any Landlords in the house - Sportbike Addicts

opinion914 · 10-12-2007, 06:47 PM

im contemplating renting my house out in the near future and was looking into how to do it legally. im sure its more than just a matter of giving someone a set of keys and collecting their cabbage at the end of the month. Anyone have any personal knowledge here, any places i can check for more info? most of the stuff i find online is from a rentee's point of view, not the rentor's. Thanks

Kevin

ronin_01r1 · 10-13-2007, 06:14 AM

there a cd on forms you might need as a landlord sold at staples. maybe you can find these forms online, but it's like only $10-15. i think the CD also contains some useful background on renting/leasing. also, i recommend taking pictures of anything the renter is going to be responsible for.

**John712** · 10-13-2007, 08:52 AM

Quote:

Originally Posted by opinion914

im contemplating renting my house out in the near future and was looking into how to do it legally. im sure its more than just a matter of giving someone a set of keys and collecting their cabbage at the end of the month. Anyone have any personal knowledge here, any places i can check for more info? most of the stuff i find online is from a rentee's point of view, not the rentor's. Thanks

Kevin

You will find the worst people with the best smiles and best clothes to come to look at the house. I had a house for sale for almost 2 years only because the market was so bad. so me and my wife thought about renting.

THAT IS until we starting listing it for rent, leaving applications out front, calling previous home owners, only to find out 7 out of 10 people use their family members as refrences and saying they were the best people around.

call them back filled out other forms that i got from my realtor, did a back ground check by W2 forms and alike. now this is where it gets funny, the name they left on the application does not show what appears ont heir original application. finding out more through court systems, taxes. it wound up costing me more to do all that.

not to mention owner/tenant is one of the worst. thats not to say everyone is bad. but you have a 50-50 with somethig like this. and you cannot just toss someone out these days, especially if their disabled, have small children OR the worst part yet, DISABLED WITH CHILDREN. theres a loooooong process right there bud.

i found out more negative shit on renting in 2 months of trying to do it. and not so much positive stuff. just be careful who you rent to. race is not an option. but you will find out the poor looking black/spanish are more wealthier then the rich looking white people. in my experience.

so to make my long story short, i left the house on the market for about another 4 or 5 months, took a little loss by selling it, only because keeping it was costing me a kot more to keep it, 8k a year in taxes on a vacant house was killing me

spend the extra cash, really find out who you are renting to. good luck, let me know how yo make out

opinion914 · 10-13-2007, 04:55 PM

sounds like the best thing to do is rent tosomeone you already know and trust, for a bit less perhaps but piece of mind is worth something to me. So who wants a 3-4 bed in Middletown NY !!! Just cover the mortgage plus 20% and mow the lawn!

High_Revs_17 · 10-13-2007, 06:26 PM

If you live there or not, you still own it, therefore are subject to the driveway/garage entances being blocked by large amounts of debris!

Quote:

Originally Posted by opinion914

sounds like the best thing to do is rent tosomeone you already know and trust, for a bit less perhaps but piece of mind is worth something to me. So who wants a 3-4 bed in Middletown NY !!! Just cover the mortgage plus 20% and mow the lawn!

opinion914 · 10-13-2007, 06:35 PM

ha, my garbage cans havent had legs in a while. man i gotta call killerloop see what hes up to.

***Respect_My_Authorita*** · 10-13-2007, 06:42 PM

where ya moving to kevin?

matt · 10-13-2007, 08:57 PM

kev....why don't you consider putting in like 5 or 6 inexpensive bunkbeds for all of the illegals? seems like a good plan, especially in m'town. also...if you need any work done around or on the house, you've got a built in work crew. 7 or 8 bucks an hour, and a case of cervesas, and you're good to go!

Marker54 · 10-14-2007, 12:48 AM

Insurance Wise: be sure to have your standard Homeowners Policy rewritten to a "Rental Dwelling." Depending on wheather you plan on furnishing the place, you will adjust your contents coverage, but more impotantly, It will provide coverage for "Loss of Rents." So, if the place can not be habitable for a covered loss, you will be repaid the rents from your insurance company for which your tenant would have paid for that time period.

opinion914 · 10-14-2007, 06:56 AM

thats good info Marker

thats bad info Matt

Surfinglbi23 · 10-19-2007, 11:37 AM

Renting is not bad ... I have 2 rental properties and they always pay on time and never complain. DO YOUR HOMEWORK or hire a real estate agent ... I think they take 1 month rent as commission but they will run a background, criminal, employment ect for you.

We use an online service, its like 100 bucks to run all that and I just make the applicants pay the fee's as an Application Fee ... good luck!

