Help! I need advice on renting out my home!

[ctrl+alt+del]

I have decided that instead of using a property management company, I will manage my own home. Can anyone give me advice or steps I need to be sure and follow? I need to go ahead and start now and take my lumps and learn.

In particular, I need a TREC lease document, someplace to run a credit check, etc. If anyone can give me a quick synopsis on the tools I need, I would be very grateful. Thank you in advance!

c+a+d

 

[Craigcito]

Craigcito: So, Ctrl+Alt+Delete, how's the landlord business?
CAD: Oh, pretty good, pretty good. Here, let me help you with those groceries.
CC: Oh, thank you CAD. You're so helpful. Have you rented the upstairs apartment yet?
CAD: No, not yet Craigcito.
CAD: This guy came by to look at it today, but ya know I didn't even let him look at it.
CC: Well why not?
CAD: He was an Aggie, I didn't think you want one of them living next door. You know what I mean.
CC: Yes, CAD, I know exactly what you mean. You're a good man, keep fighting the good fight.

 

[horn4life]

non-refundable application fee applied to first month's rent for background check.

restrictions on number of persons residing in the house.

Make damn sure the yard is taken care of, whether the tenant does it or you have the work contracted out. This is one thing I see deteriorate on rental homes that hurts the value of the unit and makes it harder to get top price, top quality tenants the next go round.

 

[slevhtown]

I pull credit through SARMA online quickly and easily. There websit isThe Link You can probably find a number of someone there to set up an account for you.

 

[ctrl+alt+del]

Thank you very much everyone! I guess I don't have a problem renting it out to an Aggie as long as they don't want to keep sheep as pets.

 

[BattleshipTexas]

Check out the laws on window locks and smoke detectors, otherwise you may get sued. Have a lawyer help you with the residential lease.

 

[Nacho]

i would somehow find a way (if the tenants have pets) to make it over there once every 3 months or so. both of my parents own(ed) rental properties and both got entirely smothered by the smell of urine, stains on the carpet, chewed walls and such.

 

[Campus Loop(y)]

CAD, the problem is that the aggy won't classify the sheep as a "pet" but a lover.

I too may be renting out my house but given everything here and from others stories, I am probably going to rent w/ a leasing company unless I have somebody I really really trust. Good advice about a lawn company. Never thought of that.

I am not really hard pressed to necessarily turn a profit off the house while not living here though I will make some. The peace of mind of knowing the place will be kept up and maintained should a problem arise would out weigh the couple hundred bucks maybe a month I may not get. As long as I am not paying my mortgage AND rent in another city where I would be. That piece of mind is priceless.

Plus, my house is gaining in value at insane amounts and will get stupidly higher in the next couple years. So no way I let it go just yet. Gonna sell it, build a bigger home just outside of town and not have a house payment again. Don't know what I will do w/ left over money but I'll find something. (prob. R IRA)

 

[horn4life]

I second the warning on pets. Complete exclusion of dogs lover 20 lbs. , eviction as rememdy for pit bull, rotweiller or other large potentially dangerous dog.

 

[ctrl+alt+del]

I do know that I will inform the potential tenant that there is no excuse they could possibly give me that would excuse them for not paying rent on time. And yes, pit bulls, rotts, dalmatians, and cobras are definitely grounds for eviction.

 

[RC Didnt Offer]

Anti-cobrite.

 

[BigWill]

Join the local apartment association. Yes, I know it's a SFR, but it doesn't matter. They will have all the forms that you will need, advice when you need it, and the ability to do credit checks for you. It's a bargain.

 

[Campus Loop(y)]

Even though you put something like immediate eviction for a pet or late payment, does this or can it supercede the law which says you cannot evict that quickly? The Tenants Association or rights group has info on that but I don't know the link or what it is called. I know my ex gf was pissed aobut no work being done on her place and did not pay rent for two months. They threatened eviction but their hands were tied for a certain amount of time. She was ready to bolt since she was going to have a hard time breaking the lease, even though they did not live up to their side of the deal by any margin.

I assume the rneters association or apartment jobby covers all that. This is why I prefer a company to do it for me at this tme (could change my mind when the time comes) since i get peace of mind. Anything goes wrong, they fix it and they deal w/ it.