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TerryThomas

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Posts: 2
Reply with quote  #1 
I AM ABOUT TO RENT MY HOUSE OUT AND HAVE SOME ONE IN MIND.
I HOWEVER DON'T WISH TO USE A LETTING AGENCY.
I HAVE A GAS SAFETY CERTIFICATE SORTED OUT FOR THE YEAR AND AM IN THE PROCESS OF SORTING AN ELECTRICAL SAFETY CERTIFICATE TOO.
I ALSO HAVE LANDLORDS INSURANCE .
AS FOR THE OTHER BITS AND BOBS NEEDED TO SORT MY SELF OUT I'M LOST.....
A CONTRACT IS OBVIOUSLY NEEDED (WHERE CAN I GET ONE OF THOSE DRAWN UP?)

ALSO I KNOW I WILL NEED TO GET A DEPOSIT OFF HIM/HER TOO.

ARE THERE ANY OTHER OTHER LEGAL REQUIREMENTS NEEDED TO PROTECT MYSELF AND THE TENNANT?


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TT
OHlandlord

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Posts: 3,794
Reply with quote  #2 
Terry, you've got a lot of work to do (research I mean).  First, start out by going to the library and getting a copy of a book on your state's LL-Tenant law.  Each state's law is different.  You need to know this very well before you go further.  (Read through it several times and copy the key sections for your own reference later.)  Of course, you will need all the occupancy certificates required for your area. 

Next you will need a good application.  Mine asks for all the personal info (name, phones, SSN, driver's license number, DOB, cars' plate #s, vehicle makes, models, & yrs., & full name of everyone living there).  It also asks for rental history from last 3 places (addresses, dates, reason left, LL name & phone, rent amount).  Then Employment history (company name, address, phone, supervisor's name & phone, dates, position/title, wages).  It has an income section (monthly employment income before deductions, other monthly income amounts).  A financial section (bank name (checking/savings), credit cards (names, account numbers, balances, monthly payment) and loans (same as credit cards).  Then questions:  Number & type of pets, water filled furniture, in the military, smoker, ever bankrupt/sued/evicted/convicted of crime and an explanation line to explain bad answers.  References -2 personal (name, relationship/phone/yrs known) & an emergency contact (same info except replace yrs known with their address).  Finally a clause that swears all is true and gives me clearance to pull credit checks, criminal backgrounds, check landlords/employment/refrences.  And signature line.  One filled out by each adult.

Check all of the info on the application.  (If you need to know how, post here with that question).  Finally you need a good lease or rental agreement.  Have you decided on a lease or a month to month agreement yet?  Research and decide.  thelpa.com has a good lease on its site.  They also have forms to adapt it to each state's laws.  Check your area's laws to be sure it meets them.  You can also go to the library and get a landlording book by NOLO.  They come with a CD of forms that you can download into your computer for free.  Be sure that you run any contract like this past either your attorney or a local LL association (search for a local chapter of REIA).  They can tell you good clauses to put in for your area.  Good idea to join that association too.

Be careful in renting out property.  You will make mistakes as you go along.  You don't want them to be expensive or aggravating ones.  Terry from CA lists a set of "rules for new landlords" on the thelpa site under the LL forum.  You can search for it with their search engine there.  Read it well.  Included are: Dont' rent to family or friends;  Always get the first month's rent and the security deposit in cash/cashier's check/money order before giving out keys (never take a check); Screen your applicant very well to prevent problems later, etc.    You will need to get the deposit and 1st mos rent when you sign the lease or before.  Check local laws on how much deposit (typically one mo. rent or more).  Good luck.
TerryThomas

Registered:
Posts: 2
Reply with quote  #3 
Thankyou for your reply sir...
Much appreciated..

__________________
TT
OHlandlord

Registered:
Posts: 3,794
Reply with quote  #4 
Terry, I forgot another important help for you.  You need to network with other LLs frequently to get a more complete picture of the market as a whole, what scams are currently being used, what new law or local rulings there have been, etc.  Think about joining a local LL association (check for a REIA chapter or other association) or at least read several LL forums.  This one doesn't have too many members in it.  Other sites are more populated.

Try thelpa.com  (the LL protection agency), they have a helpful forum; or mrlandlord.com (lurk for a while before posting there - sometimes they can be rough on a new guy).  Both have good search engines so you can check their sites for a particular problem and all the solutions that were offered to it from earlier posters.  This is especially helpful.  You'll find that the same problems come up again and again.  You may also find a local forum for your state.  This would be great as all answers would apply to your state laws.  A word of caution - not all forums have administrators to monitor them.  So some answers you obtain may not be helpful or they can be impolite.  Like any other advice you get on the internet, be cautious.
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