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MarieIs | Want to rent my house out - what do I need to know? |
I want to rent my house out and think I will probably get a property management company to manage it. How much do they usually charge? If they are taking care of the Also, do I need to notify anyone (my mortgage company, etc), fill out any forms, or anything else? Should I use an attorney? I am clueless about how to go about this.
Additional Details
The house is in the US. It was purchased via FHA loan in February 2008 with intent to buy not rent out. |
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Leo F
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first thing there is a lot of people giving you really bad advice and don't have a clue what they are talking about, if you have a FHA loan you will need to live in the home for at least 2 years before you can rent it and the lender does need to know or you could be charged with Mtg fraud as you stated on the loan application it was owner occupied and thats what set your interest rate. |
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patrick
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Not only does your mortgage company need to be notified (many mortgages specifically stae the mortgage is only for owner occupied, and if you rent the property, it is grounds for them to call the note), you also need to notify your insurance company. You will need an entirely different type of policy. Management company fees vary greatly around the country. Find out exactly what services they will provide, and what licenses they have. You should have an attorney review any lease and management company contracts. |
|
es
 |
You have received very bad advice here. You need to read your mortgage documents. Some mortgages do not permit rentals. You need to read your insurance documents. You need a different kind of insurance when you rent and don't live in the property, and the insurance company has to advise the mortgage company when you cancel your regular homeowners policy. The best thing you can do is:
1. Go to the library and take out some books about renting properties;
2. See an accountant to understand what you can write off, whether you should take depreciation, and how this will impact your tax planning.
3. See a lawyer and make sure you are properly protected by your lease agreement. Additionally, some communities require use and occupancy certificates. So, call your township or city and ask what you need to do to rent the property legally--they will tell you if they require an inspection, and you can pick up a copy of the blank form so that you know what will be inspected, and make sure you are up to code.
Best of luck. |
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Loving Wife
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This is such an open ended question but you would need to determine several things:
1. Mortgage company : doesn't need to know
2. License: If you do it your self you need to file for a license for rental property.
3. Fees: What are your allowable fees in your area: Application fees, Holding fees, Security Deposits, Rent, Amenities, Pet fees, Month to Month fees,return check charges, late rent fee.
4. Fair Housing knowing what the 7 protected classes are so you dont discriminate unknowingly.
5. How to file for late rent?
6. Will the renter be responsible for the yard up keep and the gutters?
7. Lease and addendum package.
8. Security Deposits placed in interest accruing account. and at move out how to calculate interest back to the former resident.
9. Legal collection practices.
10. Credit check and how to find a qualified renter.
11. Additional Insurance rider for home owner policy.
That is just the tip of the ice berg and what came to mind of the top.
If you should have any more questions send friend request so I will get a copy of your question.
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BARRY B
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Are you Uk or USA? In UK the mortgage co have to be consulted as they may, or may not be happy to allow you to rent out. They are entitled to foreclose if you do it without their consent. So start there.
UK letting agents charges vary immensely. Some are crooks and some are a bit better. You need to ask for all the fee details before you take them on. visit at least three local agents to compare. In UK the agents will do all the necessary work to get it tenanted. But I must repeat, watch those fees as they can be eye watering! |
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loanmasterone
 |
You need not tell your mortgage company and what make everyone think they need an attorney for everything they do in life?
Renting is a very good, there are several books you might want to check out at your nearest book store.
You would also want to check out the Apartment House Association. This is an association set up to assist individuals that want to rent property.
They have limited attorney advice for you, many forms for your use such as rental application, evictions record keeping. They can also set you up with a credit bureau to check out potential clients. They might also help with handy persons to assist with any repairs that might arise.
You might check with your tax consultant for any tax matters that might arise.
You need not fill out any forms to rent your house.
You need find out a way to advertise that you house if for rent. Most do this by placing ads in the local newspapers, posting ads on the local super markets and laundry mats near the property. If there are any large businesses in the area you might want to see if they have a company paper so you might place an ad in their paper. Then there your church news letter and bulletin board that you might advertise on.
You will need to contact a few handy people to help with any repairs that become necessary. They have to understand what they are doing and what you expect.
There are somethings handy people can do, but do not need a license. Then there are somethings that need repair that will need a license and permit to accomplish.
If you use a management company they will do the ads for getting renters, but for repairs the are gonna call you anyway for approval. Their fees are negotionable but start around 5-10%
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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A D
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If you are in the US, and you live in another town, you may want to hire a management co. to take care of the property for you.
A good management company should be able to advertise the property as available for lease, screen prospective tenants and help you determine the market rental rate for your property. The company should also make sure the property is being maintained properly and take care of repairs as needed.
You should expect to pay about 1 month's rent for the initial leasing of the property. In addition, a property manatement co will charge a % of each month's rental amount as a fee. You can expect to pay between 8% - 12% of each month's rent. The cost of any required repairs will be additional expense to you. Some property management co. will also take care of writing the monthly payment check for you.
Most management companies want a 12 month management agreement. Generally the agreement with automatically renew unless written notice is give to terminate the agreement.
You probably want to interview several management companies and check on their references. A legitimate company will not mind this and should even offer this information to you without having to ask.
If you live close to your property, you may want to hire a company to take care of getting the property leased out for you and you can manage it yourself. Again, the real estate company should advertise the property as available for lease, screen prospective tenants and help you determine the market rental rate for your property. You can expect to pay 100% of the first month's rent for this service.
You probably do not need to notify your lender that you will be leasing out the property. Now, if you participated in a special program for owner occupants only, then you may not be able to lease out the property.
But even an FHA financed property can be leased out so long as you have lived in it for a time and your INTENT on purchasing the property was to live in it. |
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Kay
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Not required to notify your mortgage co.
It would be to your advantage if you carefully scrutinize property management companies. Find out by calling a few prop. mgt co.'s in your area as to management cost per month, what they do and don't in management of your house, and what properties they are managing right now. Once you have decided which one to hire, you read carefully property management agreement before you sign it. If there is an area of concern in the agreement, consider it negotiable by pointing it out and express if they could removed or alter from the agreement. Don't be shy or embarrassed. Be firm and business-like. It helps if you have someone else to be present with you every time you deal with them.
No need to hire an attorney but if you feel more comfortable a lawyer look at the agreement, hire one. But make sure you hire on a fixed fee just to read and give legal advise on the agreement. If you have a friend or relative who is smart/experienced in reading and understanding a contract, you ask them to help you. Treat your friend/relative to lunch or dinner for their help. |
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jbelinski
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Property managers around here (Central Florida) usually charge 10% of the monthly rent ongoing, and half of the first month's rent to secure a tenant.
A good property manager will have an attorney she uses to draw up leases and handle evictions.
Notifying your mortgage company probably isn't necessary, but definitely talk to your homeowners' insurance company. You may be able to change your policy to a "fire policy" which insures the structure but not the contents (reducing your premium), and they may advise you to add liability coverage in case the tenants are injured.
Ask the property manager if the lease can be between "them" and the tenant instead of "you" and the tenant. Personally I do not like my tenants to know my name, or have any way to contact me.
Good luck. Someone told me once: only become a landlord if you have the fortitude to evict a single mother and her two small children on Christmas Eve. It is not a business for the faint of heart. |
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