Comments on: Becoming a landlord…

By: Matthew Smith

Matthew Smith — Fri, 02 Jul 2010 13:38:09 +0000

From one Matthew Smith to another nice post! I have bought and sold over 400 house and you are right it can be tough. Something to think about is that your renters may end up being you long term solutions to your problem. It sounds to me like you were forced to be a landlord out of necessity. With rates on mortgages being at crazy lows (like 4.5 on t 30 year fixed and 3.8 on a 15 year), your renters could probably buy your place for cheaper than rent.

Often times they just don’t know that they can buy. Next step, find out through a competent mortgage broker whether the renter can qualify for a loan and then go ask them, “IF I could save you “x” per month and get you a tax write off of “X” per year by owning rather then buying, would you be interested?” You might accidentally sell your home!

Good luck.

By: Barbara Balossi

Barbara Balossi — Sat, 27 Mar 2010 13:55:31 +0000

Thanks for this post. I’m a full time licensed residential realtor–though help with buying and selling and less with leasing. My husband and I are getting ready to lease our home and this post is really helpful!! Thank you!

By: Dan B

Dan B — Fri, 05 Mar 2010 23:38:10 +0000

You won’t know how good of tenants you have until they move out and you see what they have left behind. This was a very interesting read.

By: Matt

Matt — Thu, 04 Mar 2010 16:00:24 +0000

@ndoz Also, I really didn’t make them up. I just selected from on a list on ezlandlordforms.com.

By: Matt

Matt — Thu, 04 Mar 2010 15:57:11 +0000

@ndoz There are a lot of rules in the lease (24 to be exact), but nothing like not being able to watch TV. There is a nuisance clause that says they cannot interfere with the “peaceful enjoyment” of the neighbors. But, this is pretty much the law anyways. I allow pets, but the renters are responsible for any damage they may cause. I definitely do not allow smoking inside the house. I think that smoking affects the long term value of the property, and it is a huge fire hazard.

By: Nick

Nick — Thu, 04 Mar 2010 15:44:30 +0000

Did you make up rules for your rental? No smoking, pets, etc? I once had a landlord tell me I couldn’t watch TV after 10pm. Riiiiight.

By: Eric

Eric — Mon, 01 Mar 2010 18:30:22 +0000

Wow, you really put a lot of work into this renting process. It makes me rethink all my past landlords and their processes. The last one the most as I felt we were signing a napkin for our lease.

Seems like a lot of good info for any future landlord.