We want to rent out our house, help?

Cole Tripp Sav n Sterlings Mom: We want to rent out our house, help?
Hey, so we live right beside Western [University of Western Ontario] and we’re looking at getting our second home, because the one we live at right now isn’t big enough. Its my me and my fiance, our son and we’re expecting 3 more in April so kind of a full house.
We were thinking of renting out our house, to students. Three Bedrooms, Living Room, Eat-In Kitchen, Basement was just finished last year. We fixed it up and all new appliances [duno if this helps with the question or not] We make 2 bimonthly payments, instead of monthly
but would it be a good idea or not? my cousin stacey has boughten houses and rented them out and shes done a really good job. i’m going to ask her about all this when she gets home. but until then im trying to figure out myself

we dont really have a choice but to look for another place, or we’ll be really crampt.

anyways, ill stop rambling on. good idea? bad idea? advice? be nice!
wow that rhymed… but yah be nice guys, i dont know diddley squat about mortgages and renting it out. we’re a really young couple so keep that in mind, we’ve never done this before

thanks in advance!
hollyy

Answers and Views:

Answer by maxmom56
First, you have to check with your town to see how many unrelated people can rent a single family house in your town (there are really laws about this). Second, realize that you will be renting to a boat-load of students who will party and mess up the property. Get a lawyer to draft up a lease, take photos of the condition of everything before and after each rental, run credit reports and get enough security to protect yourself.

Answer by Loving Wife
Can you rent it out for enough to cover the mortgage and bank some extra to cover for repairs and maintenance items?

Do you have a way to check credit and registry information?

Have you though about who will fix items as they break? Also if you just put in new appliances you may want to see what your new home has and switch them out. I would not leave new anything in a rental property. Not to mention if you are aiming for students they really dont care.

Do you have a lease package pre-paired? With the resident be required to take care of the lawn and clean the gutters?

Will the utilities be included or they pay them on there own.

If the rent is late do you know where and when to file your FPR’s (Failure to Pay Rent).

What will you charge for an application fee, holding fee, security deposit and rent? Do you know the security deposit must be put in an interest bearing account and the interest must be calculated properly at the time of move out and given back to the resident minus any damages if there are any.

Will you be willing to do a quarterly inspection of the property which I do advise to make sure they are maintaining the property and no damage is noted. Will you remember to let the resident know you are coming and give proper 24 hour notification.

Will you require your resident to show proof of renters insurance to cover there belongings in case of fire, theft flood or will you have your homeowners policy cover rental items?

When renting your house do you know the seven protected classes for housing discrimination so you will not offend anyone and you will not end up with a law suit for discrimination.

That is just the 1st amount of stuff that comes to mind. I can not even begin to tell you how may questions I answer on her that the landlord doesn’t know what to do.

Do your homework first make a list of the pros and the cons’ on a legal paid and then come up with your answer.

If you have any more questions feel free to ask.

Answer by Tim
Contact a professional property manager to handle it for you. Otherwise it will be a nightmare as you do not know all the landlord tenant laws.

Answer by kemperk
ever thought of expanding your house to LIVE IN and not to
buy another house which will cost you?

Answer by Katherine N
When I was a toddler, my family and I lived in Florida, but we moved to Connecticut when I was seven (we now live in Tennessee). Until I was ten, my family rented out the house we still had in Florida. It worked out really well. We sold the house when I was ten (not sure why, but it didn’t have to do with the renting business).

Obviously, I was young so I don’t know personally how it worked out, but I just asked my mom and she said it went quite well and she regrets having sold it! Haha.

Also, judging by the condition and location of your current home (near colleges is GREAT!) I’m sure it will be highly desirable!

Definitely talk to your cousin about it, since she will know the most. I think you can have a real estate agent helping you out as well. Good luck! By the way, have you decided on names for the triplets?