Becoming a landlord may not be a choice in this market. Most people prefer to sell their home and look to the future to begin the next chapter of their life. If you are finding yourself with more than one home and in need of extra cash to cover your additional mortgages here are a few tips to help.
- Get a lease. Even if you are renting to a friend or family member it is important to have something in writing.
- Change your locks after you move out and after each tenant moves out.
- Let your incoming tenant know they should consider getting renters insurance.
- Get some background information on your incoming tenant.
Find a company that does credit checks
Call their previous landlord
Check current employment to verify income
- Find a good handyman or contractor that does various types of work.
- If you deal with a company that offers plumbing and electric and minor repair work you might be able to negotiate a deal for only using them on your property.
- If you have doubts about someone financial ability to pay the rent - Remember - it can be more costly to evict someone than to have it vacant for a couple of extra months.
- If you are moving far away or do not want to deal with managing your property consider a management company. It maybe worth it.
- Provide your new tenant with local information including trash/recycle days and gas and electric numbers.
Remember you can post your rental properties for free on Relify.com. If you have any questions feel free to email me at relify@relify.com
Stuart Berman
Co-founder
relify.com
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With more and more people having to lease their homes, this is great advice. Especially number 1, you must get something in writing, even with family!