I am going to rent a house and I prefer to do it myself instead of going through an agency If you are renting out a house personally, where did you find your tenants from? Craigslist? How do you calculate security deposit? Pet deposit? Pet breed restrictions? Do you write a contract? How does it look? TC 250k Location of the house: North Carolina
Doesn't sound like you are ready to be a landlord. Get a property manager. If you are going to learn, incorporate the business, find tenants through zillow, trulia etc, get a 3rd party to do background and credit checks, have a detailed lease, do not allow pets, check local laws regarding security deposit but usually max 1 month.
If you feel you are ready then you are ready. I charged one month of rent to my tenant as deposit. I also made them get renters insurance (fairly inexpensive, hundreds of dollars for the entire year) - in case they burn down the house, insurance will pay for any damage they cause. I asked for references at work and personal ones - I made sure I called and spoke about the tenant. I also asked for a credit report - you get free ones on credit karma or any bank. I repurposed an old contract that I had. Craigslist worked best, esp. since they removed free listings, it cut down on a lot of spam. We tried Zillow and other rent sites but CL worked best. Good luck. You may want to look at legal zoom for contract.
Depends on the house. I have a house and my family rents houses in North Carolina. Though we are very easy going. We find most through word of mouth...longest a house been empty for us have been 3 weeks. Depending where in North Carolina...maybe craigslist...but usually neighbors know someone who needs a place to live. For security Deposit we usually do first month + last month rent. When they leave and the house is in “great” condition we give last month back to them. Not usually the case since there is always work to be done when renters leave. With pets...that’s a personal preference. We don’t mind, and we usually don’t charge...but people with pets don’t usually get their security deposit back. Pets/animals are messy. But be careful...bc sometime it’s a service animal and if you rent to them...you kinda have to let the animal in. For contracts...look up one on google and print it out. Customize it to meet your needs. That’s how we do things. It work for us. However...it’s good to mention we live/ have close family where our houses are...so if you don’t have either of those...probably go with an agency
Will you be close by to take care of the house if any thing goes wrong? If yes, I would say rent it yourself. If you are planning to be a long distance landlord, then get a property manager. If you do it yourself: lease is easy. Background check is easy. Use craigslist and Zillow to list your house for free. Make the renter get renters insurance so their stuff is protected. You get a landlord policy so your house is covered.
North Ca....rolina. Make sure they have a full set of teeth I guess?
You make $125/hour. It is not worth your time to spend 50 hours per year on rental stuff to save $3000 management fee.
False. His time outside of 9-5 is worth less than a day laborers. Generate income 24/7 and keep it all to yourself.
I thought you are moving out ;)
Oh nvm gotcha.
Get a property manager. Until you learn the ropes. And to preempt @Google says something idiotic, I have 20+ years experience doing this. Breaking local laws or not crafting the proper lease would be far costlier till you know what you’re doing.
Lmao. It’s fucking easy. Require credit and background checks, and take a deposit. Require renters insurance. Don’t allow pets. Secret to obeying local laws: 1) If you deduct $$$ from the deposit, have a corresponding receipt. 2) If you don’t feel comfortable renting to someone, don’t reply to their inquiry.
Can’t fix daft. Bless you
Don’t do it yourself. You don’t want to take the risk of background checks, deposits etc
ITT idiotic advice from people who have never owned rental property. Easy tips: Use Cozy for rental apps. Require background checks from every tenant. And do not show the place to anyone with more than one question, as they’re not serious. Pay an agent to rent it out if you’re terrible at money.
In what way is a background check a risk to the landlord? This is utterly baffling. Explain yourself.