[Rustie]

Is there anybody who has done this recently?

Looking for advice on:
1) Rental agreement
2) Expectations? Like what is a typical expectation for the landlord and the renter
3) How to work the income for tax purposes
4) How to figure out what is a good amount to ask for
5) What is typical to do for the deposit?

[dreamingmuscle]

Are you the Lesse or the lessor?

[Bjorn]

why dont you ask TxBobcat ,he does that for a living....

[mike nixon]

Jen got a rental agreement online and we had our laywer look it over. He pronounced it a good one. We modified a couple of the terms and used it with no issues.

As far as rent, call around to other landlords and ask what they're getting for a similar house.

Talk to your tax preparer for that info. Trust me, you'll probably write most of the profit off in repairs. Renters are hell on a place.

If you can get it I'd recomend 2 months rent as a dmg deposit. With our worst renter that didn't cover the damage, and they had good references.

Demand references and check them out, in person if possible.

Mike

Mike

[Wick]

Don't rent to a friend, one still owes me $4500.

[Rustie]

I need advice from the landlord's point of view.

Thanks, Mike! All good advice!

[Txbobcat]

Ok Rustie. Deposit deposit ref checks ref checks.
#1 At least one full months rent and deposit in cash no checks first time.
#2Check court records for law suits landlord complaints dwi drug issuues theft etc.
#3 Personally call job references including past employers
#4 Have them bring you a copy of their credit report
$5 Landlord references but before you call them call the city to see who really owns the house
#6 Do a drive by where they live now. Believe that your house will look like that in 3 months or less. Broken windows trash junk cars keep on driving,
#7.Talk to a neighbor they tell the truth ask about parties live in people and visitors
If they pass all this print up a report saying carpet is new windows not broken new paint no holes in walls doors not broken etc and have them sign it and take lots of pictures . I always give them a space to add any defieciences that they may find which they never do.
8. Make an unscheduled visit to their house to sign the contracts so you can see inside the house and who is living there and the cleanliness.
I deal mainly in Mo and a long contract is not necessary but note that they pay all utilities lawn care and trash removal. Note also that any repairs needed will be performed by you or your associates.
NEVER EVER rent to anyone under 25 years of age.
Rent with a 2 year lease if they want a 1 year lease they will tear up your place.
Check after move in that lites gas and water are turned on. Some people like to heat with electric heaters that will burn your house down as they cant get the gas turned on.
Note that visitors can not stay over 2 days without permission for any reason. The law states visitor can sue you for anything like falling down drunk on your stairs. Visitors lets call them leaches drug attics or homeless people will destroy your house.
I gave you a lot of bad but I have made a living for 23 years doing this. You have good people and bad people it is your place to find out which they are before move in. One lie stop everything. No need to go any further. And if they ever say I need a place real bad dont even give them an application. Pm me and I will shoot you my phone# if you need to discuss anything.

[Rustie]

WOW! Txbobcat you have definitely dealt with this for a while. I'll pm you for your number.

Thanks!!!!

[Txbobcat]

Just sent it to you.

[iowapub]

Originally Posted by Wick

Don't rent to a friend, one still owes me $4500.

and don't rent to your parents kid.........

Check your home owners insurance too. Make sure you are going to
rent it and not live in it yourself.

Also Google your state for the Landlord Tennant Laws. They are a little different in each state.

[mike nixon]

While we're at the who not to rent to advice. Don't rent to your inlaws [ I know Rustie doesn't have this problem].

Worthless leeches are still into me deep.

Mike

[Txbobcat]

I have been had by several inlaws. The wife stays out of my business since the last one.

[Pontiacmuscle]

Rustie; also check out the neighbors if possible before you move in. The last house we rented; the neighbors were the biggest degenerates Ive EVER met; they vandilized the house, broke into the garage and stole items right out of our yard. Good Luck.

[Blue '66]

