Hey blind I need some help with regards to renting. It’s the first time I will be renting out my condo in downtown Seattle. 1) I posted an ad on Craigslist but didn’t get any response. Where else should I post ? Someone said, Zillow. Is that the place to seek renters these days ? 2) Are their any rules/caveats that I should be aware of when renting my condo ? 3) What sort of insurance should I get ? 4) Is their any sort of protection one has as a landlord if renters refuses to pay rent or breaks rules or doesn’t vacate ? Your tips are much appreciated!
You need to change your homeowners insurance to mark that you’re a landlord. I agree with other posters, use a management company, dont get involved yourself unless you have 4+ properties. For taxes file a schedule E and deduct all fees from your rental income.
Yes Zillow, nextdoor is another option. My experience, Craigslist worked the best.Just had to wait and repost a few times. Make sure to post good pictures of the place, make sure the price is in market range. Make sure your HOA allows you to rent it. If it's your first rental I think you should manage it yourself especially if it's near where you live. You'll understand what is needed if you decide to get another rental.
Awesome advice, thanks. Yes it’s going to be my first rental and yes I will be living close by.
Much better to rent out cheap than not renting out. Every month you don't find a tenant is 100-1000 times more expensive than renting out cheap.
Just hire a condo management place to deal with all this shit. Mine charges me $100 a month for peace of mind. Completely worth it.
Which one would you recommend ?
What peace of mind do you get? Do you pay the rent if the tenant doesn't or if it's vacant? Otherwise they are just interviewing applicants.