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2000 | I'm a first time Landlord. Help!? |
My 2br/1ba condo has been for sale for 8 months. I can't afford to have it sitting empty any longer so I've decided to try rent it out. My current real estate agent has agreed to show the condo to potential renters for a placement fee. She will NOT provide monthly manangement.
Here's what I need advice on:
- I don't know how to credit check of applicant/how much does it cost?
- How do I determine montly rent and security deposit amount.
- How to write a lease. What terms should be included?
- Can the renter pay me directly or should I create a corporation?
- Management! What happens if something breaks? (I live out of state) I have a handyman friend who wants to do the management on a per event payment basis (no fee unless he's called) Is this advisable? What should his fee be, if he's called?
- Any questions I failed to ask?
Thank you for the feedback!! |
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Paula M
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dump the real estate agent.....Hire a professional management company - they will take the application & do credit checks & forward promising tenant info on to you.
Go to the library, there are numerous books specific to each state.....and you bet you need to know your state laws....if you, as landlord, violate them, tenant can win money from you easily.
State laws guide deposit & move in costs....
One thing I have found as a landlord - no credit score below 635 and tenant must have local bank account in good standing....AND MUST HAVE PROOF of RENTERS INSURANCE before getting keys. - that seems to keep the riff raff out. deadbeat tenants wouldn't make the effort and pay for insurance.
Professional Mgt. companies take a percentage of the monthly rent....usually 10%. And they will guide you on your repair/handyman options and what is best.
In AZ, there must be a local representative, so you definitely need a professional mgt company if it's here, and since you are out of state, you certainly want to pay for the convenience of a mgt company.
Open a new and separate checking account just for the rental.. You can fund it w/ your own funds, but at tax time you will want your rental records clear and easy.. have the account local to the rental property. you don't need to open an LLC right away. Make sure you pay EVERYTHING related to the rental out of that account - HOA fees, taxes, mortgage, insurance.....electrical...everythng. |
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Sahara
|
About the credit check: you can ask the applicant to acquire the credit report himself and give you a copy. Tell the applicant that this is a way for him/her to save on the "application" fee (charged by most management companies/landlords).
Monthly rent and security deposit amount - what state are you in? What does your real estate agent say? Check the local newspaper ads - compare similar places for rent. Make certain the rent you charge covers your monthly expenses. Security deposit is usually one to two months' worth - this depends on the trend of your local market (in Manhattan NY it can be up to three months'), plus the credit of the renter. The worse the credit, or the worse your feeling about the renter, the more security you should ask for.
You can find boilerplate leases online - such as Blumberg forms. You can also ask your real estate agent for a copy of his/her boilerplate form.
Incorporating - If this is going to be the only place that you are going to be renting out, then you don't need to incorporate. They can pay you directly. Remember to count this rent towards your income on your tax forms.
Repairs - Your renter will know that you live out of state. Tell them that if anything breaks, they can get it fixed, and you will reimburse them up to $200 (or whatever amount you agree on). The amount can be deducted from the monthly rent. Before accepting the security deposit, you should take careful inventory of the condition of everything in the apartment. Any repairs over $200 (or agreed upon amount), you can call your own handyman. In order to prevent abuse of this: tell them that you will need copies of the contractor's: scope of work, workers compensation information, licensing information. These should be faxed to you, and pre-approved by you. Without your pre-approval, the tenant will not be reimbursed. This should be a clause in the lease.
Good Luck. |
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C.A.T.â„¢13
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Credit checks can be done via the internet. There is a cost and they vary. I use Rentgrow, check them out. Be sure to do more than credit check also look at criminal, sex offender, and landlord references. You must get signed consent first from the applicant.
Monthly rent is up to you. as well as deposit but hold it in a seperate account than rent. Base it with the market. call around at other properties in the area to get a ballpark that have the same enmities.
Have a lawyer write up the lease . One who practices in the state. It may cost you but can save your a$$ in the long run
Renter can pay you no problem. Take no cash, always give receipt, and keep perfect records just like any business.
Maint. should be one you can trust. make sure he will take the call and not sit on it while they have no toilet for example. Maint can make or break you and you could find yourself in trouble due to it.
Maint. pay should be reasonable for his time. Overnight, holidays,weekends should be more than during the week. Cost should be based on labor and materials. Call around and get outside prices for what you may would have to pay for outside contractors and it will give you an idea.
Best advise - Always seek an attorney before making ANY decisions. Educate yourself on Fair Housing Laws and Landlord/Tenant Act. Also INSURANCE is a must. |
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--------
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Just keep on top of things and show your presence. Let them know what you want and expect. There are good people today too!! |
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John
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Learn what your doing prior to starting. I know people who have jumped into this somewhat the same way and got burned. Read up on it before you start. Find answers to all of these questions. First.
