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I live in the greater Phoenix area, and as such, my condo value is in the toilet. That's the bad news. The good news is that I bought a toilet-priced house, figuring I could rent out my condo until the market returns, and sell it for what I paid for it in 7 to 10 years. I'm using a website to download and customize a lease agreement. I'm going to make them sign off where they got a copy of the condos CC&R's. I'm also going to run a background check. I'm being fairly lenient about credit rating, looking for at least a C- rating, and no criminal history. Is this a mistake? How in depth of a background check do I need? I figure that knowing their rental history, criminal record and credit rating will be enough. Is that correct? Can you just tell by the way a tenant acts if they are a good potential tenant? Are there any warning signs, or tricks you have learned? So tell me slumlords, and non-slumlords. How do I go about this and not get screwed.
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Jun 22, 2011 00:41
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All I have to say is good christ. I've checked their references, and with their previous landlord. They seem to be normal people and have worked at the same place for at least 6 years each. The interesting thing about my condo complex is that I don't have to ask anyone or get approval about who I rent to. The only thing that a renter can't do that an owner can is vote at board meetings. They can have whatever animals I ok. In fact, they have two dachshunds that I'm ok with. The place is all tile or hardwood, so I don't have to worry about carpet. I'm going to do a walk through with the renter before they take possession of the condo to assess the condition of the condo. I am also getting a $400 damage deposit. If all I need to do when they move out is clean a bit, and possibly paint some smudges on the wall, they will get the whole thing back. I will call my insurance company to make sure that I'm all set with liability insurance. I was paying renters insurance on the place, so I hope it will be a wash at least. Thanks for the good advice.
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Jun 29, 2011 21:38
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Three Olives posted:On your condo? You might want to find a new agent because you don't want renters insurance on a condo if you own it, there are special condo policies for the gap between contents insurance (I.e. Renters insurance) and the building blanket policy, plus you need more liability insurance in case you do something like flood another unit. My bad. I meant homeowners insurance. My agent is very through, almost too, downright pushy.
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Jul 1, 2011 18:56
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