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Oklahoma | I don't have one rented now just sitting vacant. I managed one for my parents for a while but here there isn't enough returns to pay for the upkeep if the tenant decides to do something stupid. Lots of advice posted already that I needed to hear.
I tried the one month deposit, first and last month up front but when I was doing all this, anyone that had that kind of cash on hand could get a home loan (0 down, 105% loans). Now due to the economy it may be different but there is usually a reason they are renting and not buying. Ended up settling for one month deposit and first month up front.
Big thing I learned was ask if anyone else will be living in the house with them. My tenants were nice folks and the guy told appeared genuine and when I showed the place they only had one jr high kid. When I collected rent they had a total of 6 kids and the one I saw was the oldest. When my parents rented the place out they had a similar experience with a 65 yr old grandmother that my Dad "knew well", she had a good job, always paid bills at his business on time and such. Well she moved in her dead beat X and 3 grandkids in after my Dad thought she was living there alone. Dad had just finished a major remodeling and those kids trashed the place. When they moved out my Dad gave up on rentals and I "inherited" the project.
As others have said, when you find a good one, do what you can to keep them there. I had a friend who gave the month of December free just to keep people in his houses.
Good Luck. | |
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Who here has a rental house let out