Consider dropping the agent and finding a managment company that will handle all of this since this is your first time. |
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paanbahar
 |
You can go tto the followinig site (rentmarketer.com) and get answers to some of the questions and maybe even make a contact. Property management, specially for one site does not come cheap.
Your realtor, for a fee can check credit--so can your attorney. Or go to the credit agencies directly--for a fee they will provide you with the credit history of your renter. |
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bostonianinmo
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Find a property manager to handle the details for you. If your agent won't do it, see if her broker has a property management service. If not, find one in the Yellow Pages.
The property manager will help you set a reasonable rent based on your property and local market conditions. They'll handle credit reports, lease contracts, repairs & maintenance, and even evictions if needed.
The only caveat is to make sure that you retain final approval on all tenants and major repairs. This is to preserve your "participation" in the rental property to preserve some nice tax treatments on April 15th.
The typical fee is 10% of gross rents received. Some charge an additional fee for placing a tenant or evicting one. You should be able to find a decent one who won't nickel and dime you to death with B/S fees.
A good property manager is worth their weight in GOLD. They know the law and will ensure that you don't get snared by improper practices. For example, some folks here have recommended that you get the first and last month's rent up front, plus a security deposit. Good advice in some states, but not in others. Some states don't allow you to ask more than two months worth of rent up front -- the first month's rent and one month's security. That second month's worth -- the last month's rent -- may get you in a legal sling. Also, you're not going to just go to the credit bureaus' websites and get credit reports, nor can you legally ask the prospective tenant to get it themselves and give you a copy in some states. All of these things would be handled properly by a good property manager.
In some states you MUST have a local representative so if you're moving out of the area a professional property manager is the only logical choice. |
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patience3987
|
I would recommend talking to an attorney about this. I say this because a customer of my husbands rented out his house last year, and had nothing but problems. If he had consulted an attorney beforehand, instead of just signing a standard rental agreement, he wouldn't have lost 30,000 for damages and past due rent.
An attorney could give you better advice than anyone here. |
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GRUMPY1LUVS2EAT
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You need to talk to a real estate lawyer. You are compromising your rights by trying to get free advice, which will cost you plenty if you follow it. Landlord/tenant law is very confusing and you REALLY need to talk to someone that knows what they are talking about! |
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Sparkler
 |
forget it. lower the price to sell it. the taxes will eat you up. I know. I've been there. |
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answrwoman77
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Being a landlord is a lot of stress and hassle. Maybe you could find a property management company in the area that would take on the task for you. |
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...
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Go to mrlandlord.com it will help you out. |
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U A
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My answer is to hire a good property mananger, especially since you don't live there. They are worth their weight in gold and will handle everything for you. They usually charge 6-10% of the rental amount. If the condo is near a college or popular travel destination, I would keep it as a rental and let the renters pay your mortgage as you get a handsome tax writeoff every year while your appreciation increases.
To answer some of your questions:
- go on the web, search for credit bureaus, pass the cost on the person you're checking.
- monthly rent should cover all your expenses, charge 1st and last months rent, plus a security/cleaning deposit of another months rent. Negotiate how this can be paid, monthly, etc. if necessary.
- leases can be found in a couple of Landlord books available at Amazon, etc. Make it known to your tenant that they will have to repair anything that they damage, while they are living there.
- they can send you a check, corporations are expensive and take lots of time. Get good insurance and the renter can get their own insurance coverage.
- before you leave, get in touch with a good contractor that you can call in an emergency. A property manager can handle all that for you, and it will make your landlording experience much more rewarding. Good luck. |
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handydaddy
|
Real estate agents suck, don't they?
Rent is usually the going rate, see what else is advertised. Can you get 2x your mortgage?
Security deposit is usually one months rent.
Renter can pay you directly, I have in the past.
Staples.com has lease forms, that would be a good place to start,
http://www.staples.com/webapp/wcs/stores/servlet/StaplesProductDisplay?prodCatType=0&storeId=10001&catalogId=10051&langId=-1&productId=129386&cmArea=SEARCH
Your handyman friend sounds like a good friend, $100 per call be fair?
Goto your local book store or library and look for landlording for dummies type books, read them there. |
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Chris L
|
Lots of good questions and you are right to be concerned about it. Renting out your property can incur liability as well as providing you a source of income, have to make sure that the income balances the liability though.
Having been in the property management field for years and having a house I currently rent to someone else several hundred miles away, I can give you advice about the details (do this don't do that, etc.) but honestly, you need to get a realtor who is willing to manage your property for you.
Standard charge for managing someone else's property is 10% in the Austin Texas area. See if your realtor can refer you to someone who WOULD be willing to do it for you. |
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