slumlords, get in here: renting out your house

[jbot]

So, I'm dipping my toes into renting out my house that I don't really wanna sell in lovely Mentor, Ohio (don't need the money, house is paid off, want to have to flexibility to send my kids to Mentor schools if I don't like my current area's schools, etc). I'd like to pick your brain for some critique on my "house for rent" ad, things I should look out for, or if you even have lease/rental agreement I could base mine off of, etc. Keep in mind I'm asking for advice from people that actually rent out their home(s) and are or have been landlords. Of course, if you or someone you know if looking to rent a place out here, let me know too lol

first, here's the ad:

http://cleveland.craigslist.org/apa/3534536019.html

I noticed my ad is WAAAAAAAAAAAY longer and more rambling than others, so I'll probably cut that down later. I'm trying to find a decent property management company out here that can answer phone calls about stuff that is broken, and generally deal with the tenant if there is an issue. I found one already, but they're not being very responsive after first contact, so that's probably not a good sign.

right now, I have lots of people asking about the house, and will be showing the house to a few people this week. I want to flesh out my lease agreement, and figure out where to perform background/credit checks.

[conn-e-rot]

I know a guy that lives in Mentor that was looking to move I'll let him know about this

[Simplysix]

Looks good. could be a little shorter, but not bad. Might mention something about lease terms ( short term, 12 month, rent to own)

[2talltim]

$1300 a month? is that reallly the going rate to rent a house that size these days? Thats $350 more than my mortgage. Not knock on you just i have been out of the renting game for a while and didnt realize rent had jumped that high.Last house i rented was 1400sqft in 2000 for $675 a month.

[conn-e-rot]

location location location

[fizzer]

The reason I'm renting this home is because I purchased a home in Concord (wanted more land, and needed a bigger home due to the inevitable flood of children that will spill out of my wife in the coming years).

:lol:

If that doesn't get you a tenant I don't know what will!

[Bad324]

$1300 a month? is that reallly the going rate to rent a house that size these days? Thats $350 more than my mortgage. Not knock on you just i have been out of the renting game for a while and didnt realize rent had jumped that high.Last house i rented was 1400sqft in 2000 for $675 a month.

hes right on the money for rent. Hell I rented a townhouse for 3 years with a buddy and it was the same price

Honestly, I don't think the ad is too long winded. I personally have found that the more details the better back when I was renting

[Cheech]

:lol:

If that doesn't get you a tenant I don't know what will!

It's nice to see that the rest of the world can experience a little jbot.

[Helmutt]

Not sure about pricing either, I have been an owner for almost 10 years and last time I was renting it was half of what you're asking. Surely since its a house ( not a quad/unit/twnhse ) and some fresh refurb gives it more value, as well as a quieter location; but, it does seem expensive for rent. I would land contract a house at that price for up to a year.

As for forms, I'd start here or similar search

http://www.EzLandlordForms.com/?s=oh&infinity=gaw~OH%20Lease%20Agreement~OH%20Rental%20Agreement~12361388911~ohio%20rental%20agreement~b&gclid=CMKfpa-m-rQCFegWMgodb1wAjA

[Eric1951]

Your ad looks fine, actually plenty of pictures and related information has always help me find a quality renter.

If you plan to do the renting yourself, have them supply you a credit report, make sure they have bank accounts and references from their previous landlord.

If all else fails, look at the car they drive, it will tell you how your house will look in a very short time!

You might be too emotionally attached to the house to rent it, think about that.

[madcat6183]

God you're nuts, dogs are okay woof, cats are ok purr. I love you man.

1 thing I don't get/might want to change, you mention "services" in the rent price, then go on to say that renter is responsible for all utilities. ?? Just not sure what the difference would be. I know Ive looked into renting my place out to people too, and I would not let them even put water or trash in my name. Only theirs. Just a tid bit I saw in the ad.

[Uncle Punk]

Do yourself a favor and sell the house.

You have been warned and in three years you will come back here to tell me I was right if you don't.

I was awarded a judgment against a renter last week for $3,000 because that's the maximum I could get in small claims court.

The management company will be too expensive. Renting will expose you to loses you can't imagine plus if you work imagine having a second wife demanding your time with stupid shit. I have sued several renters for damages and won every time with a good contract but have NEVER collected any money.

Sell, sell, sell

[shittygsxr]

Do yourself a favor and sell the house.

You have been warned and in three years you will come back here to tell me I was right if you don't.

I was awarded a judgment against a renter last week for $3,000 because that's the maximum I could get in small claims court.

The management company will be too expensive. Renting will expose you to loses you can't imagine plus if you work imagine having a second wife demanding your time with stupid shit. I have sued several renters for damages and won every time with a good contract but have NEVER collected any money.

Sell, sell, sell

or just rent to yellow people

[ZachG91]

Do yourself a favor and sell the house.

You have been warned and in three years you will come back here to tell me I was right if you don't.

