Some people will buy a home with the intention of renting it out. Rental properties are a great way to make some extra money in a down economy. However, you have to make sure that you are getting a tenant who can pay the rent on time.
How To Find A Renter For Your Home
There are many great ways to find someone to rent your home. The best way is to ask family or friends if they know anyone who is looking for a place to stay. Another great trick is to place large signs outside the property indicating that you are looking for a tenant. The Internet is a good option to consider as well.
Placing your listing on a site like Craigslist can get more people aware of your willingness to rent your home.
Carefully Screen All Potential Tenants
Securing a great renter for your house starts with a proper screening process. Make sure you check the credit of anyone who wants to rent from you. Poor credit indicates a potential inability to pay the rent on time. Check to see if the tenant has had any priors on his rental record.
Noise complaints in the past, evictions or other rules violations should raise red flags. Be sure that the names of all occupants are on the rental application. Some applicants may try to sneak in extra people to make the apartment cheaper. However, this is a violation of the law.
Trust Your Instinct
If there is something off about a potential tenant, do not offer that person the home. Keep in mind that you are not able to deny housing based on color, ethnicity, gender and other conditions. However, you are able to deny an application because you feel that an applicant could be a risk to you or your property.
The best thing to do is to stick with friends and family if you are renting for the first time. You can keep a good eye on your property by living in one of the units in the house. Staying near your tenants makes it less likely that they would do anything to violate the lease.
Renting your home is a great way to make some money. Do your homework before agreeing to let anyone move in. Due diligence now can save you a lot of headaches down the road. Evictions are never fun events.