Questions for homeowners that rent
 

I am in process of doing long term rental on villa that I own,have questions that I need input on if anyone can help. As landlords, do you do credit/reference checks? I rented it once for two years, was a newbie to being a landlord and didn't do anything except meet the prospective tenants and do a lease. That all worked out perfectly but am now doing another long term lease and was just curious if I need to do more to protect myself and house. Thoughts/suggestions? Thanks

References can come from anyone that they know doesn't mean that it's reliable. There are some here that run credit checks and let their potential renters know that they will be running one. Then there are some Who rely on gut feelings when they meet the person. It's a personal choice. Have had the same long-term renter since the day that we purchased our house it was a gut feeling and have to say it was the best decision ever. But that doesn't mean that you're going to get as lucky as we have been. I think you should do what makes you feel comfortable.

How will you know if they have the money to pay the rent? Once they are in the home how will you get them out if they do not pay? You should try and talk to their prior landlord, get financial information and I would include a credit check. Do an internet search. You never know what might show up.

If a golf cart is in the rental what do you do about insurance on it to cover your butt?

What do you do for insurance on a golf cart with a rental to cover your butt?

from what i understand if it is part of the rental there is no coverage.You can give them permision to use the cart but not advertise it as part of the lease. All the rental golf carts in the villages have no coverage

Collect a sizeable security deposit. Ask for the first month's rent and the last month's rent at least 60 days before move in. Make sure you are checking on your property at regular intervals... best of luck to you!

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With all of the multiple homes that are for rent here you very rarely hear issues with renters. When people are spending this much money on rent it's not that difficult to find someone. You will have multiple people to choose from.

I'm not too worried about finding someone, I have a couple that want it, only spoke on phone, seemed fine , just my nervousness kicking in. What size sec deposit do most get, the rent is 1100. Do most get first and last months rent? I just had two ye renter that couldn't afford all that out at once, so I just did first month and security and all worked out.

Reply
 

If you have a golf cart, I suggest you put it at a neighbors or keep the key. If there is no coverage, why would you put yourself at so much risk? The golf cart rental companies will rent "them" one in their own name, deliver and pick it up. The rental companies do have insurance on them so your guests can feel protected. You just have a list of reputable companies. Those trucks are dropping them off all the time....and you get to sleep peacefully.

We don't have anything to add on the references or credit check area, but wished we had the foresight to add a cancellation provision to our long term rental contract.

Our renters, and many renters according to TOTV, eventually become buyers. Bad if this happens in the middle of your lease. There is an expectation that you will let the tenants out of the lease easily, they will help find another renter, kept it in perfect condition, hardly used it, etc. We believe it is better to spell out what happens if they choose to leave early. For example, if they leave before six months is up, you will owe rental tax that wasn't calculated into your monthly rent. Utilities trail sometimes two months behind. Another consideration is the high season versus low season rental differences. Protect yourselves, spell it out before it happens, and have it in writing.

We don't have any proposed lease wording to give you here, as we wanted to be the next occupants and ended up moving into our home earlier than we planned.

No golf cart is included in the rental

The statement that all carts have no coverage is not correct, most people I know have at least general coverage, we have this but also with uninsured motorist for around $80 a year, State Farm.
However I believe that no one will cover you to allow renters to drive your cart.
You are responsible for any damage or injuries if incurred by renter using you cart

Do a credit check.

When we were renting our unfurnished house out for a minimum of 12 months, I always did a credit and background check using clearscreening.com, with the prospective tenant's consent of course. Sure, you have to pay something less than $100 per credit/background check, but for me it was well worth the peace of mind it brought to me. Additionally, I also asked them for references and would call and talk to each one.

We have just now furnisished our house and are renting it out monthly, so I'm thinking it isn't as important to do that thorough of a credit and background check of our prospective tenants. Does anyone have thoughts on if that's a reasonable thought processes on my part?