dreamer100
Full Member
Cash: $ 16.15
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Joined: 20 Jun 2007
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| Renting out a townhouse |
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I am considering renting out my townhouse and have a few questions.
1 - How do I screen out potential tenants?
2 - Can I get extra insurance in case I get a bad tenent?
Are there any other suggestions you have?
Thanks in advance.
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Thu Jun 21, 2012 8:59 pm |
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ericammcoy
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Renting out your property could be quite risky specially if you don't know the tenant personally, much better if you rent it out with someone you know or take sometime to know more about the tenants who wants to rent.
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Sat Aug 11, 2012 6:14 am |
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clydewolf
Senior Member
Cash: $ 50.25
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Joined: 27 May 2012
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Dreamer100,
quote:
1 - How do I screen out potential tenants?
Ask the prospective tenant to complete an application for renting.
That application would have questions about:
- name and DOB of everyone that will be living there.
- their address(es) for the last 3 years.
- provide names and contact information for their landlord(s).
- how much is your take home pay.
- debts that they have.
- where are they employed.
- provide 3 references.
- why are they moving.
- ask for a down payment that would be applied to the deposit if they rent. This would be refunded if they do not become your renters.
When they come to see the TH, get a look inside of their car.
If that looks like a trash dumpster, you probably do not want them as tenants.
If the inside of the car is clean and orderly, they are probably good prospects.
Here is a link to a sample tenant application: http://www.irvinerentals.net/Docs/application.pdf
You may want to read this link titled, "Legal and Illegal Reasons Landlords May Turn Rental Applicants Down".
http://www.nolo.com/legal-encyclopedia/free-books/renters-rights-book/chapter1-2.html
You should check your state laws for the responsibilities of a landlord.
quote:
Can I get extra insurance in case I get a bad tenant?
Talk to an independent insurance agent.
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Sun Aug 12, 2012 6:07 pm |
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oldguy
Senior Member
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Location: arizona
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Insurance. The insurance on my rentals is less expensive than on my home, that is because the company doesn't cover the furnishings in a rental. Eg, if there is a fire in your home, your house AND all your personal property is covered. But if your renatl house burns, your insurance covers only the building. (Your tenant's renters' insurance covers his furniture, etc).
But the insurance doesn't cover a 'bad' tenant. (Unless you are in France, the gov't pays landlords for vacancies).
eric - said that you should know the tenant.
Counter to that - the first rule of landlording is: never rent to a friend, a coworker, an acquaintance, an acquaintance's friend, and never ever to a relative. You want a formal arm's length agreement with a stranger.
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Sun Aug 12, 2012 7:16 pm |
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robinson1983
Member
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Location: New York,New York
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I see,you should check the backgrounds of the tenants,specially the credit record and such.Anyway,The insurance will only depend on what you agree upon.
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Tue Aug 28, 2012 8:34 am |
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