How to Rent Your House
In these tough economic times, your only option may be to rent your house out.
But most people are afraid to consider this option.
The usual reason is they have heard horror stories about tenants trashing the place and robbing them blind. Most of the time, this is exaggerated, heard from someone that has never been a Landlord or from a real estate agent that would rather they sell their property than rent it.
The real reason people are usually scared is another story.
From my experience when dealing with homeowners considering renting their property out, the homeowner simply has no knowledge of what to do or have fears of completing the rental paperwork.
But this is easily remedied.
The steps are actually very straightforward and the paperwork is mostly fill-in-the-blanks.
1. Decide to rent your property.
2. Prepare the property for showings, including repairing any damages or fire-prevention issues.
3. Market the property using modern tested techniques.
4. Show the property.
5. Screen potential tenants.
6. Prepare a lease agreement or rental agreement using a template.
7. Collect rent, prepare rental receipts.
8. Deal with any Landlord and Tenant issues that arise.
9. Deal with any scheduled and emergency maintenance issues that arise.
10. Do your financial paperwork at the end of the year for tax purposes.
11. Buy/sell the property as an investment.
Each of these steps can easily be completed and documented using rental checklists and rental forms. Some of these include:
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