I want to rent out my large older home. What things do I need to consider when asking for rent? Mortgage payment, taxes, insurance, utilities?

Asked by Susie, Melrose Park, IL Wed Feb 17, 2010

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Dallas Texas, Agent, Dallas, TN
Thu Feb 18, 2010
Your listing agent will be able to assist you with these questions. You need confirm cover all your expenses plus profit cover any repairs and etc. You are home owner can determine what average cost of repairs, plus down time vacant home.

I do consulting on for many investors across the country best have ask upfront that make costly mistakes.

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Pelin Guzel, Agent, Dallas, TX
Thu Feb 18, 2010
Remember the home owners association fee, if you have it.
Working with a local Realtor may help you to determine the renting price, set up appointments, prepare the legal parperwork and much more.
Good luck,
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Brian McMurr…, Agent, Tawas City, MI
Wed Feb 17, 2010
You certainly need to establish an appropriate Rental Price for the specific property. Pay attention to the security deposit and related paperwork. References related to potential tenants Payment History if worth taking a serious look at.
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Cherrie Cata…, Agent, Chicago, IL
Wed Feb 17, 2010
Hi Susie,

If you are looking to rent out your home, you need to see what other homes are renting for in your area to determine a rental amount. The tenant is typically responsible for all the utilities and they need to have them transferred in their name. Make sure that this is stated in the lease and go over all the information verbally with them. Also, make sure to keep an insurance policy on the investment home and tell the renters that they need a rental insurance policy as well to cover all there belongings.

I hope this helps!

Cherrie Catama
Newman Realty
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Mark Overhol…, Agent, Clovis, CA
Wed Feb 17, 2010
Are you asking how to figure out an amount to ask your tenants to pay in rent? If that's the case then setting a rent amount is the same as setting a listing price when selling your home. Renters don't care how much you pay for the motgage, taxes, insurance, etc., they only care what Joe Schmoo down the street pays in rent. The market dictates how much one can ask. You would need to get comps on other rentals in your neighborhood. Then you decide how your property matches up to similar rentals in that area. Look at number of bedrooms, baths, size of home, lot, garages, updated fixtures, proximity to transportation, etc.
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