renting out place...

playindagamewell

anyone rent out a place before?
i have rented to a roomate before but never to a person who i wasn't going to be there with..

wondering if anyone has some experince so that I can run a few questions by them...

thanks in advance...

MrsJSP

We're renting our house in Bexley right now.  We bought a new house before we sold the Bexley house, and found someone who wanted to rent it, so we thought "why not?".   It's worked out really well so far!

My email address is meghanmj@gmail.com, if you have any questions.

Mrs*Pink

When we bought our house last year and were thinking about renting out our condo, we got tons of help from two Nesties - Chrstina and Buksfan.

Chrstina and her DH are business-types that have several properties and gave me great tips on what steps I should take.

Buksfan is a lawyer who answered probably a thousand questions for me.  We also used her to set up our LLC (to limit liability - if something happens at the condo, someone can't sue for our home).

They might be willing to give you some tips.  And I'd be happy to answer any questions for you from my own experience, which has been great.  We found awesome renters and are hoping to keep them at least another year!  Email ukjulie21@hotmail.com if I can be of help. 

chrstina

Yes, we have rentals.  The few tips I can give is to make a company.  LLC's are the best.  We have a different one for each business venture.  This way, you are not personally liable for whatever may come about if something SHOULD happen.  Just safer that way.  We then also got a lawyer to draw up a lease for us.  We use this then across the board for our properties.  We also have a rental application which gives the renters information.  If you don't want to go into too much depth, you can find these forms online or in a good rental property book.  We take their information and security deposit.  We also set up a seperate checking account for each business/property so we can keep financials straight.  Decide how utilities will be paid.  We have one where we are billed and we give a copy of the bill to the renters and they re-imburse.  Another property, we use a company to split our billing - since it is a duplex - and direct bill to the tennant.  We pay like $7 a month for this company to do this.  Whatever's best for you.  I HIGHLY recommend renting out current home.  We did the same thing when we bought our new home.  We also have an income property in a not so good area.  We would love more opportunities like our old home.  MUCH easier than the bad area.

Now I am rambling.  If you have any other questions, feel free to email me - rappachc at yahoo dot com.

jannypie

we have also, if you need more info
jannypie143@yahoo.com or my gmail addy if you have it