?s on renting out our house

luvtodanz · September 2010

Really, I have no idea where to start with this process, so I need all the help I can get. If you rent out your house or have rented out your house, please walk me through the process.

I got a job in North Dakota (!) and we would need to do a short sale to sell and we don't want to do that.

Elizabeth81 · September 2010

I seem to recall when a friend was looking into renting her house that there was a requirement to get a permit from the county.

I just googled "hennepin county rental license" and it seems it may be from the city, not the county.

So I'd probably look into that.

erinlovesdavid · September 2010

Since you're moving out of state, I think your best bet is going to be to hire a property management company to take care of everything for you. They do everything from advertising the property, background checks, collecting rent, maintenance, etc. I believe they take a portion of the rent as their fee, but I'm not exactly sure how that all works. Sorry I don't have more specific information or a recommendation of a management company to go with. I just know a little bit about this through a friend who is renting out her condo. GL to you, and congrats on the new job!

BeccaMarie · September 2010

erinlovesdavid:
Since you're moving out of state, I think your best bet is going to be to hire a property management company to take care of everything for you. They do everything from advertising the property, background checks, collecting rent, maintenance, etc. I believe they take a portion of the rent as their fee, but I'm not exactly sure how that all works. Sorry I don't have more specific information or a recommendation of a management company to go with. I just know a little bit about this through a friend who is renting out her condo. GL to you, and congrats on the new job!

I was going to recommend this as well. It is obviously a bit more expensive than the DIY route, but will save you lots of headaches.

Good luck!

Payne2B2008 · September 2010

I don't know anything about them but my friend had been looking into doing the same thing & this is one of the places she looked at. They have yet to pick what they are doing so I can't give any reviews. Good luck on your move

http://www.renterswarehouse.com/default.asp

NorCalMrs. · September 2010

When we moved from NorCal to SoCal, we rented out our house. Since we weren't going to be local, we hired a management company. I have to say, it was probably the best move we made! In the year we rented the house out, we never heard from them once. They took care of everything from paperwork, collecting rent, and repairs. The fee if I remember correctly was 50% of one month's rent as a one time fee and then a small monthly fee of around $25. There are pros and cons to using a mgmt company though. The cons are that you have to pay taxes on the rent as it's reported to the IRS by the mgmt company, and the fee's that I told you about. Another pro is that they screened all the applicants and ran background checks so we knew were getting someone reliable into our house. Also, we paid a small monthly fee that was basically insurance if the renter didn't pay and they had to evict them and go through the legal proceedings, it would all be covered for us. That was nice to know because at the time, we couldn't afford to hire a lawyer if someone didn't pay. Good luck! Feel free to PM me or ask here if you have any other questions!

?s on renting out our house

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