Home Buying in 90020>Question Details

Kevin Cross, Real Estate Pro in Los Angeles, CA

I am a new home owner & I am looking to rent my condo. What steps do I need to take to make sure everything is done legally & make the process easier?

Asked by Kevin Cross, Los Angeles, CA Wed Nov 13, 2013

The property I own is in Los Angeles CA
It's a Condo

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Answers

14
Douglas Lagos’ answer
This is what I did for myself for 12 years, before becoming a realtor. I now help my clients with renting, selling or buying properties.

I guide my clients with what to expect before and after placing their property for rent.
Many things to consider are LA water heater strapping, smoke and carbon monoxide detectors, mold disclosures, etc. An experienced realtor will be able to grab you hand, and guide you with all the paperwork, and other requirements.

The information you need, will be customized to your unique needs.
What does the condo look like now, what does it need to be leased legally. Just renting a place, and not making sure what the city requirements are, is asking for headaches down the road. Your tenant would be the first person to turn you in, and, in some cases, you may have to pay for their new rental place, pay them a fee, pay a city fee, legal fees, some or all of the above.
Renting a property, the right way, is not easy, but it's not hard, either; if you make sure that you take care of what's needed.

Douglas Lagos
Tel. (310) 463-8088

Coldwell Banker Residential
CA BRE# 01921046
Web Reference: http://douglaslagos.com
0 votes Thank Flag Link Wed Nov 13, 2013
JUST CALL ANY REPUTABLE EXPERIENCED R.E AGENT, MOST OF US
RENT AND SELL. 310-702-6145
1 vote Thank Flag Link Wed Nov 13, 2013
Market analysis - to know the market value.
Advertise on Craigslist and all real restate sites that allow owner advertising.
After finding good perspective tenants, have them fill out the tenant application and run their credit reports. Check local and state laws for landlord tenant responsibilities.
Have an attorney create lease.
Or, work with a great realtor to make sure you have everything done legally and easier for you.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sun Dec 8, 2013
Randy, don't you see the tongue and cheek here?
Flag Mon Dec 9, 2013
You have no need for an attorney to lease a condo. If you need assistance get a real estate agent experienced in handling rentals. An attorney is not going to market or advertise your unit for you, is not going to enter it in the local multiple listing service, is not going to do any showings, and is not going to screen your applicants, He probably is not even going to provide any disclosures required by law, and may not know what is required. He is only going to write the lease which any knowledgeable agent can do along with all of their other services. If you do decide to handle it yourself without assistance which I recommend you not do, and if the property is here in Los Angeles, you should list it for lease on Westside Rental Connection which is infinitely more productive than Craigs list, and is free of charge to the landlord. Good Luck.
Flag Sun Dec 8, 2013
Hello Crosskevin7,

If you would like to have your condo rented and relieve you of the stress of showing the property, running the credit checks and making sure that the applicants are qualified for your rental feel free to contact me directly I would be more than happy to assist you.

I can be reached directly at 424-777-3930 or 424-256-3906.

I look forward to speaking with you.

Donna Samuels
Keller Williams Realty - Brentwood LA
Email: sellwithdonna@kw.com
0 votes Thank Flag Link Thu Dec 5, 2013
I would talk to my agent that helped me buy the unit, they can help you with credit checks ,etc. If you didn't buy it with an agent you could always ask for some help.You could interview a couple of agents & see who you feel comfortable working with ! Good Luck !
0 votes Thank Flag Link Sat Nov 23, 2013
Just remember that it's very easy to rent in today's market. But it's quite another to get rid of a flakey tenant and will tie you up in knots for months on end. Not to mention the damage that could be done to your property.

