| Author |
Message |
    
Gentleman_jon
| | Posted on Monday, September 27, 2010 - 03:45 pm: | 
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Rental agent is a great idea, especially in this case.
Make sure that you get the first months rent, and the last months rent in advance plus a months security if you can.
That way, they can't just fail to pay the last month's rent, and move out, leaving you with no security to cover damages.
Make sure you have a lease with a 30 day move out provision that states that the person realizes that the property is for sale, and liable for damages if they do not perform, add "time is of the essence" language.
I have seen a lot of real estate deals crater because a tenant would not move out. Cost me several big ones.
Good luck. In this market, you'll need it. |
Doughnut
| | Posted on Monday, September 27, 2010 - 07:13 pm: |
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Thanks all! The accidental fire did cross my mind  but with my luck the damage would be $20 from a total loss.
Thanks for the encouragment Brad, you are always great at slapping me out of my pissy moods
There are many reasons that there will not be a relationship with this young lady so I am not worried about that in the least.
I am meeting with her on Weds. so she can look at the place closer and we can discuss what both of us are expecting from this. (gotta get there early so I can bake some fresh bread ) |
Fung
| | Posted on Monday, September 27, 2010 - 07:55 pm: |
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get a good lease. if you get a good renter do your best to keep them. Stay firm on when rent is due. Once they get behind, its hard to get back on track. I have had the best luck with word of mouth vs. posting an add. Good luck! |
Svh
| | Posted on Monday, September 27, 2010 - 08:31 pm: |
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Take before pictures that are dated, get a standard rental agreement at least and remember here in WI it is extrememly hard to evict but especially so in the winter months. My family at one time had 7 rental properties and the picture advice is super important.
I hope it works out well for you either in the sale or the rental. I would add a little in to the price to make a "profit" that is actually a small windfall for repairs during the tenants stay and also the repairs after they move. Carpet cleaning, painting, cleaning, etc are all basics after a tenant moves out because very few do any cleaning before they leave. |
Satori
| | Posted on Monday, September 27, 2010 - 10:34 pm: |
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Hopefully this advise isnt a repeat, but besides the afore mentioned checks, contracts etc, and suggested pro representation, Get yourself a copy of your states landlord tenant act and READ IT. even if you have representation, you need to understand your rights as well as theirs. and how you can/cant handle conflict. |
Sifo
| | Posted on Tuesday, September 28, 2010 - 08:11 pm: |
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And when the time comes that you want your tenants to leave, they may have other ideas.
http://www.suntimes.com/news/sneed/2752062,CST-NWS -SNEED28.article |
Augustus74
| | Posted on Wednesday, September 29, 2010 - 08:17 pm: |
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Does she have a good reputation at work?If she is in a "bad" rental now, do you know for sure that it is not HER fault it is a bad rental? If she is in a bad situation, her credit might be bad also? Any telling how long it would be until she could afford to buy your property? Does she have a man who might show up in the picture - start living there, possibly cause problems if you tried to get them both out? Of course it could turn out to be a wonderful agreement, just be cautious! |
Fahren
| | Posted on Wednesday, September 29, 2010 - 09:57 pm: |
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Your insurance should be up-to date as a landlord/property owner. She should have renter's insurance, which is very inexpensive.
Add up all your costs, add some in for upkeep and repairs (yes, you will pay the electrician when the tenant fries a breaker by overloading a circuit), so you have a bit of margin, not for profit but for covering the inevitable little stuff.
Often, good tenants will want to do stuff like re-paint, or do some gardening. Just be sure that they will paint it back to white when they leave, instead of leaving you to deal with the deep ochre walls.
There are many nightmare stories out there, but there are good people renting also. I have a similar situation to yours, just holding on to keep it going until I decide to sell or use it for something else. I think landlords like us who are not in it "professionally" get upset when reflecting on how good we were as tenants, compared to what so many see when they become a landlord. |
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