OT: Any landlords here?

[dare2be]

After 2 years of having my old house off-and-on the market, I'm about to go into the realm of renting it out. I am flying blind here so if anyone has any advice and gotcha's I should avoid, please send them my way. The realtor has found a seemingly good tenant (him: teacher, her: nurse, 4 kids!), and this should be set up as a rent-to-own contract.

 

[SLY]

After 2 years of having my old house off-and-on the market, I'm about to go into the realm of renting it out. I am flying blind here so if anyone has any advice and gotcha's I should avoid, please send them my way. The realtor has found a seemingly good tenant (him: teacher, her: nurse, 4 kids!), and this should be set up as a rent-to-own contract.

I'm not familiar with the Jacksonville area at all, but it sounds like they're atleast a working family, so you'll get your money on time. Definitely make them responsible for any damages to the house with the 4 kids being there. I had a friend who rented out a small house he had, the kids destroyed it, when they bailed he was stuck with the repairs. Aside from that, I know nothing about owning or renting out.

 

[Dacks]

Advice? Yeah, don't be an asshole. That seems to be the norm.

 

[Bizzle McDizzle]

A rent to own contract?
Consult an attorney with any contract... period.
Worth the 300.00 or so they'll charge to review it... maybe not now, but if/when if falls apart...



yes, I did real estate for years.

 

[puckhead]

I am hoping to be one very soon.
have a townhouse sitting vacant.
costing oodles of dough in interest right now

 

[TOX1]

We own a second home in Florida, but the in-laws live in it and pay for the daily upkeep and maintenance, sooo...

I can only wish you luck Dare.

 

[Comeds]

We own a second home in Florida, but the in-laws live in it and pay for the daily upkeep and maintenance, sooo...

I can only wish you luck Dare.

Raise their rent!

 

[TOX1]

Raise their rent!

LOL! Nah...the damn thing sits right on the beach and get pounded by the weather, sun and salt.

Shit...I'm saving money by allowing them to pay for all of that crap!

 

[The Q stache]

My Parents are landlords, there strategy is to have their kids do as much as possible so they get free labor. I would suggest a similar strategy

 

[Eddie_Shack]

Find out your local and state law, renter's rights, etc. Be prepared in case you need to evict them or send them to collections. Hopefully it won't ever come to that, but it can be a time consuming process with lots of red tape and hoops to jump through. If you are prepared and know the due process, it can save you time and money.

 

[Automattic]

I am the landlord. And you all owe rent.

 

[naslundfan19]

I am the landlord. And you all owe rent.

I'll getcha back tomorrow.

 

[Automattic]

I'll getcha back tomorrow.

Fine, I ripped up your eviction notice.

 

[naslundfan19]

Fine, I ripped up your eviction notice.

Green has been repayed

 

[h X c Chris]

I cant stress this enough...CREDIT CHECK CREDIT CHECK CREDIT CHECK!!!

I just had to evict these scumbags out of my house for giving me 3 months of BS excuses. Make sure you have a lease breakage fee, late fee, and if they leave they have to cover the rent until you find a new renter. Most important is the credit check. If people have nothing to lose then they wont give a shit, and with all the red tape...credit is really the only thing that will bind them to that contract.