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Have you ever rented out your condo or home before??? Did you have bad tenants? Did you have good tenants? How did you deal with the bad ones? Do you think it is a good idea and where did you get all your paperwork? What things should we make sure we ask future tenants?

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allmomma

Asked by allmomma at 7:41 PM on Apr. 9, 2011 in Home & Garden

Level 10 (479 Credits)
Answers (7)
  • If you are renting out ANYTHING, I would strongly suggest hiring a company to do it for you....they can deal with the problems...otherwise, you will be getting calls at all hours of the night for every little thing and yes, you will be responsible for fixing them...
    calliesmommie

    Answer by calliesmommie at 7:42 PM on Apr. 9, 2011

  • I'm renting my condo from ym cousin's in-law's. They typed up a very thorough lease, and we both signed it. You can also find forms for almost anything at places like Office Depot.
    JustCantWait88

    Answer by JustCantWait88 at 7:44 PM on Apr. 9, 2011

  • We have rented out every house we have lived in and owned. We have had horrible tenants and we have had fantastic tenants. The best tenants we have ever had were NATO offiicers. It has been very beneficial to us. I have never used a company but I do run a credit check and check the current landlords and past landlords. Verigy their employment.
    Remember people lie and check them out. We do get calls but it is well worth the income from the properties. We have a first $50 clause and that keeps them from calling for nonsense. Companies have no insentive to save you money. They just collect the commission and call the repair man and charge you for it.
    tootoobusy

    Answer by tootoobusy at 7:56 PM on Apr. 9, 2011

  • We rented my single girl townhouse after we were married and until we were getting ready to buy our current home. Because we were close by, we just managed it ourselves, but REQUIRED Electronic Funds Transfer (EFT) for rent--so there was no "I'll pay you in a couple of days," excuses! The rent was automatically deducted from their bank account by the 6th of the month (usually the first business day). We also required first and last month's rent as a deposit.

    Now on the homes in Boston that I own (inheritance), we use a property management company--since we cannot get up there to check on the properties ourselves. We have a great relationship with them, and trust them to communicate any issues with us. The property managers are also well respected realtors, so they also secure us our tenants and take care of the background and credit checks. :o)
    LoriKeet

    Answer by LoriKeet at 3:13 PM on Apr. 10, 2011

  • So, no we haven't had any bad tenants...but I think a lot of it has to do with keeping the properties well-maintained and "upscale" looking and charging a decent rent, which IMO keeps the kinds of tenants who WOULD destroy your home or make your life difficult from even applying!

    LoriKeet

    Answer by LoriKeet at 3:16 PM on Apr. 10, 2011

  • Thanks so much ladies...such wonderful advice. We will be renting our condo out very soon and need all the advice I can get to make it happen. I love the ETF transfer. LoriKeet , did you just get their bank account number and set it up with your bank or did you use some type of other service. Thanks in advance
    allmomma

    Comment by allmomma (original poster) at 9:16 PM on Apr. 10, 2011

  • Get a property management company to walk you through everything you need to do. And, please, for the sake of your property and sound mind, do background checks!! And the EFT is a great idea!!
    KateShesGreat3

    Answer by KateShesGreat3 at 11:22 AM on Apr. 11, 2011

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