Buying A Home
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Buying and renting

My fianc? and I just bought a brand new home thru William Lyon. It should be done in 3 months which is also only 2 months before our wedding!!! I have owned my current house on my own now for four years and we plan to keep it and rent it. Anyone have any tips on renting? ??

Anniversary

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Re: Buying and renting

  • Check the state and local laws and guidelines for landlords.
  • Will you do your own property management or hire a company to do it for you?

    Expect to do some background checking on your possible tenants. Get references and actually call them.

    Expect renters to be rough on your place and to have to do clean-up and touch-up work when they leave.

  • You will also need to change the insurance coverage on your home. Talk to your insurance agent. Always collect a damage deposit, usually it is the same as the first month's rent. Renters are very hard on properties. Expect carpets to be stained and walls to be marked. Call the tenants ahead of time and do an inspection about two or three months after they have moved in. This gives them enough time to settle in and give you a good idea of how they live or how rough they might be with your home. If you find a good tenant who always pays the rent on time, do not increase the rent. You want to encourage them to stay.
  • Nice post it gives me an idea how to buy a house or real estate. Looking forward to your next post!

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