We are renting our home winter of 2020 for first time, need advise

Closed Thread
Thread Tools
  #1  
Old 04-22-2019, 08:24 AM
j_vermilya j_vermilya is offline
Member
Join Date: Aug 2017
Posts: 60
Thanks: 16
Thanked 36 Times in 16 Posts
Default We are renting our home winter of 2020 for first time, need advise

We would appreciate advice about a lease, security deposit, charging the total amount up front, etc. We already have a renter and an agreed upon monthly rate. Thank you.
  #2  
Old 04-22-2019, 08:42 AM
vintageogauge vintageogauge is offline
Sage
Join Date: Aug 2016
Location: village of Fenney, Ford City, Pa., and Hudson, Ohio
Posts: 4,108
Thanks: 6
Thanked 4,280 Times in 1,426 Posts
Default

Other than that be sure to specify how many adults are to be staying in the house for the lease price and lease period. I know of one instance that 4 couples were sharing a rental and only paying for two adults. They also were bragging that they knew that as long as they were in the water at the pool they would not be asked for their guest passes which all of them would not have had.
  #3  
Old 04-22-2019, 12:22 PM
zmarkp zmarkp is offline
Senior Member
Join Date: Feb 2017
Posts: 179
Thanks: 25
Thanked 49 Times in 23 Posts
Default

rental management companies often post their lease online so you can see how they do it. one good clause I learned to put in the hard way is that if someone sues me and loses I am entitled to compensation of reasonable legal fees. i also did an application requiring their social security number, phone number(s), and previous addresses so I could do a nationwide background check looking for previous evictions and prior convictions. video the premises with a witness prior to move-in. create a detailed 'punch list' listing everything in each room for them to sign as 'ok' or 'not ok' to have a written record of move-in condition. my lease allowed me entry each month to change the filters, which is a good practice plus I got to see inside.

when i started in 1978 my lease was one page long. one year ago my last lease was 18 pages so there's a lot to cover.

the key is always the tenant. if you get a good one your life is golden. if you get a bad tenant your life can turn brown and smelly.

good luck!
  #4  
Old 04-22-2019, 01:29 PM
rjm1cc's Avatar
rjm1cc rjm1cc is offline
Soaring Eagle member
Join Date: Apr 2010
Posts: 2,366
Thanks: 237
Thanked 521 Times in 241 Posts
Default

Check your insurance and licenses to do business.
  #5  
Old 04-22-2019, 02:30 PM
Packer Fan's Avatar
Packer Fan Packer Fan is offline
Veteran member
Join Date: Feb 2008
Posts: 705
Thanks: 372
Thanked 493 Times in 158 Posts
Default

Quote:
Originally Posted by zmarkp View Post
rental management companies often post their lease online so you can see how they do it. one good clause I learned to put in the hard way is that if someone sues me and loses I am entitled to compensation of reasonable legal fees. i also did an application requiring their social security number, phone number(s), and previous addresses so I could do a nationwide background check looking for previous evictions and prior convictions. video the premises with a witness prior to move-in. create a detailed 'punch list' listing everything in each room for them to sign as 'ok' or 'not ok' to have a written record of move-in condition. my lease allowed me entry each month to change the filters, which is a good practice plus I got to see inside.

when i started in 1978 my lease was one page long. one year ago my last lease was 18 pages so there's a lot to cover.

the key is always the tenant. if you get a good one your life is golden. if you get a bad tenant your life can turn brown and smelly.

good luck!
You do all that for Monthly Rentals? Wow, I thought I was thorough. Background checks? My main rule is my wife and I spend about 20 minutes on the phone with the tenant before we even send a lease. You can learn a lot more from that than anything. Most people renting in the villages will leave the house better than they found it. You can usually tell the problem ones on an initial phone call - there has only been 2 times in 5 years I decided against it, just got a bad feeling talking to the people. We have really had almost zero problems with renters, a few small stains in the carpet... and we lost a towel or two and a few broken glasses. Other than that, no problems.

For sure get all the money before they move in, don't charge BELOW market rent, and get a security deposit and NEVER waive the cleaning fee.
__________________
Packer Fan
Oak Creek, Wi
Village of Hillsborough and Fernandina
Snow Flake until I retire
  #6  
Old 04-22-2019, 03:44 PM
Toymeister's Avatar
Toymeister Toymeister is offline
Platinum member
Join Date: Sep 2016
Posts: 1,680
Thanks: 343
Thanked 2,335 Times in 729 Posts
Default

Charge occupancy tax. The state will catch you if you don't register and pay it. Now the matter becomes do you roll the tax into your price or add it.

