Renting Out

• What is the range of rental rates that similar property in the area has been getting
• Based on (1) the amount of income you are likely to receive, (2) the costs you will incur yourself, (3) the cash you used to acquire the home, determine your rate of return
  Calculate Your Return on Rent

• prospective tenants and their agents will schedule to view the property
• You will ask for information about them to confirm their identity and history - send them a background questionnaire to complete

You must be registered and logged in for access to the tenant application form

• outline the terms of the lease regarding
• who agrees to pay for what
• how much/how often/when
• the start of the lease and then end date
• Sign contract to lease
• Draw up formal lease and sign

• The lease may be contingent on their approval
• Credit and background checks are run by the association or management company
• Tenants complete an application and pay a fee to the association for the work to process the paperwork and complete the background and criminal checks

• 1st month
• Advanced rent
• Security deposit
• Pet deposit (if applicable)
(usually equal to 3x the monthly rent)

• Property is inspected by the tenant the day of closing
• If the tenant used personal checks, they will not get keys or access until the checks have cleared.
• Tenants get any stickers for their car, a security cards, and keys for common facilities
• Set your calendar for 3 months before the lease expires to ask the tenant if they intend to renew