Landlords and property renters...Help please!

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  • JayDeeZee
    Confirmed User
    • Aug 2006
    • 3595
    #1

    Landlords and property renters...Help please!

    I rented out my basement for the last year to a lady who paid cash all the time. She was friendly and quiet.

    Well, she's moving out by August 1st.

    Got any tips on how to price the place? (% of utilities?)

    Tips on where to find a new tennant?

    What should I include in the lease?

    Is it fair to say No smoking, no pets?
    Tags: None
    • Sly
      Let's do some business!
      • Sep 2004
      • 31377
      #2
      Why don't you use a similar pay scale and add 5-10%?
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        • JayDeeZee
          Confirmed User
          • Aug 2006
          • 3595
          #3
          I'd like to lower the rent and charge a % of the utilities.

          A portion of the house is electric heat....I want them to have a reason to conserve energy.

            Comment

            • Imortyl Pussycat
              Confirmed User
              • Apr 2006
              • 5449
              #4
              best to pick up your local rags and check rent prices for similar size units. stay within the range for your area and include utilities in the payment to make it easier for yourself. no smoking/pets is expected. if you really get in a bind and can't rent immediately change to pet on approval and take a cat or bird or fish. run the credit and check previous renting references. good luck
              Julie Larson
              julie {at} juicyads.com
              skype: imortylpussycat

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                Comment

                • MaLayLaH
                  #5
                  In our area, anything lower than 400/mo attracts squatters and in that case, I wouldn't be paying for their utilities.

                    Comment

                    • D
                      Confirmed User
                      • Jan 2006
                      • 7412
                      #6
                      Price - depends on location. If it's a basement, IMHO, you should include utilities in the Rent (with a provision in the lease that the tenet should not exceed x% of the household utility cost.)

                      Require first and last month's rent up front - at least (saves heartache down the road)... with a possible additional desposit based on individual credit reports or whatever circumstances exist.

                      Again, your location's rent control laws (if any) might make it a good idea to stick another clause or two in the agreement.

                      30 days notice required for termination of agreement by either party.

                      Most people turn to Craig's List for this kinda stuff, but you can advertise in any way you feel will attract the kind of tenet you want. Sounds kinda intimate, so it's as much about you shopping for a tenet as it is for them searching for a room. You're the one with the property after they leave. Any provision you make (no pets, no smoking) is totally in your rights.

                      Talk to a local lawyer. This is probably worth the small consultation fee.
                      -D.
                      ICQ: 202-96-31

                        Comment

                        • Jimmy Rock
                          Confirmed User
                          • Feb 2005
                          • 3055
                          #7
                          Hello, location, location, location..who knows depends on where you are
                          Jimmy Rock | ICQ: 285 748 329
                          [email protected]

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                            • ADL Colin
                              Too lazy to set a custom title
                              • Feb 2001
                              • 11929
                              #8
                              Go to the closest strip club, talk to three girls, find the one that just broke up with her boyfriend that afternoon, let her stay in your downstairs "studio apartment" for free. You'll be compensated much better than the rent you woulda made. It's all about value, not price.


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                                • Sosa
                                  In Tushy Land
                                  • Oct 2002
                                  • 40149
                                  #9
                                  Since it is just your basement, I would up the rent and just offer utilities included.

                                  Start listing it in your local newspaper, or city websites etc. Get people looking at it now and through July so you can have someone ready to move in August. Have them make that first months rent first day as well as a security deposit. I'd say no to pets as well. Just get a contract wrote up with what you will accept and what you won't

                                    Comment

                                    • DaddyHalbucks
                                      A freakin' legend!
                                      • Feb 2004
                                      • 18975
                                      #10
                                      If it is shared electric, giving them an incentive to conserve is a very good idea.
                                      Boner Money

                                        Comment

                                        • tony299
                                          lurker
                                          • Aug 2002
                                          • 57021
                                          #11
                                          Call one of those apt renter places and say you looking to rent an apt.Give them the specs of your place and see what they tell you the price range is.

                                            Comment

                                            • Chris
                                              Too lazy to set a custom title
                                              • May 2003
                                              • 27880
                                              #12
                                              do make them pay a % of utilities
                                              include it in the rent as they could start bitching each month about "well i dont feel i used x amount "
                                              [email protected]

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                                                • baycouples
                                                  Confirmed User
                                                  • Mar 2004
                                                  • 1341
                                                  #13
                                                  I don't believe a basement is something that you can legally rent. It has to be granted a "bedroom" status by the city. It depends on the state too, but I'm pretty sure that renting a basement out can only be done "under the table". Also, if you're in business of renting anything out - you should have a signed lease. Otherwise, they can trash it and leave any time and there will be very little that you can do about it.

                                                    Comment

                                                    • Iron Fist
                                                      Too lazy to set a custom title
                                                      • Dec 2006
                                                      • 23400
                                                      #14
                                                      Originally posted by ADL Colin
                                                      Go to the closest strip club, talk to three girls, find the one that just broke up with her boyfriend that afternoon, let her stay in your downstairs "studio apartment" for free. You'll be compensated much better than the rent you woulda made. It's all about value, not price.
                                                      I'd like to subscribe to your newsletter..
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                                                        Comment

                                                        • JayDeeZee
                                                          Confirmed User
                                                          • Aug 2006
                                                          • 3595
                                                          #15
                                                          Originally posted by ADL Colin
                                                          Go to the closest strip club, talk to three girls, find the one that just broke up with her boyfriend that afternoon, let her stay in your downstairs "studio apartment" for free. You'll be compensated much better than the rent you woulda made. It's all about value, not price.

                                                          It sounds like a great plan!

                                                          The only problem is.... How do I sell it to my wife?

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