Top 3 House-for-Rent Questions

Most people ask me these three questions when they know I do house rentals.

- How do I get rid of a bad tenant?

- How do I rent a house fast (or rent a house that just won’t rent)?

- What rental paperwork do I need to have/complete?

Let’s take them one at a time.

1) How do I get rid of a bad tenant?

It’s actually very simple and can be achieved in as little as 20 days but more likely a little over a month.

Eviction for non-payment of rent is of course the most common method. Usually a bad tenant to me is a non-paying tenant so this works out perfect. You can read How-to-evict-a-tenant for more info on evictions.

The other method is to of course pay them off. I have forgiven a month’s owed rent in return for an immediate vacancy of the property. Do not  go overboard on this and do a cost analysis. In other words, which is cheaper: eviction proceedings or forgiving money you were never going to see anyway? Be sure to have them sign the appropriate paperwork. In my area, I can have them sign a form that if they do not vacate by the agreed upon date, I can file a much faster eviction.

2) How do I rent my house fast?

Simple answer! By knowing how to market your property in these current times.

But what does that mean?

It means finding out how people are searching for rental properties in your area. In some areas Craigslist.com may do better or even a local news advertiser. I strongly advise against using a larger newspaper as all you will get is useless calls instead of qualified leads.

Having trouble renting? Something is wrong then as the rental market is huge right now in this current economic climate. Is it the property’s condition? Perhaps the price is just a bit steep. Either way, remedy both quickly.

3) What Paperwork do I Need?

Renters Application: Be sure to use an application to weed out any potential problems as well as to gauge a future tenant’s reactions.

Credit Check: Available online. 

Lease or Rental Agreement: Perhaps the most common form you will need for your property. Knowing the difference between the two and what is important in the contract is vital.

Rental Receipt: By law, you are to provide your tenant with this document when asked. Be sure it contains all the relevant information the law requires. You can find a rental receipt template in my next posts.

Checklists: No one can remember everything all the time. I make use of rental checklists to make sure I am not missing anything as well as to have all the information in one place in the case of an eviction. It is hard for a bad tenant to fight against pure evidence and these checklists will provide that.

          

Good luck with your own rentals.