Word: tenants
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...other circumstances put a squeeze on the finances of Brian Feehan and his partner David and they couldn't find a buyer for their 18th-century farm house, the couple decided to rent it out and move to the guest cottage next door. A brilliant solution - until the first tenants they found were a complete nightmare, calling and e-mailing every day with a string of complaints and demands. "We definitely did things differently the second time around," says Feehan. Word to the wise: when a potential tenant's references don't call you back, quickly apply the breaks. (Read...
...Find a tenant. For a fee, a real estate agent will help you find tenants, but plenty of Accidental Landlords advertise on rental web sites directly. Just be prepared for some heavy lifting, including ordering up credit checks and calling past landlords and employers. "Ninety-five percent of tenant problems can be eliminated in the screening process," says Nuzzolese. Reading up on federal, state and local fair-housing law is another must-do. It's illegal, for instance, to say you'd rather not rent to a family with kids. When figuring out how much to ask for in rent...
...specific in the lease. A lease should detail everything from which utilities are included in the rent to whether subletting is allowed to the penalties for late payment. An addendum should document the condition of the house upon rental - a walk-through with your new tenant will underscore that any damage caused will come out of the security deposit. The web site of the Landlord Protection Agency, www.thelpa.com, has sample forms (some for free, some for purchase). Since things like lawn care and house maintenance are typically left to the landlord to handle, you might want to consider hiring...
...Keep things professional. Watching someone else move into your home can be emotionally trying. "It kills me to think someone is going to be living in my house," says Marie Latella. Yet it's imperative to keep your feelings at bay when dealing with your tenant. "It's not a good idea to forget that this is a business relationship," says Nuzzolese. "Keep all your agreements in writing. Don't become friends...
...Think about your long-term plans. If your goal is still to sell your house, think about how you'll pull that off with tenants there. It's not impossible to continue to show your house with other people living in it, but keep in mind that "you have an obligation as a landlord not to bother people at all hours of the day and night," says Yoegel. When and how showings are acceptable should be spelled out in the lease. And remember that tenants probably aren't going to keep your house as pristinely organized and decorated...