Renting our house out, any last minute advice?

[Cloak]

Originally Posted by ColquittCustom405

I was gonna say the same thing.....Good Pete.

Yes, we can always count on DJ to give out tax and renting advice.

What is it up to now, 43 rentals?

[SlinkySam]

Holy crap!!! You guys are truly scaring me. Thank you for the volumes of depression. I can always count on RCC to bring me down

Seriously, very helpful in my research. We have an open house this Saturday, so it is all helpful (and truly scary).

-Sam

[kawika]

One thing you might want to include in the rent and then control is the water. In Honolulu, it takes forever to evict someone, but if the water is turned off they have to leave because it becomes a depratment of health violation.

[gregrocks90046]

Originally Posted by kawika

One thing you might want to include in the rent and then control is the water. In Honolulu, it takes forever to evict someone, but if the water is turned off they have to leave because it becomes a depratment of health violation.

i don't know about hawaii, but it is illegal for the landlord to turn off any utilites to try and force someone out in most states.

[tombstone]

Never let anyone in your immediate family pick who you should rent the property to,when we rented a house to friends of my aunts they painted things without even telling us first and we had an agreement not to do anything to the house without asking our permission.

And never rent to YOUR friends,we rented a house to our friends who were married and they decided to stop paying payments and started upsetting mom,so i went down there the same day and said you got two weeks to leave or we will start removing your belongings off the premises.

It was on the contract they signed, if they stop paying payments they have two weeks to return the house in the condition it was in and be gone in exactly two weeks.

One thing i would advise is to form a contract that you go pick up the rent when it is due and do a small inspection of the property.

Just some small advice.

[SlinkySam]

Awesome stuff guys. 1.5 hours until we open the doors. I think we priced rent too low as we have people lining up on the email responses. Just rediculous when I can charge my mortgage payment plus a little as the renting price.

By the way, a deputy sheriff of a city just north of us wants to rent it real bad with his wife for a few years. I just wonder if this is a good or bad thing.

I sure hope we get someone good.
-Sam

[Cloak]

Originally Posted by kawika

One thing you might want to include in the rent and then control is the water. In Honolulu, it takes forever to evict someone, but if the water is turned off they have to leave because it becomes a depratment of health violation.

In many states you (landlord) pretty much have to pay the water because the water utility is tied to the property (thus the owner) not the current occupant. If you left it to the tenant and they didn't pay their water bill, you could end up with a lien against your property as a result of your tenants. That is something you don't want to do.