http://thepennysaved.com/2008/05/24/renting-out-my-house-how-ive-been-doing-it/ Personal Finance, career, investing, retirement, saving and debt blog Wed, 08 Feb 2012 14:48:13 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://thepennysaved.com/2008/05/24/renting-out-my-house-how-ive-been-doing-it/#comment-1156 David Carter Tue, 27 May 2008 03:07:57 +0000 http://thepennysaved.com/2008/05/24/renting-out-my-house-how-ive-been-doing-it/#comment-1156 I really don't have any experience with this yet (hope to soon) but, I have heard renting to people you know is a big no no. What if they can't pay the rent. It can make for a real awkward situation especially when they say " just cut me a little slack, I will have it soon". Gotta be tough on every1 or you will lose money. Hope it works out! I really don’t have any experience with this yet (hope to soon) but, I have heard renting to people you know is a big no no. What if they can’t pay the rent. It can make for a real awkward situation especially when they say ” just cut me a little slack, I will have it soon”. Gotta be tough on every1 or you will lose money. Hope it works out!

]]> http://thepennysaved.com/2008/05/24/renting-out-my-house-how-ive-been-doing-it/#comment-1153 J Sun, 25 May 2008 14:14:57 +0000 http://thepennysaved.com/2008/05/24/renting-out-my-house-how-ive-been-doing-it/#comment-1153 Never owned a house, much less rented one out...but have you tried Craig's list? It's free, you will get wingnuts crawling out of the wood word....but it's free. Here in New England, all the apartments and rentals I've had in the past several years required a credit check. According to my company, this is a $70 or so service. My advice: use craigslist, meet the people, and when you think you have a serious contender run the credit check. Also, lock them in for a year's lease, then allow month-to-month with the stipulation of at least 30 days notice before they vacate. I rent storage space and offices, so I go through this kind of thing all the time. Don't forget to use the old standard: first, last, and security deposit equal to one month's rent. BTW, if ever buy a house and want to rent it in central Massachusetts, let me know! Never owned a house, much less rented one out…but have you tried Craig’s list? It’s free, you will get wingnuts crawling out of the wood word….but it’s free. Here in New England, all the apartments and rentals I’ve had in the past several years required a credit check. According to my company, this is a $70 or so service.
My advice: use craigslist, meet the people, and when you think you have a serious contender run the credit check. Also, lock them in for a year’s lease, then allow month-to-month with the stipulation of at least 30 days notice before they vacate. I rent storage space and offices, so I go through this kind of thing all the time. Don’t forget to use the old standard: first, last, and security deposit equal to one month’s rent.
BTW, if ever buy a house and want to rent it in central Massachusetts, let me know!

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