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Searching for Advice on How to Rent Our Home to a Corporation??

Sometime folk can be so dense (pick me). My wife and I have been considering a move to Northern Virginia (Annandale area) but have a nice size house in Laurel, MD which we are loathe to sell (upside down and a gorgeous piece of property).

We want to rent out our house 6502 Walker Branch Dr., Laurel, MD 20707 but are extremely skittish about renting to a family or private individuals (our history of renting to others hasn't been very successful). So we have gotten this bright idea of renting to a corporation.

We understand this might not be the best way to go but also it could be. So we are opening ourselves up to the best and the brightest of this august institution better known as Active Rain!

A real quick run down about the house - 3Br/3.5Ba, office (could be a bedroom) on main level, wood burning fireplace in family room, DR, formal living room, basement with washer/dryer - also really cool workbench. Sits on 1/2 acre of land (back half of land has an easement so no possibility of subdividing - also means combining with other properties one has about an acre of "park" in their back yard). It is located in West Laurel (less than a mile from I-95); 1/2 way between D.C. and Baltimore; about 10 miles from Fort Meade and NSA.

What are your suggestions? Rent to a corporation or military? if so, what do we need to do to maximize our income? fully furnished? provide lawn and maid service? a person coming in to cook meals? the bare bones of services?

Looking for YOUR advice. Of course, good sound advice is always appreciated. Who knows a referral might come out of it all.

So here you go - what are your thoughts?

Posted by Matthew Rosov, Certified Mortgage Planning Specialist on 11/01/2009 09:11 AM

Comments (8)

rental advice

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8 Comments on Searching for Advice on How to Rent Our Home to a Corporation??

NOV

Military personnel would be a better bet. You can contact the post or base housing department and find out how they help their people find homes.

As to corporations, that's going to be tougher. As an individual, they'll probably not want to deal with you because they'll want turn-key service on the house. Lawn, house-keeping, maintenance, open-up, shut-down for guests. Try finding a service company that specializes in corporate relocations and rentals.

NOV

Thanks, Michael.

Anyone have any experience in the Maryland area with this?

NOV

Wow - I am suprised. With the vast knowdledge this board represents there is noone who knows about corporate rentals nor even renting in the Prince George's/Howard county area???

Matt,

Don't be surprised at the lack of response. With so many posts and so little time to review, its tough sometimes to get the help and response you need. You'll have to take the bull by the horns and dig it out yourself. I can't tell you the number of posts I've put up looking for some insights and help, but get either nothing at all or "Good post", like they never really read it.

I'd look up all the members in the area you're interested in under the states/counties/cities tabs, read the profiles of the agents you find and see which one's look like they may have the experience you're looking for. Then email them individually with your situation and see who responds with what you need.

I'm in Texas, so I'd be a little handicapped in trying to do this for you, however I can run it to ground for you. I just wouldn't be able to handle the day to day management of it for you.

If you don't get the help you need, email be back and I'll start turning over some rocks for you.

In the meantime, I'll reblog this for you to get it back out into the current list of posts.

Mike

Matt, I saw your post through the rebog of Mike. 4 years ago we sold a home to a guy who works for a temporary housing company called Aboda. With Microsoft in the area and other high tech firms doing lots of relocation's, the need for temporary housing is fairly constant. The company does 2-6 months leases for slightly higher than average rent due to the shorter term. I you have a similar firm in your area you could consult with them. If they are your tenant, they would be responsible for maintenance and upkeep within the terms of whatever deal you strike.

I don't know anything about your area, I hope this helps.

Matt,

First, I have not worked with Corporate Rental Firms.

I am an agent licensed in Maryland and I have worked with some Owners and Renters in the Laurel area for Rental Properties, both residential and commercial.

Personally, I would be hesitant to use a Corporate Rental Firm, because I would lose too much control over my property. You would know the rental firm but you would likely not know who was renting your house and for how long they were renting it.

However, that said, this does not preclude me from finding military personnel to rent your property (There is a big influx into the area around Fort Meade due to BRAC.) Keep in kind, with military personnel that the lease would need to account for the fact that they could be restationed, meaning that you could lose your Tenant prior to the lease end.

As far as the care of the property goes, this can be either the responsibility of the Renter or the Corporation. I do not believe that this would need to be your worry.

With proper screening, it is possible to find good tenants for your property. There are also methods that can be used which can make things easier on you. For instance:

the Tenants can direct deposit their rent into your account;
you can have a Home Warranty whereby maintenance calls could be made to the Warranty company instead of to you, and where the Tenant would be responsible for any deductibles within the plan;
you can create incentives for the Tenants to pay their rent on time and even early; see my blog on this topic: http://activerain.com/blogsview/1249009/rental-payment-incentive

As a courtesy to you, I have provided in the following link a list of recent rentals from your area: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=33883506781

Let me know if I can be of any additional help.

Ron Trzcinski

NOV

Ron - thanks for the response. I am reviewing some things now - we will be in touch! What is the normal turn time to rent a SFH?

Matt,

It takes about 2 months on average to rent a SFH. I have sent a separate email to you which summarizes the rental listings which I previously sent to you.

Ron

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