First time landlord, what i need to know?
Xi Z asked:
I am renting my home for the first time. For those of you are property managers, can you provide me some tips or information on what i need to look for?
I am renting my home for the first time. For those of you are property managers, can you provide me some tips or information on what i need to look for?
I know i will do background and credit check on this person. Is there anything else i need to look for? the renter has 2 small dogs what are something restrictions i need to make?
Also what are somethings that i most include in the lease contract.
What is the reasonable amount of security deposit i must withhold; my home worth about $300k. (2 month of rent?)
thank you
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Hire a property manager. Laws different based on local laws.
If you ***** up, big fines, etc.
I own rental properties but use a pro manager. The only way to go since they do all the work and send me a check each month.
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First, never accept someone with an eviction on their record. They will tell you some story to make you feel sorry for them – there are lots of renters, move on to one without a story. We allow small dogs and cats, however, there is an additional deposit of $500. We ask for: 1st mo. rent (800), last mo. rent (800), security deposit (800) and if pets, like I said, an additional (500).
For sure, look for a legal form for your lease – online offers good ones, but if you work with a lawyer, ask him/her for one. Check on your people! Your local police do not have to inform you if they are sent to your rental and neither do the fire department, unless there is a major amount if damage.
Also, check out your local laws pertaining to eviction. It is very hard to get someone out right away. Know what you need to do so that you have a plan of action.
Good luck! I’ve found our residential rentals suck, but the business rentals are great!
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Wow! You are taking on a lot.
I would find a good book for your state.
My state limits security deposits to one month’s rent, so you need to look at state statute. There are, however, additional deposits allowed for pets, “pet deposit.” If this is a 300K house, I might well reconsider renting to someone who has pets. (and I am not anti-pet,there are so many issues to consider)
Everything from utilities to what you what happens if there is a natural disaster must be addressed.
I would find a good lease for a residence from your state (and if local issues abound, there). I would stay away from trying to adapt a lease made for multi-tenant housing to your situation.
It may cost you, but it may be well worth the money to hire a real estate lawyer.
Best of luck!
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Security deposit is normally equal to one months rent. With two small dogs you will want non refundable pet deposit. I would charge $150-$500 per animal.
Have a lawer draft your lease.
Things to include.
1. make it mandatory for your renters to carry rental insurance to cover their belongings.
2. You will want to cover late payments, penalties and interest of past due rent or non payment.
3. Condition or unit, leaving original fixtures intact, I always ensure that every last thing they want to change is run through me, whether it be repainting changing a light fixture, ultimately I decide when and if the tenant can alter the premises in any way.
4. The exit terms of the lease, what type of notice of termination you legally in most places it is minimum 30 days, I like 60 so that I can find a suitable renter.
5. Always include terms of subleasing and additional tenants. Personally I forbid subleasing and having additional people move into the premises without my approval.
6. Always outline your responsibilities as landlord. Will you be keeping the gardens? Changing the furnace filter? Cleaning the eaves? Do you expect this of your tenant?
It really does pay to sit down with a lawyer and iron out all the details you wish to be included in your lease, it can save you a lot of grief in the long run.
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Since this is your first time at this you should check with the Apartment Housing Association in your area.
This organization will have many things that you need to be a successful landlord to include rental and lease contracts, eviction notices, how to obtain credit reports on prospective renters.
They can also give you an indicator of the rent to charge for the number of bedrooms and baths in your area.
They can also tell you about security deposits, additional rent for pets and how to handle situations of this nature.
If you join this organization it might be a tax deduction item on your federal income tax. Please check with your income tax consultant about any tax matters.
You do not need to hire a professional manager if you have a few hours each week to devote to your income producing property, since you only have one property you are renting.
Just remember that your renters are people also, just be fair and upfront with your expectations of them while in your property and know that since they are renting your property that it is now their home as long as they don’t abuse or tear it up as well as comply with all the local laws.
I hope this has been of some use to you, good luck.
‘FIGHT ON”
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We went to Office Max and picked up a LANDLORD/RENTER packet. They have several different kinds to suite your needs. Although we are dog owners we do not permit our renters to have dogs.(Everyone is not a responsible pet owner) And trust me… renters do not treat your house as their own.Because of the dogs you should definitely collect 2 months rent for the deposit. We have been successful doing this ourselves but if unsure you could always hire someone. Of course we have only one house , that we have rented for 4 yrs to two different tenants. The tenants we have now are going on their 3rd year. NO evictions , No property damage and NO fines . Public access from your county’s municipal court web site can assist in finding previous evictions. So it can be done by the home owner .
Good Luck.
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The link below will help you with some of your questions.
If you are renting your house with carpet to someone who has two dogs?? Make sure that you take pictures of all rooms, carpet, walls, figures, backyard, trees, plants, etc. Sometimes, small dogs can do more damage then big dogs.
Who is going to be responsible for the landscaping? Make sure that you have plenty of insurance on the place for in case of fire.
You can require an extra security deposit for the dogs on top of the regular security deposit.
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You need to know your state’s landlord-tenant laws, eviction procedures, and buy a rental agreement written for your local area. Most cities and states have housing associations that have forms and agreements for your area. (Generic ‘national’ forms are a bad idea.) Some states and local governments change landlord-tenant laws frequently.
Yikes, two dogs can do a lot of damage. Require your tenant to provide proof of renters insurance for $300K and proof that the animals are properly licensed and vaccinated.
The eviction process can take 1-2 months, so the security deposit should cover your lost rent, legal fees, and service fees you will incur if you ever have to file an eviction. Also, promptly file evictions for non-payment as soon as allowed by your state’s law. Probably the most common mistake is giving the tenant extra time to pay and then realizing they can’t/won’t pay.
I can understand wanting to do it yourself and not using a costly property management company; however, please know that small claims judges tend to favor tenants and will expect you to know the law and provide proper evidence.
If you’re renting out your house due to financial difficulties, you may want to add a provision allowing you to terminate with 60-days notice if you decide to sell (or foreclose).
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Go buy a book called Tenants Rights, for your state……..easy read, states both sides, tells you how to do things from placing an ad, to evicting, and everything inbetween………….
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Don’t do a thing until you do a lot of reading. So many people get involved in property management that don’t seem to have a clue about the pitfalls that are possible. I suggest going to and typing “landlording” in the search window. The last time I did that I got 200 hits. You can look at the reviews and then go to your library and see which ones they have.