I was awarded a judgment against a renter last week for $3,000 because that's the maximum I could get in small claims court.

The management company will be too expensive. Renting will expose you to loses you can't imagine plus if you work imagine having a second wife demanding your time with stupid shit. I have sued several renters for damages and won every time with a good contract but have NEVER collected any money.

Sell, sell, sell

this! And I definitely don't recommend it if you're not handy! trust me you will get ass-fucked every 3-6 months, or whenever you get tired of renters not paying their share, and having to pay someone to go in and re-do the entire house, just to make it presentable for the next set of renters. It sounds like a great and easy way to make some extra cash, but it's not worth it man. And then next thing you know, you'll be paying 3 grand for terminex to come and get rid of those bed bugs.

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[turnone]

I don't know shit, but I would recommend sell, sell, sell. UP is pretty smart fellow.

If you had 10+ houses, I would feel different. Costs are reduced per house for all the trouble.

Sell the house and payoff all or a portion of your current house.

[bmwnut]

If all else fails, look at the car they drive, it will tell you how your house will look in a very short time!

This is the first think I look at when they come to rent one of my property's IT"S TRUE check the CAR

[redkow97]

I wouldn't bother telling tenants what's been replaced. They don't care if the furnace is new or 50 years old as long as it's working.

that (along with bad credit) is why people rent - so they don't have to worry about shit breaking.

[cOoTeR]

God you're nuts, dogs are okay woof, cats are ok purr. I love you man.

1 thing I don't get/might want to change, you mention "services" in the rent price, then go on to say that renter is responsible for all utilities. ?? Just not sure what the difference would be. I know Ive looked into renting my place out to people too, and I would not let them even put water or trash in my name. Only theirs. Just a tid bit I saw in the ad.

Services? Like BJ's and handjobs? I may rent there as a vacation home.

[TRMN8TR]

If you want lease agreements I can give them to you. You'd just have to print them out.

Expect that your house may get destroyed. I would NOT allow pets. You may have a dog who was properly trained, but your renters will not give a shit when their new puppy pisses all over your floors, or their kitty shreds your window blinds.

Realize you are renting in a tough economy. My dad rents several houses and a small 6 unit apartment building. As he put it to me, if he did a credit check on all his renters, he wouldn't have any renters. Look at their overall cleanliness and car as others said. Do get references from past landlords, and do call them and ask about your potential renters.

If you aren't capable of fixing/repairing problems that will come up, or don't have the time to do it, find qualified plumbers/hvac people ahead of time. I can give you a few references of people in mentor I have used that were given to me by a friend who rents multiple houses in the area.

[slingingchic]

While your prospective tenants are looking at the house, take a look at thier car. If their car has trash laying on the floor boards chances are they're not very good house keepers. Heard this from a friend, and it matches up to a story I could tell you about my ex but I will save my embarrassment

Good luck

[slingingchic]

Oh and most won't tell you they've been evicted, most counties have public access. I would look there to see if they have been. Steer clear from those people, they'll stiff you too!

[4DAIVI PAI2K5]

I drive a pos truck you fuckers, and my old landlord said I was the best renter she ever had. Bazinga.

[max power]

Don't allow pets. When that filthy fuckin cat pisses in its special corner of the carpet you will be ripping out sub floor trying to get that awful ammonia smell out.

The dogs will destroy your back yard that the tenants won't ever clean and they will scratch the shit out of any hardwood floors you have.

They will scratch the shit out of the door of whatever room the tenant locks them in while they are gone all day/weekend/week. (Just ask Marlboro Man)

If you have a basement, they will just let the dogs shit all over it and never clean that either.

Plan to change all carpet after pet owner tenants move.

All this still I have seen with my own eyes while doing residential alarm work on rentals. People are scum.

[slingingchic]

I drive a pos truck you fuckers, and my old landlord said I was the best renter she ever had. Bazinga.

Do you leave heaping piles of trash on your floorboards? That's where I was getting to.... we have a pos truck too that doesn't run and our house is immaculate, no trash on floorboards

Edited January 22, 2013 by slingingchic

[redkow97]

It's good that UP chummed in with a firsthand account. I have seen court cases where tenants did $7k in damage and were a couple thousan in default

On utilities that the landlord got stuck paying.

The landlord won in court, but it took nearly a year to evict the people, and he gets a whopping $22/week in garnished wages from the tenants.

If you KNOW your tenants, and can trust them, then renting isn't as scary, but your place is pretty nice. Honestly, I would jack up the price so that only tenants you want can afford your place...

You want a federal employee with an incentive to lease, or someone similar. A couple of single guys in the mitary, etc.

There are good tenants out there. Most of us have BEEN good tenants at some point on our life. But one bad experience really ruins it for you.

I can read over a lease and let you know what is likely in enforceable in OH. There are a lot of things landlords throw in that a court would laugh at.