NYCSTRIPES · 10-19-2007, 11:58 AM

Get references and a credit check on the perspective renter as well. I hold 2 months rent as security and have a pretty extensive lease agreement. Its the usual lease plus a rider that I have attached to the end. No hot water consuming devices (washing machines, dishwashers), No water beds, no pets, no use of driveways or other areas including garage, basement. Late fees for rent paid after the 5th of the month. Fees for bounced checks. All to be taken from security deposit if not paid in cash. The list of items on my lease rider grows each time I get a new tenant....always something new to learn.
Being a landlord is not an easy job, putting it plainly, people suck and most will not take good care of your property.
Good tenants are worth their weight in gold. One of mine is in my rental for about 10 years now. Never a peep and always pays her rent on the 1st of the month. Finding a good tenant is not easy, just takes time and patience.
Ken

Ant · 10-19-2007, 02:24 PM

Quote:

Originally Posted by NYCSTRIPES

Get references and a credit check on the perspective renter as well. I hold 2 months rent as security and have a pretty extensive lease agreement. Its the usual lease plus a rider that I have attached to the end. No hot water consuming devices (washing machines, dishwashers), No water beds, no pets, no use of driveways or other areas including garage, basement. Late fees for rent paid after the 5th of the month. Fees for bounced checks. All to be taken from security deposit if not paid in cash. The list of items on my lease rider grows each time I get a new tenant....always something new to learn.
Being a landlord is not an easy job, putting it plainly, people suck and most will not take good care of your property.
Good tenants are worth their weight in gold. One of mine is in my rental for about 10 years now. Never a peep and always pays her rent on the 1st of the month. Finding a good tenant is not easy, just takes time and patience.
Ken

Damn, you sound like a nazi landlord! lol

NYCSTRIPES · 10-19-2007, 02:25 PM

Nope. Just been burned a couple of times for being nice.
Ken

soda7o · 10-19-2007, 03:30 PM

I will have to agree with ken.. I have a few rental properties myself.
Some seasonal some full time, just like Ken i have the standard lease and i always attach my own additions to it. infact for my short term rentals in PA and my rental property in brooklyn i have a lease agreement i wrote up and was checked over by my lawer. it includes late fees after a certain date, fees for damages, other provisions etc etc.. and yes everytime i get a renter out i usualy add an extra clause in there because i have learned something new.
for my property in Brooklyn i take 2 month deposit (that you cannot live out) and do a background check and get co-signers... everything is done with a lawyer (who happens to be my cousin

) and notarized.. basically i ensure that i am covered in case somethign happens... the standered lease is basically for the rentor not the landlord and you get screwed.. i have been to court to evict tenants, i have paid fines for BS, i have let people live there for free for a few months just so i can toss them... than again i have had the best tenants ever.. one of them pays me 6 months in advance.. CASH $$$$

in Pa when i rent for short term stay i do a very similar thing but than i also make sure everyone in the house is a certian age, get copies of licenses or official govt ids, take lots of pics, an doh yeah.. i usually take a deposit double of what the rent would be in the form of a certified check or money order... this way they think twice about destroying my house

(i have a saunna and a jaccuzzi tub that are sensative and cost alot of money if damaged so i have to cover my ass...)
in fl where i rent seasonally i have a realter do everything for me, ofcourse we agree on go over each lease and i give them 15% instead of the 10% everyone else does, but this way they work a bit harder for me and always give me the best tenants. My tenants in FL are usually old people from the tristate are that go the FL to escape the winter and never really do any damage they just want stupid things.. like a food cart or floormats for the shower so they dont slip... or aphone that rings very loud..

NO we are not natzi landlords we are smart landlords cause we cover our selves since the laws are always on the side of the tenant...

take your time and pick the right rentors..

Quote:

Originally Posted by NYCSTRIPES

Get references and a credit check on the perspective renter as well. I hold 2 months rent as security and have a pretty extensive lease agreement. Its the usual lease plus a rider that I have attached to the end. No hot water consuming devices (washing machines, dishwashers), No water beds, no pets, no use of driveways or other areas including garage, basement. Late fees for rent paid after the 5th of the month. Fees for bounced checks. All to be taken from security deposit if not paid in cash. The list of items on my lease rider grows each time I get a new tenant....always something new to learn.
Being a landlord is not an easy job, putting it plainly, people suck and most will not take good care of your property.
Good tenants are worth their weight in gold. One of mine is in my rental for about 10 years now. Never a peep and always pays her rent on the 1st of the month. Finding a good tenant is not easy, just takes time and patience.
Ken