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Ken, Other/Just Looking in

how does one go about renting out the home they just bought?

Asked by Ken, Thu Sep 20, 2007

i have bought a home but have to rent it out due to being in the military?
what are some of the ways to go about doing this?

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Ken - Don't forget to contact your lenders before you leave for active duty. I beleive there are special interest rates and plans available for folks that are on active duty. This goes for your home....and I beleive your auto and any other debt you may carry. I beleive this is called the Soldiers and Sailors act.
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1 vote Thank Flag Link Sat Sep 22, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
I would recommend hiring a real estate management company to take care of the responsibilities. You have enough to take care of in the military, and it would be a pain to have to find and qualify tenants, prepare leases, collect the rents, maintain the home when something goes awry, and intiate evictions proceedings when you're out-of-state or out of the country.

You should also contact a local real estate attorney to discuss your responsibilities and liabilities as a homeowner and landlord.
1 vote Thank Flag Link Fri Sep 21, 2007
I agree that hiring a Property Management company is the smartest route to take. Especially if you are to be away and can not keep a close eye on things. They typically will just keep a certian % of collected rent and some even make more mortgage payment for you out of your rental proceeds.
0 votes Thank Flag Link Wed Nov 7, 2007
I've had really good luck on craigs list. The newspaper has been a waste. A real estate agent can handle it as well.
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0 votes Thank Flag Link Wed Nov 7, 2007
Aileen is right! You can try to do all that yourself. But, if you are going to be out of the area the rental is in, it is much easier to hire someone to take care of all the details for you. A management company is probably the most expensive way to do this. Sometimes, a really good real estate agent will help out and it will cost you just the commission (usually one month's rent), not the monthly fees you will pay a management company. You would have to let the agent know your situation and tell him/her what your needs will be so the agent knows ahead of time what is expected of him/her. Some agents will help you out, others will not. You don't want to hire one only to find out that when a pipe freezes or a tenant doesn't pay on time that your agent will not get involved.
If you have a family member nearby, sometimes they can help out; thus making renting on your own easier. It is (or can be) a lot of aggrivation. The important thing is to get a good tenant. Run a credit and/or background check on whoever you put in there. Call prior landlords and see what kind of a tenant the person has been. then, make sure your property is in tip-top shape. You just might get lucky!
I am a Realtor, but have several rental properties. Feel free to reach out to me via my website if you would like additional information.
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0 votes Thank Flag Link Fri Sep 21, 2007
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