right61, Home Buyer in Pittsburg, CA

Rental home question

Asked by right61, Pittsburg, CA Sun Feb 17, 2013

Hello, we are about to rent our house in Oakland ,CA. I would like to know some information interm of back ground check, rental deposit, rental form agreement, etc. Thank you for your time.

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3
Antoine Pirs…, Agent, Oakland, CA
Mon Feb 18, 2013
Before you decide to rent out your house, make sure you understand the financial and tax consequences of doing so, now and in the future. You better talk with you CPA first. Most owner are surprised when I tell them the details. Once you understand that, become a member of EBRAH, in Oakland., They have all the forms, and the procedures to follow to finding a tenant, screening, tenant laws, etc.
1 vote
River Rock, Other Pro, Boise, ID
Mon Feb 18, 2013
Property managers know the market. They know exactly how to market your property efficiently, and effectively to maximize your investments income potential. Property managers know state of the art techniques to market your property cost effectively. They utilize the power of the Internet, social media, and local publications to expose your property to thousands of potential tenants. They handle all interaction with each prospective tenant, actively pursue every lead, and are available to hold open houses and property showings.

Property managers require all of their properties to have lease agreements. One of the biggest mistakes investors/ property owners can make is not having a lease for their property. Strong lease provisions are imperative in protecting you, and your investment. Property managers use professional lease agreements specifically designed, and timed tested to protect their clients.
0 votes
Charles Rori…, Agent, Grants Pass, OR
Mon Feb 18, 2013
right61,

Besides the tax implications of renting a house, the biggest issue you will probably face is finding quality tenants. For the un-initiated, the best course of action may be to find a property management company. Good property management companies know how to maximize your rental income, screen and obtain qualified tenants and help you perform required maintenance on your home. Renting out a home is not as simple as here are the keys, pay me rent.

Every municipality has rules and regulations that must be followed along with state and fair-housing laws. Depending on where your home is located, there may also be CC&Rs that have to be followed too. A good property management company can remove all those headaches for you and actually make owning a rental property a good experience.

I have been in the business since the early 90s. I can not begin to count the amount of times I have heard landlords say they will never own rentals again, until they have signed up with a good management company. How do you know they are good? Ask for references and call those references. Ask them about any concerns you may have. Paying between 5% and 10% of the rental income in management fees is a good way to maintain a profitable investment property.
0 votes
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