Yeah lots of people got the 100+ notifications today. It's kind of funny now.
I rent my FL house out but I have a property manager handling it since I don't live in FL anymore. It's usually a good idea to run the credit, criminal background and check landlord references. Always get sufficient security deposit. If you are allowing pets, either get a decent pet deposit or charge pet rent each month.
A 2 year lease for a house is a long time. Most residential leases are a year with an option to renew. Things to consider: smoking prohibition? Who pays electric/water/cable? Who takes care of the yard? Make sure you can access the house upon notice to the tenant - how much notice is up to you. Tenant agrees you can access the house for repairs upon prior notice.
Insurance - you will need a landlord policy. Taxes - ck with your tax preparer but you will report the income of the rental property but can deduct property repairs made while it's rented, mortgage interest if it's mortgaged, taxes (commissions - I know this does not apply to you but wanted you to know) etc. Again, read up on this so you understand what you will be paying taxes on come April 15.
Being a landlord can be a pain. A previous house I rented was not a good experience. I had damage and practically had to evict a nonpaying tenant. I've had better luck with the present house I'm renting through the broker. I think it's easier to do it yourself if you don't live far from the property so you can do drive bys to make sure it's being kept up.
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branchandroot
no subject
Date: 2012-08-06 06:04 pm (UTC)I rent my FL house out but I have a property manager handling it since I don't live in FL anymore. It's usually a good idea to run the credit, criminal background and check landlord references. Always get sufficient security deposit. If you are allowing pets, either get a decent pet deposit or charge pet rent each month.
A 2 year lease for a house is a long time. Most residential leases are a year with an option to renew. Things to consider: smoking prohibition? Who pays electric/water/cable? Who takes care of the yard? Make sure you can access the house upon notice to the tenant - how much notice is up to you. Tenant agrees you can access the house for repairs upon prior notice.
Insurance - you will need a landlord policy. Taxes - ck with your tax preparer but you will report the income of the rental property but can deduct property repairs made while it's rented, mortgage interest if it's mortgaged, taxes (commissions - I know this does not apply to you but wanted you to know) etc. Again, read up on this so you understand what you will be paying taxes on come April 15.
Being a landlord can be a pain. A previous house I rented was not a good experience. I had damage and practically had to evict a nonpaying tenant. I've had better luck with the present house I'm renting through the broker. I think it's easier to do it yourself if you don't live far from the property so you can do drive bys to make sure it's being kept up.