Anyone ever been a Landlord???

[Kfancii]

Well, my contract on my house is up with my realtor as well, and since houses in the neighborhood are selling for $51 a square foot and my house is only 1100 square feet, I would have to take a loss of $30K to sell in this market. That is something I can't do, so the next option is to try to find a renter for the house for a few years.

I have never been a landlord so I don't have any idea where to begin with the whole rental process - my realtor said she would rent the house for me for a "leasing fee" of one month's rent, but so far I haven't heard a peep out of her, so I'm thinking she isn't doing much to get the house leased either, and I might have to try going it on my own.

The biggest part that concerns me is how do you go about getting a credit report on potential renters? I have googled it and found agencies that you can pull from by paying a fee, but wonder how legit they are. Have any of you ever leased a house before? If so, how did you screen potential renters?

[SerendipityCrafts]

It's not in anyone's interest to be a landlord, at least here where I am.

Example .... When we move into a rental unit, we only have to supply the 1st months rent up front. When the landlord comes around for the next month's rent .... suppose I don't pay him.

By law, he has to wait 21 days before he can do anything about it. Then, he has to get himself downtown, to the rental board, to file papers for non payment.

The hearing is set 30 - 60 days from when he filed so, now I am living there at least that long (21 days + 30-60 days).

So the hearing comes up, I don't even show but I do get a registered letter saying that I have to pay up within 30 days. I don't. (21 days + 30-60 days + 30 days)

The landlord now has to get himself to the rental board (again), to file papers to evict me. Wait again for another hearing to come up (21 days + 30-60 days + 30 days + 30-60 days)

The hearing comes up, the landlord wins but I now have 30 days to vacate the apartment. (21 days + 30-60 days + 30 days + 30-60 days + 30 days)

As you see, for the cost of 1 month's rent, I can live somewhere up to 7 months! Meanwhile, the landlord is out that money not to mention all the time and expenses he's had trying to get me to pay up or get out.

All this to say ..... do you know anyone local who is a landlord? Is there a block of apartment buildings close by - can you go talk to the owner?

Are there any governing bodies vis a vis the rules and regulations? Can you find out what you can ask a possible tenant and what you cannot?

Your agent might not be up to snuff on renting/leasing but another agent in the same office might.

My thinking is that it might be worth the one month rent to let them handle it. Especially if the agent is responsible for doing all the leg work - the credit and background checks.

[Kfancii]

Thanks Elizabeth! I know there are horror stories out there about getting bad tenants and it taking forever to evict them and then you run the chance of them tearing up the house too. I'm at a loss here of what to do. Since May I have been paying over $1300 a month for my mortgage and utilities on a vacant house while it was listed for sale. The house has been on the market since October and while I have had lookers, they want to pay next to nothing for the house. There are currently 18 foreclosures in the area and all are bigger than my house for the same or less money.

I had made the decision to let the realtor lease the house and pay her the fee, but so far she isn't doing anything that I can see to even advertise it for rent. I like my realtor, but I just don't get the feeling that my house is a priority for her since she isn't going to make much money off of it. Once the initial lease is in place, I will have to manage the tenant anyway so if I can figure out how to get the credit pulled and have my SIL look over a lease document for me (she is a real estate lawyer), I might come out just as well as having the realtor do it.

There is another property management company in town, but I had SIL look over their broker's contract and she told me she would never sign it because the only person that it covered was the broker. It gave her rights to spend my money without my ok, so it didn't look like such a great deal either.

I was just hoping someone here had experience with one of the credit reporting agencies for landlords and could point me in the right direction.

[Jacobs_Girl]

I totally agree with SerendipityCrafts. My MIL rented to some lady and she decided not to pay her rent. She couldnt do anything about it not until 30 days then she goes to get her evicted and that will take another 30 days. So by the time the eviction notice got served the people already moved out.

But on the other hand my boss rents his other houses out but mostly to students. He says just because they are fragile and dont know the laws too well. He says they are easier to threaten to move out or pay rent.