As others have stated you'd be very wise to work with a RE professional who is experienced in PROPERTY MANAGEMENT.
0 votes Thank Flag Link Mon Nov 18, 2013
I strongly suggest you work with a qualified Real estate agent, otherwise get on the internet and start doing your homework. You need to understand contracts, credit reports and Tenant/Landlord responsibilities.
0 votes Thank Flag Link Fri Nov 15, 2013
Once the condo is rented there is no management to be done. If you owned a 10 unit apartment building with occasional vacancies, frequent repairs, trash to be picked up, yard work and gardening to be done, janitorial to be done, frequent problems and tenant complaints, you would want a management company, but for a condo it would be a waste of time and money. You would have none of those issues to deal with and nothing for the management company to do. You would be paying them every month for nothing. You could get a real estate agent who doesn't know landlord tenant law just as you could get an employee of a management company who doesn't know, but a real estate agent experienced in handling rentals is probably just as likely to know landlord tenant law as the employee of the management company who you would be dealing with..An agent will market your condo, find a tenant, screen the tenant, prepare all the documentation, and handle the entire process. They will charge a commission for leasing the unit, but then have no involvement, and not get paid additionally each month for supposedly managing something that doesn't require any management. A few years later if your tenant moves out, the agent can find a new one and handle that.
0 votes Thank Flag Link Fri Nov 15, 2013
Take my advice and hire a property management company as there are a lot of details that go into managing your property. Most real estate agents do not have the expertise to properly managed your property. I had a horrible experience with an owner and a real estate agent just recently. The agent was not aware of the landlord tenant laws and the owner could have ended up in court.

As Kathleen suggested, a real estate agent can list your property in the Multiple Listing Service, but a property management company can take over after you find a tenant. Our office has a property management division. If you call me I will give you all of the details about the property management division in my office.

Best regards,

Gayle White
Realty Executives Westside
Opening Doors to Homeownership for 23 Years
(310) 414-7288
gaylewhite@realtyexecutives.com
agentgayle@gmail.com
0 votes Thank Flag Link Fri Nov 15, 2013
Frist off, make sure that your HOA allows rentals of units in your complex. Many complex's limit the number of rental units to owner occupants.

Secondly, hire a realtor who can help you market the property and screen prospective tenants so you get the right person in the unit that will take care of it and hopefully not do any damage and be able to pay the rent.

Once you have the prospective tenant complete an application to rent and supply the required documents, ie: current credit report, financial, proof of income, etc.,) and you check out their references and other documentation, then you will need a lease agreement and additional disclosures.

This is where a real estate professional comes in handy. They know the contracts and can guide you though the process, advising you what to do. Education is the best thing for you at this junction...get the knowledge under you belt...ask all the questions you need to in order for you to feel comfortable renting your unit and hiring the right real estate agent to help you with the process.

Fee free to contact me directly if you have any questions. I would be more than happy to assist.

Good luck!

All the best,

Kat Becker, Realtor
Berkshire Hathaway
katbecker@hotmail.com
(323) 819-4760
0 votes Thank Flag Link Thu Nov 14, 2013
If you want to make it easy, contact a local Realtor to handle the lease for you. A realtor will market the property and get a lease signed that is legal as well. It's worth working with a professional!
0 votes Thank Flag Link Thu Nov 14, 2013
You should have an application to rent completed by any prospective tenant, and thoroughly screen them obtaining a credit report and credit score and verify employment. You do not need a management company because with just a condo you won't need management once it's rented, but you should have a competent real estate agent who is experienced in leasing units to handle the marketing, screening and paperwork. The only legal restriction would be if the condo association does not allow the units to be leased. You could easily verify that. The City of LA does not care if you rent your unit nor does any other city, but you do have to be in compliance with city ordinances regarding smoke detector, low flow toilets, carbon monoxide detectors, but the unit is probably already in compliance. If not, your real estate agent can assist you in complying with whatever you need.
0 votes Thank Flag Link Wed Nov 13, 2013
Hi Kevin

I have a guy that does strictly leasing and property management. Feel free to email me at smehr818@gmail.com so that I may give you his contact info. And, he doesn't charge that much!

Good luck,
Sara Mehrpouyan
Rodeo Realty
Direct 818-903-2040
Bre License #01712757

Thinking of Selling Your Home? Get a Home Value Estimate ONLINE here: http://www.GetLosAngelesHomeValue.com

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0 votes Thank Flag Link Wed Nov 13, 2013
If you want everything done properly with no mistakes it probably would be in your best interest to hire a management to take care of everything.
0 votes Thank Flag Link Wed Nov 13, 2013
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