Have you located and prepared a temporary ID form? Do you pay the 50.00 fee of do your guests?

Who addresses any problems with the property? Do you have a home watch person to address this? Have you priced your home considering renters invariably use more utilities than you as a owner will?
  #7  
Old 04-22-2019, 05:10 PM
pauld315 pauld315 is offline
Gold member
Join Date: Aug 2007
Location: NY, FL, PA, TX, NC, TV
Posts: 1,465
Thanks: 43
Thanked 357 Times in 161 Posts
Default

Quote:
Originally Posted by vintageogauge View Post
Other than that be sure to specify how many adults are to be staying in the house for the lease price and lease period. I know of one instance that 4 couples were sharing a rental and only paying for two adults. They also were bragging that they knew that as long as they were in the water at the pool they would not be asked for their guest passes which all of them would not have had.
I think if the 2 renters are there for a month or more they can pay the 50 dollars and get resident guest passes. They can then use those to get guest passes for the others. This actually happens more than you think and causes the amenities here, that were planned using 2 per home occupancy, to be overused during the season.
__________________
"The secret of successful managing is to keep the five guys who hate you away from the four guys who haven't made up their minds." - Casey Stengel
  #8  
Old 04-22-2019, 06:44 PM
villagerjack villagerjack is offline
Gold member
Join Date: Feb 2009
Posts: 1,360
Thanks: 115
Thanked 133 Times in 62 Posts
Default

If you get a good tenant the lease will mean very little and if you get a bad tenant the lease will mean even less.
  #9  
Old 04-22-2019, 07:55 PM
tophcfa's Avatar
tophcfa tophcfa is offline
Sage
Join Date: Feb 2015
Location: Wherever I happen to be.
Posts: 5,982
Thanks: 2,822
Thanked 8,930 Times in 2,700 Posts
Default

Don't include a golf cart unless you have liability insurance covering a golf cart rental. Also, make sure your rental agreement prohibits the tenants from running an AIRBNB. If you want to significantly expand your potential universe of renters, allow the tenants to have a dog.
  #10  
Old 04-24-2019, 11:15 AM
Packer Fan's Avatar
Packer Fan Packer Fan is offline
Veteran member
Join Date: Feb 2008
Posts: 705
Thanks: 372
Thanked 493 Times in 158 Posts
Default

So you got a bunch of advice from people who have never been a landlord- I will give you a few tips
1. Have a lease, they are easily obtainable online. make sure they have a release of liability clause.
2. Get money as follows- 1/2 with signing of lease, 1/2 plus security deposit 60 days before move in - if this is not OK with them RUN!
3. Rent needs to be all inclusive, except the $125 cleaning fee that comes out of the Security deposit.
4. If you are not local, get a good home watch/Cleaning crew. This is critical. They are your eyes and ears. However, always have renters call you first.
5. Get a good umbrella policy for a few million on yourself, costs like $15 a month. You never know.
6. Never waive the cleaning fee. Sets a bad precedent - and the ones who say they are SO CLEAN never seem to be any better than anyone else- they are just trying to pay less.
7. Make sure you have a recliner, a grill, Cable TV, and a Golf Cart if you want to rent anything other than high season. You can get away without those if you just want Jan-March.
8. Look on VH4R at the type of home you have and look at what people charge- price accordingly.
9. As I said before phone interview all potential renters. You will find out most have rented before. Get a reference and check.
10. Keep house well stocked with Towels and Dishes- like if you lived there - if you do this, they will return each year.
11. Advertise on VH4R and nowhere else - every other site is secondary... really no need.

Hope that helps.
__________________
Packer Fan
Oak Creek, Wi
Village of Hillsborough and Fernandina
Snow Flake until I retire
  #11  
Old 04-27-2019, 09:31 AM
j_vermilya j_vermilya is offline
Member
Join Date: Aug 2017
Posts: 60
Thanks: 16
Thanked 36 Times in 16 Posts
Default

many thanks for all the advice, greatly appreciated!
Closed Thread

Tags
front, total, amount, renter, rate

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 05:11 AM.