent to anybody get a credit reference .  make them fill out an application to rent, which will tell you how many will live in the house.  where they work, how long they have worked there.  Check past rental history .  don't be shy about asking where they have lived and why they are moving.  be really careful, some landlords won't say anything bad about someone they are dying to get rid of.  One tip that has worked for me is I look at the inside of their car.  If it's a pig sty and their house will probably not be too clean.  Don't take the deposit in payments. be sure that the rent is fair for the houses value. don't rent to someone who can't afford it.  Find out how much money they make, if you couldn't make the rent on that amount don't assume that they can  Be sure the utilities are in their name before you give them a key.  Renting out your house is full of surprises .  You won't know the the potholes involved until you fall off a few times