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Jared, Other/Just Looking in

What do I have to do when moving out of my primary residence and renting it out?

Asked by Jared, Mon Oct 20, 2008

I own the property and am going to be renting it out.

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If you have a mortgage on the property be sure that the lender will allow you to move out and rent. If your mortgage was an owner occupied loan you may have to refinance before you can do this. Ask the question
0 votes Thank Flag Link Sat Nov 29, 2008
Jared,
In our current market, renting can be an option to selling if you don’t need the cash to buy your next place of residence. It can bring some challenges (and even some headaches), but it also has it benefits.

First thing to do is get the house ready to rent.... that means clean, clean, clean. Then hire a professional to inspect the house, which should include clear documentation, like an inspection report. Take photos of the property to "document" it's condition. The photos and an inspection report may help you in the future in the event you have discrepancies with the renter at the end of the lease.

Another important step is to do your research on what to charge for rent. Find out what houses are renting for in your neighborhood. Seek the help of a Realtor or rental management company to assist you in determining a fair rental fee.

Now it's time to get your rental agreement ready. There are plenty of "canned" ones available or you can create your own. Whatever you choose, make sure it is clear and concise (who takes care of the yard, shoveling, date rent is due, length of the lease, amt. of security deposit, etc.)

After advertising the property and finding a renter, do as other's here have suggested. Do yourself a favor and make sure to "check out" the renter very, very well. Get a few references and do some background checks. Make sure they have good credit and will be able to pay the rent agreed upon. If you feel it's necessary, consult with an attorney for any legal questions you have.

I hope this helps Jared... and I wish you well in your new endeavor!
Bob
0 votes Thank Flag Link Thu Oct 23, 2008
Getting your property "rent-ready" is essential to success in maximizing your rental income and finding a quality tenant in the shortest time possible. When it comes to renting your home, you should consider the following:

When leasing a property you only get one chance to make a good first impression. It is essential that the home look as good as possible before marketing of the rental begins.

In preparing your property for rent, inspect the home and note any repairs that may be needed. This includes appliances, plumbing and A/C systems, which must be up to code and in good working order. Broken windows, doors, cabinets and fixtures should also be repaired or replaced. Next you will want a fresh coat of paint followed by a thorough cleaning including floors and rugs.

Curb appeal is as important in a rental as a sale, so make sure the lawn is cut, shrubs trimmed and outside repairs completed. Patios, sidewalks and driveways should be power washed and the roof inspected by a professional roofer.

Getting your rental property "rent-ready" will ensure you procure the best tenant, for the most rent in the least amount of time!
0 votes Thank Flag Link Mon Oct 20, 2008
Jared,
One thing we learned years ago when renting out a property is to make sure you do a good background search on the tenant. Get a complete rental application, notify them that you will be doing a credit check on them- they will need to sign that they approve of that - with their social security number. I would suggest you do a Wisconsin Circuit Court Access search - http://wcca.wicourts.gov/index.xsl This way you will know if they had any past court issues including possible evictions.

Have a good lease agreement along with a check - in sheet, that the Tenant signs- you keep a copy and give them a copy. You want proof of what the property condition is when the tenant moves in- even going so far as taking photos with date-time stamp isn't a bad idea.

Below is a link to Wisconsin Landlord - Tenant Statute:
http://datcp.state.wi.us/cp/consumerinfo/cp/cp_laws/landlord…

I also would suggest you talk with your homeowner insurance agent to make sure you have adequate liability insurance.

All the Best to You
Web Reference: http://www.GoPackerUp.com
0 votes Thank Flag Link Mon Oct 20, 2008
You should make sure your tenant is well qualified and with goo dreferences. youshould make sure you have a goo dlease that will protect you. you should collect the first months rent and 1 month security deposit, the security should be paid in full, if a tenant cant pay the security in full how are they going to pay rent next month. make sure you do a walkthru with your tenant upon move in, take lots of pictures and even a video, have them sign a check in sheet that everything is in good order and repair. make sure you put the utilities in the tenants name BEFORE move in. good luck
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 20, 2008
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