Landlord Tips & Advice?

[littlepickle]

Hi all. After some debating, I’ve decided to rent out my house. This is my first rental, so I have a lot to learn. For those of you who are landlords, do you have any tips and advice? Basically on anything.

For example, do you have a good real estate lawyer you could recommend to draft up a lease agreement? Is that even necessary? And if you didn’t, what services and/or programs did you use? Did you go with a property management company? Also, is it recommended to make tenants get rental insurance?

I just want to make sure I am covering all my bases before I commit to this 100%. There seems to be varying experiences (both good and bad) to being a landlord and was wondering if anyone in West Seattle land could share some of their experiences. Thank you!

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[birdrescuer]

You need to do ALOTTTTTTTTTTTTTT of research as your first questions indicates how little you know.

You don’t need a lawyer: you do need a lease: you do need to think about references, credit checks, deposits, lease length, pets, utilities, number of people. rental insurance is recommended but that is really not your major concern. You might want to check with Seattle rental housing association for help. rha-ps.com

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[angelescrest]

My two cents: I’ve had no issues renting out our little cottage other than the realization that a house is a house and there’s always something that needs fixing. Therefore, either you have to have tenants who can/are willing to fix or a great handyperson.

I’ve used a standard lease form, have not done any credit checks, but asked for references–at times. My radar for spotting good tenants has been spot-on, but I’m sure others will warn you to be more cautious.

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[sbre]

Good morning littlepickle:

For the past 7 years I have been managing rental properties here in west Seattle, Queen Anne and Magnolia, and (imho) am pretty good at it (with references from owners and tenants to back me up).

If you would like to discuss all the intricacies of all the facets associated with managing a rental property then contact me: swimbikeruneat at comcast.net

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[LStephens]

sbre,

You are a good, kind and helpful person! I just hadn’t told you lately :-)

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[leamk]

Oh my gosh, yes absolutely get a contract/lease agreement drawn up! Your tenant could end up being your worst nightmare! I rented a room to an acquaintance/”friend” who seemed normal and responsible and turned out to be anything but. Also, think twice about renting to someone with pets. I love animals and have two myself, but they can cause a lot of expensive damage to a house! I’ve ended up ripping out loads of carpet, replacing chewed baseboards, and wondering whether I’ll have to rip up hardwood floors to clean underneath them due to a pee smell that lingers after everything has been scrubbed. :/

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