About to rent my first house
 

Any advice

dont rent to people like me

haha ditto

620 or better credit scores

Be aggressive, don't be nice.

give em' an inch and they will take a mile.

hahaha, anything special in the rental agreement. Gonna meet with an attorney next week

buy, dont rent

i think she means she's renting it out to someone

look over the space well, have a lawyer read the contact if possible and make sure you can afford the place

bad wording then

I would pry only rent to a decent family, someone with stable jobs etc. No younger people. But that is just me. Get a good deposit from em also.

You motherfuckers make 18 year olds like myself take forever to find a decent crib, I'm more successful than almost every old person I meet but my first impression is that gangster looking pimpdaddy webmaster who's going to disrespect your building.

FUCK YOU

awww, poor baby
im sure theres a nice apartment for you and your friends to trash every weekend when you have your party

Yeah well first impresions mean a lot so sometimes you have to play the part to get what you want. I'm relatively young myself so I always have to dress up a little more and make sure that I speak correctly in order to be taken seriously. That's just how it is.

Yes you are breaking the law by doing that

how so???

You need to give everyone an equal opportunity for housing. thats a no no. Thats something you say with your inside voice. :2 cents:

Like someone said, give them an inch and they will take a whole fucking mile.

When I moved to the US I rented my house to a female friend that had just broken up with her boyfriend. I gave her low rent just because she had her own new started business, the breakup was costly so I wanted to be nice. Half a year later I got fucked royally and the whole thing ended up costing me more than what I got from renting it out.

Conclusion, don't be nice and cover your ass, twice.

I used to live in an apartment building where the owner required you to make $x per year to even be considered. It wasn't the nicest apartment I lived in, but my fellow residents were certainly on a higher level than other's I'd lived next to.

There was a difference there between the guy I lived next to there who invited people over a few times a month for a quiet party, and the guy I once lived next to at another place who wrecked his apartment two or three times a week.

Gonna make sure I have an iron clad agreement. I've been reading "Secret of a Millionaire Landlord" by Robert Shemin and it's one of the best books I've got.

oh lol... I didn't know that. I'm not a landlord heh.

I once thought the same thing, 10 years later I would not have rented to myself at 18 either.

Main things, they got to have a good credit (do a credit report) and good source of income (check it). Other things you should consider: Have a lease with all the rules included (late payments, bounce checks, noise ...), & check your city/state laws for tenants, have a list and have them sign the specific condition of the unit (new paint, carpet, shades ....). Good luck :thumbsup

And this is why...

Just know there there is no "iron clad aggreement" when it comes to renting. The tenant always has the upper hand. There are very clear laws that protect tenants from eviction and collection of rents owed. Just know, that in most every case, the tenant will be given the benefit of the doubt if you should need to evict. The eviction process is a very slow one, that can take up to 90 days to remove a tenant that has not paid rent from your proporty. Even then, the judge in most cases will grant payment extentions if they house is not being damaged. The wrong tenant can be hell to get out.

I had 6 houses at one time with my brother. It was ok, but a shit load of work. We made money on the deal, but we had out share of bad tenants. Some were really nice people and at times had good reason for not being able to pay. Shit happens.

All I can say is that its not an easy way to make a buck.

:winkwink:

i read a few books, i close on my first investment property in a week or two and i'm going to rent it out. the best thing i read in the books is to put this in the ad. lets say you want to rent for 750. make the ad like this:

DISCOUNT RENT
blah blah blah $800 a month. $100 discount to tenants who take care of minor maintenance and pay rent on time.

you could do 850 and you will get $750 but its worth losing the $50 so they dont call you every day with small problems and think they can pay the rent late. i still havent talked to a lawyer yet but i'm going to do that before i rent my first house. if you havent done that that should be the first thing you should do.

Location: BEANTOWN, MASS - hit me up, I'll let you come by and drink a few beers if you aren't a herb

nuff said

Be stricked with the renters. Don't give in easily.

Congrats bro... good advice :thumbsup

Check out this site... http://www.mrlandlord.com/

if its me.... i'm going to start a grow op and smash out all the walls in your basement.. lol :)

I'd suggest setting it up so that rent is automatically widthdrawn from the tenants bank account on the first of the month.

don't be lazy.. check in on them

You only need to visit them if the withdrawl doesn't go through.
mid 90's I managed about 20 properties with around 60 apartments distributed among them. Every visit is a chance for them to complain about something else that needs to be fixed.

credit check to rent a house! that would never fly here

Or to make sure they arn't doing shady shit....

if you have the right personality you can do well, my friend is a electrical engineer and he has 4 rental houses . He has a advantage he can do all the work himself. Remember be friendly not familiar. Its not like I love lucy

where is the best place to do credit checks?

Consider the neighbors you'll be having. Are they nosy, noisy?

in what country?

rental agreements are a joke here...but wil get you your money in small claims court