Hello,
I have a home that I recently put up for rent. I have never rented out property before. Does any one have any suggestion or advise in finding good renters? I posted it on a classified section at my work and put signs in the yard. I also put ensentives that IF the rent is paid on time that they get $50 off the rent. I picked up a generic rental agreement and credit check application from my local office store. Does any one have any other suggestions or insight?
Thanks

Hello tink:

Sure. Go read the rules governing the business you're going into! You wouldn't play Monopoly without knowing the rules, would you?? Poker?? Well, I think you are about to.

You can find a copy of your states landlord/tenant laws at the top of this forum on a sticky note. Frankly, I'd learn 'em by heart. And I wouldn't go for that generic stuff either. But, once you read the rules, a smart cookie like you will know exactly what to write.

excon

You seem somewhat unprepared to be a landlord. Your willingness to discount the rent in exchange for timely payment puts you in a weak position from the start. You are probably too nice to be a landlord. Check out some professional property management firms. The fees that they charge may save you big bucks in the long run. If you are determined to do it on your own, there are tenant screening service on the internet who can check credit, eviction history, and criminal history at a reasonable cost. Get a copy of your state Landlord/Tenant law, that will provide guidance as to your rights and responsibilities. If a tenant goes bad (does not pay), don't hesitate to start the paperwork for eviction. Recently I, who should know better, suffered a hefty loss by being a sucker for sob stories. Good luck.

Thank you both for you advice. I will definatlly look in to the laws on line. I did look up the sticky on this forum and unfortunately for my state, nothing would come up? I'll keep digging though. I really don't want to be out a lot of money. We are expanding our family and had to get a larger home. And unfortunately the market is not good in my area. So the home that we are currently living in will not sell for what we owe at this time. So I thought renting was a good option so we weren't out two house payments. I know we could be at times when we have no renters. But I want to find the best way to get good renters when we have them. Thanks, and what I find out, I will post to this to help others. Please feel free to give any more advise that might come to mind!

Hello again, tink:

Before you decide to be a landlord, rent the movie "Pacific Heights", starring Michael Keaton. Actually, for a rookie landlord, it's a must. Besides being instructive, it's a pretty good movie.

excon

Talk to real estate brokers in your area. See if there is a landlord's association that can help you.

Forget the incentive. People pay on time to avoid PENALTIES. Your lease should include late fees.

Do not put signs in the yard. Take them down immediately. This will indicate the property is vacant and make it a target for squatters or vandals.

Try advertising in places that would bring desirable tenants. The local law journal (though lawyers don't always make the best tenants). Use bulletin boards at the local hospitals. Maybe the local police station (but only a board that the cops see).

Do ask for references and check them thoroughly. Do a credit check (the L assoc can help here), if not find someone who can do it for you, maybe your banker can help.

Scottgem:
We are still living in the property. So is it OK to have signs up with us living there? Or does that still create problems?
I have been getting some tips from my realitor, she also has had rental property in the past and works in the industry. She's given me a contact to do a credit check! So I'm getting info.. but I'm definatlly new to all of this!
So all this info helps! Thanks

Kind of off the original question but this is for when you find those renters... I wouldn't call myself an expert but I grew up with two parents who this is all they do. They are landlords. I bought and rented out my first piece of rental property at 18…I am still a rookie but here is something that has stung my parents in the past. Make sure to have them sign a clause that states the insurance you have on the property does not cover their personal belongings! If a pipe busts or something happens and their property gets damaged you are not responsible. They will not be compensated for their loss unless they have their own renters insurance which covers the contents of the apt. Also a drug free clause isn't a bad idea. Did you know if the police for any reason search the building and find drugs and it is clearly noted in a police report that your tenants were responsible you can not evict them?? (At least in my state this is the case) If you have a drug free clause this will allow you to evict them if this situation would occur. Feel free to send me a message if you have any more questions... Like I said I am not an expert by any means but I know a thing or two. Good luck!! :)

If you are still living there the signs are not as bad, but I would still be inclined to remove them. You don't want anyone just walking in off the street.

One thing you might want to look into is advertising online.

When my husband and I have moved (usually due to relocation, not anything to do with our apartment), I've always done my research online.

When we moved to MN, there was a site that had listings for apartments managed by companies, apartments that were run by a landlord, and houses for rent. I found good pictures, a decent price, and a list of amenities, both in the apartment and locally, really focused my choice in apartments.

I don't bother with looking in the newspaper anymore, as I'm terrifed of getting (another) horrible landlord.

You will want to make sure that your rent is NOT lower than similar quality/sized houses, and you'll want to be very up front about what is and is not allowed (pets, children, nail holes in the wall, etc).

One of the things to find out first, is what is the eviction laws, and to know exactly what sort of late notice, and what sort of official notice, since the best renter in 7 months can lose their job and be the worst renter.

Next assume your house will sit empty several months between renters, or you will have someone living in it being evicted for a few months.
So if you are making payments on it, remember you will have to pay even if the renter isn't.

Next most renters will want to move in after a few days of looking, they are not looking for some place to rent in 30 or 60 days, most of the renters want to move in within a week at the longest after looking at the property, so if the house is not ready to rent within at least 30 days don't waste your time, if you "rent" it, they will most likely find something else if they are waiting.

Next make sure you havve the money to put in new hot water heaters, for the repair man to fix the air condition, or what ever happens, since if it goes out at 4 am, they will call you to fix it "right then"

I would forget the discount, make it fees if it is late, I have a fee if it is 5 days late and a daily fee for every day after. And I still get a lot of late rents.

And I would suggest you talk with a real estate attorney and get a specific rental agreement draw up to match your state law and exactly what you want protected.

And assume with every renter you will have to repaint the entire inside of every room, and replace a lot of carpet after each renter ( or at least a carpet cleaning)

If you own the property free and clear you can make some money, if you are making a house payment, assume you will lose money on it each year, but it will be paying it off.

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Originally Posted by tinkerbell77

Hello,
I have a home that I recently put up for rent. I have never rented out property before. Does any one have any suggestion or advise in finding good renters? I posted it on a classified section at my work and put signs in the yard. I also put ensentives that IF the rent is paid on time that they get $50 off the rent. I picked up a generic rental aggreement and credit check application from my local office store. Does any one have any other suggestions or insight?
Thanks

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Use the Q&A section of the MrLandlord website... Get a good lease and get educated, join your local landlord apt asso and read at least 3 books on landlording... including Landlording by Leigh Robinson, Property Management for Dummies and the Unofficial Guide to Rental Property Magement... they should be with you and you need to refer to them often.

For advertising, newspaper are very expensive. Online services that post your ad for a fee are better than the paper. I had the best activity, and the greatest selection of tenants from Craigs List, which is FREE. If you use them, be sure to write a new ad every 5 to 7 days, and delete the old ad. That will keep it fresh, and generate more responses.

If you use Craigslist - be sure to read the home page ALERT on rent scammers... who want to send you a LARGE check and then have you refund them $$$$