Originally Posted by Txbobcat

Ok Rustie. Deposit deposit ref checks ref checks.
#1 At least one full months rent and deposit in cash no checks first time.
#2Check court records for law suits landlord complaints dwi drug issuues theft etc.
#3 Personally call job references including past employers
#4 Have them bring you a copy of their credit report
$5 Landlord references but before you call them call the city to see who really owns the house
#6 Do a drive by where they live now. Believe that your house will look like that in 3 months or less. Broken windows trash junk cars keep on driving,
#7.Talk to a neighbor they tell the truth ask about parties live in people and visitors
If they pass all this print up a report saying carpet is new windows not broken new paint no holes in walls doors not broken etc and have them sign it and take lots of pictures . I always give them a space to add any defieciences that they may find which they never do.
8. Make an unscheduled visit to their house to sign the contracts so you can see inside the house and who is living there and the cleanliness.
I deal mainly in Mo and a long contract is not necessary but note that they pay all utilities lawn care and trash removal. Note also that any repairs needed will be performed by you or your associates.
NEVER EVER rent to anyone under 25 years of age.
Rent with a 2 year lease if they want a 1 year lease they will tear up your place.
Check after move in that lites gas and water are turned on. Some people like to heat with electric heaters that will burn your house down as they cant get the gas turned on.
Note that visitors can not stay over 2 days without permission for any reason. The law states visitor can sue you for anything like falling down drunk on your stairs. Visitors lets call them leaches drug attics or homeless people will destroy your house.
I gave you a lot of bad but I have made a living for 23 years doing this. You have good people and bad people it is your place to find out which they are before move in. One lie stop everything. No need to go any further. And if they ever say I need a place real bad dont even give them an application. Pm me and I will shoot you my phone# if you need to discuss anything.

Dang Bob your tough on us renters,we have had to rent for 5 years now with my wife in collegeThis spring is her LAST semester!Now she has to find a job

[Txbobcat]

Time to put her to work Blue and buy a house.

[Blue '66]

Originally Posted by Txbobcat

Time to put her to work Blue and buy a house.

I'm trying Bob!(shes trying too)

[1967Clone]

Originally Posted by Rustie

Is there anybody who has done this recently?

Looking for advice on:
1) Rental agreement
2) Expectations? Like what is a typical expectation for the landlord and the renter
3) How to work the income for tax purposes
4) How to figure out what is a good amount to ask for
5) What is typical to do for the deposit?

I am a landlord, and own multiple rentals.

Rental agreement-make sure you take into consideration local laws and regulations.
Expectations-spell them out in the lease.
Tax purposes-I pay someone lol.
Amount-look in the paper and see what comp rentals are going for.
Deposit-not sure what you are asking, but we get 1st and last months rent for security deposits.

[Firedup6975]

Have my Mothers...well now my house for rent right now. Have been through a dozen interested parties, all with issues. I picked up a standard lease agreement from my lawyer, made copies to give when they come to look at the house. I also tell them if they do decide and we decide they are suited to the house and lease agreement that we will all sit down at my lawyer, just so he can go over everything in the leases agreement so there's no surprises and everything is understood right up front on both sides before signing.
also if the interested party is not married, DO NOT let a boyfriend and girlfriend both sign, ONE responsible party to sign, as should one leave the other may say they are not paying because it was the others responsibility.

They MUST provide written proof to you that they bought renters insurance for the contents of the house.

And as far as pets...in my State atleast with my Homeowners there's a list of Dogs they will not pay should someone get bit on the property. Check into that if you're allowing pets.

First, last month deposit, and a security deposit.

I looked in the local papers to compare other rentals in my area to determine a set monthly amount for what my house is and location.

In my case, rent, utilities, heating oil, septic tank clean out, trash, and snow removal are ALL on the renter. (I'm not getting up at 3 am to get myself out 15 miles away just to get them out) Yard mowing I will be doing as there's 3 acres there.

Anything under $75 repair, is on them...light bulbs etc.

NO cars, or vehicles of anykind that don't run just sitting around.

[Rustie]

Finally got tired of having house up for sale... 9 months now... so I am renting it. First two days in the paper, got 10 calls. First ones to look at it, want it.

Meeting them next Saturday. They are living at her sister's as their house got foreclosed on. Part of the varitable rate increases.

So now... how do you run a credit or background check on someone? I have their socials and names. They seem like honest enough people, and after a one year lease, have said they liked to try and purchase. But seeing their current living arrangement ain't going to help me much, since they don't really have one. All of their stuff is in storage.

[Firedup6975]

Rented my House for May 1st. I dropped the last months rent, because it was just to much for people to come up with first, last, and security. We met at my Lawyer, and signed the lease agreement, peace of mind using a Lawyer to explain the agreement and the additions I added, so everyone is on the same page in understanding the terms. My Lawyer also added, if the Tennant is 3 days late, a $50.00 charge will occur, as well if the Check bounces a $35.00 charge will occur. They gave me cash at the time of signing, but then June 1st came and no payment, so I called him and he brought me a check to my work on June 1st, but asked me not to cash it for 2 days Told him straight up, I wouldn't tolerate this next month as I have bills to be paid too. He apologized and I told him, I'd be sorry too when I have to evict him, but that I would if he can't stick to the lease agreement. I paid my Lawyer $150.00, to type up a lease agreement, then go over it throughly with all present at signing so they can't say later they didn't understand, or didn't see this or that in the lease.