How to rent out a Condo? Guideline for starters
I’m assuming you are going to be a first time landlord. Being a landlord can be a daunting experience.
First review your HOA documents and find out what restrictions you have agreed to in regard to renting your home.
Second, open a checking account for your new business. It is important that you treat your rental as a business and hopefully as a profitable one. The bank account will serve to document your expenses and income accurately. If you use the account only for business it makes your new status as an tax paying investor much easier.
Third, Figure out who will be most interested in renting from you. If your place is near Camp Pendelton for instance, a Marine family may be your client base and that is who will be attracted to your home.
When you find a candidate, be sure that you control the situation. Don’t let them sway you from your agenda with their stories. Make them fill out a credit application which you can find a many office supply stores or online. Look at it and be sure they have included their Social Security Number, Driver’s license and that they have signed the bottom near the statement that allows you to investigate their credit. Without that, you cannot have one of the Credit checking services run their credit check. This will cost you a few bucks, if possible eliminate the ones that you know will not be suitable.
Be ready for your new tenants destroying parts of your home. You will probably need to paint the entire home after every tenant moves on. This shouldn’t be a problem if you find tenants that will stay, and then take care of them. This is why you need to be selective. So, get a substantial non-refundable cleaning fee in addition to a refundable security deposit. Your agreement should include that they professionally clean the carpets prior to refund of the deposit, make them show the receipt because when the carpet is wet you cannot tell if they did a good job.