[Kfancii]

Oops- I missed some of your questions too- actually, my realtor has rental properties of her own, so I know she is up to snuff on what can and can't be asked on a rental application. She was also very candid about what I needed to get regarding a deposit and pet deposit should I decide to allow animals in the house. Like I said, I like her well enough, but I would really like to get someone in the house so that I'm not out so much money each month. The other thing is that I'm not going to make any money renting the house either. I don't think I will break even in my expenses either because I have a home warranty I pay for each month and I can't charge much more than what I pay for my house payment. :( It just isn't a good time to have a cute little house for sale or rent in Sausageville, Texas! LOL

[SerendipityCrafts]

I don't think you have much of a choice. I would rent too ... but just do your best to get the best tenant. Ask for tons of references and call them LOL

Better yet, do you know someone who wants to rent? A relative? Someone who might give a **** about keeping the place in good condition?

[WebLady]

We were talking about renting our house in a couple of years because we are not likely to get anything out of it if we sale. I had some of the same questions and concerns. We hope to just rent to family.

[Kfancii]

Unfortunately I don't have any family that would be interested in renting my place. I did have a friend from work lined up to rent it and I was even going to let her rent it for $200 a month less than my payment because I knew she would take good care of the house, but since it is 25 miles outside of Austin, she decided against it because of the commute.

I'm going to do my best to try to find a good renter, and hope everything works out for a few years until I can try to sell it again.

[WebLady]

All the best Kelly!

Let us know if you find out anymore about pulling credit reports and such.

:goodluck:

[Kfancii]

All the best Kelly!

Let us know if you find out anymore about pulling credit reports and such.

:goodluck:
Thanks Brandi!! I will keep you posted!

[Kfancii]

Well, looks like I'm on my way to becoming a landlord! I stayed with the realtor I had the house listed with to rent it out and she has shown it twice now to a young couple that is going to be getting married soon. He is a Fireman and my realtor thinks he would be a good tenant. His fiance has a little boy, and he evidently shares custody of a child too. They are asking me if they can paint my favorite room in the house a neutral color. Right now it is sponge painted with a light yellow and has white clouds and bright yellow bumble bees on it. Personally, I think it woudl make a great little boys room, but I guess they don't think so. I told her it would be okay as long as I got to approve the paint color.

They have also asked me if I would waive the security deposit since he is a fireman. (I guess places around here waive for policemen or fireman) That I didn't agree to, but told them I would work with them to get the deposit paid in installments during the first 3 months they were in the house.

I'm trying to be accomodating in the hopes that they will treat my house well while they are renting and take good care of everything. I sure hope I'm doing the right thing.

[mitch]

We live in rented accomodation and never see our Landlord.

Everything is done through an Agency. All rent is paid to them. Any repairs are called through to them. For example, Our Gas Fire stopped working. So i phoned the Agents. They phoned the Landlord. And within an hour an Engineer was in the house repairing the fault. Same when the lock on the front door snapped. Within an hour a Locksmith was on it. And all bills were paid by the Landlord.

Just make sure You state what repairs You pay for and what are the Tenants responsibility.

We have free run to decorate (Within reason) Things like netural colours are OK with the Landlord. Plus He knows He will get a good job done because DH is a Painter and Decorator by Trade. Plus they know the house will be kept clean because i'm a Hotel Housekeeper. (Well, i was until last friday lol)

In the UK all Rental Properties have to have a Fire Door on the Kitchen. Smoke Alarms fitted. And any Keys cut have to be approved by the Landlord first. Guests can only stay for no more than a week. All pets have to be approved. The Outside of the House has to be kept tidy at all times. Grass mowed, windows clean etc.

A Months rent has to be put down as a Deposit. Which is refundable at the end of the lease. Minus any damage to the house.

Our Landlord one before last tried to get £50 deducted for a mark on the hall carpet. So i hit Him with a £3,500 bill for Plastering and Decoration. He soon backed down. :winktongue:

Our Agent also comes round every Three Months to check on the property. And so far We have passed with flying colours. Everytime they visit they notice that We have improved the property from the wreck it once was.

If You get good Tenants (Like US LMAO) Then it should be plain sailing.

Good Luck with the new "Job"