JoanneS

Ditto to what puppy says. We have rented several condos out for many years, and we have had mostly good luck with tenants. We ALWAYS have a contract between us and the tenants signed by both of us. No lawyer needs to be involved. Set the rent to cover taxes as well as mortgage plus whatever profit you want, and include that you may increase the rent annually, especially if your expenses on the house increase (ie your mortgage and/or taxes). Check around to see what comparable houses are renting for. Ask for the first and last month's rent in advance, plus an extra month to be returned if the house is left in good condition when they leave. Require a month's notice when they leave. Specify in the contract exactly what you mean by 'good condition.' Specify what their responsibilities are eg mowing and watering the lawn, keeping the inside and outside clean, contacting you when repairs are needed, paying for all utilities. If you're not going to continue to live in the area, you'll need to have a handyman you can contact should repairs be needed - someone who is licensed for electrical and plumbing work.

All this sounds a bit negative, but it doesn't mean bad things will happen. You need to protect yourself 'just in case.' We've only had 1 tenant skip out on us and leave a mess in the 35 years we've been renting out.

Sandygirl

O was a renter until I bought my house in 1993. I always got my deposits refunded. I took care of the property too. (Apartments) i hate the horror stories of renters being such slobs.

Sandy

Nanny's dollface

Just had to put my two cents in...not all renters are irresponsible . Having been a home owner for over 20 years, my husband and I lost everything due to medical reasons between him and my mom. Out of pocket expenses were $3k a month just for my Mom's cancer medications. My DH had quadruple bypass surgery, an abdominal aortic aneurysm , renal stent, cardiac cath, and vascular surgery all in a 5 month period. Things were very bleak but faith carried us through. When we lost out home ( bad economy and houses not selling) we needed to be renters ....luckily we found a great home and a great landlord. We take care of the home as if it was our own. Please give thought to those individuals who may have been down on their luck for reasons outside their control. Some people deserve a second chance.

mom2pekes2

We opted to rent our home when the market went south in late 2009. It was to be our retirement fund as the mortgage was almost paid off at the time.
Long story short: We have paid more in repairs than we have earned in rent. Unless you live very close to the original house: do not do it.

mom2pekes2

You are not the norm in my experience. I wish you had been our renters. We had three sets before we closrd the house to renters. Even though our house was almost paid off we almost lost it in foreclosure when our renter kept paying just enough to lead us to believe they were sincere in wanting to catch up on the rent. This went on for too many months. Never again.

Stitchit123

You can also talk to their neighbors. Ask if they were good or bad neighbors. Now a days it is very easy to check out peoples arrest records. The worst kind of tenants are those that have drug priors and domestic dispute calls/arrests. We were landlords for several years and the only bad tenant we had was my husbands brother. He felt that being family he did not have to pay rent. As new landlords make sure you are explicit about repairs or painting etc.. Also get a hold of your area's Landlord and Tenants handbook. This will help you out in writing up your lease agreement. And get 1st and last months rent and a deposit up front. Saves you a lot of headaches when they move on.

ScrappyAZ

Update: Our house was on the market for only four days, and we received a full-price offer! Although I'm sure there are good renters out there, I am very happy that we won't have to rent our home. Thanks, everyone, for your input and advice!

auntpiggylpn

That is wonderful news! You beat our recent sale of our home in 8 days!!!! The market is good right now (according to our realtor)

nativetexan

Oh I'm so pleased for you!!

jlm5419

My home in Oklahoma is currently occupied by renters. They have been wonderful. They always pay, and if they are late, they pay the penalty without complaint. I have visited the home on occasion and found it to be in great condition. There are bad renters out there, but we got lucky. Just be sure your realtor screens them carefully.