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2 Bumps

Questions for anybody who is a landlord

I inherited my grandfather's house when he passed & it came with a one bedroom basement apartment w/a tenant already in residence. She has given notice & will be moved out by June 1. She had been here for around 15 years (much longer than us) & totally trashed the place. When she's out, I will be replacing the flooring, repainting the walls and just generally updating & scrubbing the place, so it will be all nice & new.

Because of how our home sits on a hill, the yard is terraced, so it works out that the basement apartment has its own private entrance & own private garden, complete with a lockable outside shed (tenant to provide their own lock, of course). I also have an electric mower & hedge clippers for the tenant to use, which were originally provided by my grandfather.

Inside, there is 1 bedroom, a living room, a large EIK w/refrigerator & stove, 4pc bath & a small utility/laundry room w/a gas dryer, but no washer atm.

Parking is on the street in front of the house & we are not on a busline. Because, as I mentioned, we're on a hill,  the tenant will have to walk up & down 18 steps to get to & from the apartment.  However, we are very close to shopping, doctor's offices, pharmacies, restaurants, etc. and about a 30 minute drive to downtown.  Even though we're close to everything, we're kind of in the middle of nowhere, with few neighbors. It's nice, though, because it's quiet.

My questions are:

1) Would you provide a washing machine or leave it up to the new tenant to provide their own?

2) What would you charge for rent for this apartment?

3) How do I go about doing a credit check on someone before renting to them?

4) Is it okay to specify "no pets" in the lease even though we have 2 dogs & will be living upstairs?

Answer Question
 
Anonymous

Asked by Anonymous at 6:02 PM on May. 24, 2011 in Home & Garden

Answers (11)
  • I would provide a washer. An inexpensive one will do the job.

    Rent will really depend on your area.

    I have no idea how to do a credit check. I suppose by googling it you will find out how.

    Having a no pet policy is certainly your perogative as owner of the property. But on the other hand it might be nice to allow one small one, especially if you find yourself renting to a single older person.
    slw123

    Answer by slw123 at 6:13 PM on May. 24, 2011

  • My husband and I own many properties, so I hope I can help:)


    1) Would you provide a washing machine or leave it up to the new tenant to provide their own? We would supply a washer. It doesn't have to be crazy expensive. There is a brand called, Roper and you can get one of their washers for $100 (and they work well).

    2) What would you charge for rent for this apartment? That I can't tell you. You are going to have to research your area and find your comparables, then base your rent accordingly.

    3) How do I go about doing a credit check on someone before renting to them? My husband handles this so I will ask him when he gets home later.

    4) Is it okay to specify "no pets" in the lease even though we have 2 dogs & will be living upstairs? You can specify what ever you like in your lease. I would say if you add on to your standard lease make sure your tenants initial by those add-ons.
    ceciliam

    Answer by ceciliam at 6:55 PM on May. 24, 2011

  • just look up credit check there are a few good one might have to pay a small fee which in my state of nh. u can charge the person ( i beleave its like 10.00 ) so say credit check cost 10.00 non refundable. you can also state a washer can be put in or allow them to have a choice. they might have one. as for rent depends.. to high no takers to low u get screwed. pets i myself would be bummed to have say no cat but u have 2 dogs. alot of people have cats. u can eaither state no pets or small pets and maybe charge an xtra 100 on top of the secerity deposit ( i have done that ) refundable providing no damage by pet take picture of the place before they move in. and always a walk threw when they leave. what work u do do to it keep the recipts! so if it ever comes to small claims u can say how much the new floor cost... also the garden and yard work if they are to help or not were trash is to be kept ( trash barrels with lid ) GL
    tabbys4

    Answer by tabbys4 at 8:37 PM on May. 24, 2011

  • 1) I would provide a washing machine. They do not cost much and will make renting your place a good idea. A renter will not want to buy just a washer.
    2) What you charge for a one bedroom apartment depends on your area. Around here they go from $400 a month and up. Plus it also depends do they pay their own utilities or do you pay them?
    3) I am not sure how to go about doing a credit check at all.
    4) You can tell them anything you want in your lease. Once they sign the lease they agree to it. It does not matter that you have pets. My Aunt has apartments and she does not allow pets because she had tentants that did not know how to take care of their pets and made an awful mess in you place. She has her own pets but she takes care of them.
    Peajewel

    Answer by Peajewel at 8:45 PM on May. 24, 2011

  • You have received sage advice. Renters can really trash a place. No pets is a good rule-
    Sisteract

    Answer by Sisteract at 9:29 PM on May. 24, 2011

  • 1.) Go ahead and get a washing machine---it's a nice perk
    2.) check what other places are charging in the area
    3.) no idea----maybe make them provide their own?
    4.) Your place, your rules!
    tspillane

    Answer by tspillane at 9:37 PM on May. 24, 2011

  • Just wanted to say GL and I hope you find great tenants!
    ethans_momma06

    Answer by ethans_momma06 at 7:05 AM on May. 25, 2011

  • I agree w/ everyone else.
    sstepph

    Answer by sstepph at 11:06 AM on May. 25, 2011

  • I have no idea, but I'm bumping for you. Also, check out Income Property on HGTV for some ideas. That, and well, Scott McGillevrey (sp?) is some decent eye candy.
    _Tam_

    Answer by _Tam_ at 5:40 PM on May. 25, 2011

  • I think you just need to do what you are 100% comfortable with. I would look to see what comparable apts are renting for in your area.
    KTMOM

    Answer by KTMOM at 2:22 PM on May. 26, 2011

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