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I was wondering if I could get a good generic rental agreement somewhere or if someone had one they could email to me.
I am moving to Florida and dont want to sell my house in Ohio yet so I am going to rent it out for a while.
Would it be better or even possible to set up an LLC? I have a mortgage on the house.
Basically I want to make sure I am protected from personal liability if something happened.
Also, any other advice from experience would be helpful.
Thanks.
Would definatley put it in an LLC
Make sure you contact insuance company and let them know you are not living in house and that it will be a rental. It will cost a little more but will cheaper in the long run if something happens.
demand your renters get home renters ins,, and remember!! if they can,t put up 1st,,last,,and securty,,,,they will probably will default..and it takes 5 to 6 months to get them evictided,,if they have a baby under 2 it could take a year!!! (in fla anyway) trust me the renters know these laws and will push it to the limit..it,s no fun.. seasonal renters are more stable and willing to pay more for no lease.. good luck
Ohio is fairly landlord friendly. I get them out in 45 days.
Renter's insurance only covers their property. And you do need to let your insurer know you're renting it- otherwise you probabaly won't be covered. The only way you're going to be able to put it into an LLC is if you sell it to that entity. You'll have the cap gains issue- and you'll have to own it free and clear to do it.
Very helpful. Thank you.
My lease probably wouldn't be very helpful to you. We do student rental. It's long and very specific and inclusive. But if you PM me an e-mail, I'll send it.
Chris - would you mind sending me a copy. My brother and I just came across a house through my grandmother's passing and we will need to start renting it soon.Quote:
Originally Posted by Chris
My father in law rents a home in Alexandria (D.C.) and they ONLY use a website for military people looking to rent. I'll try to get the name of the website - lot of security there because if they don't pay you simply contact their Commanding Officer and it "gets worked out".
eric.ancarrow (at) wolseley.com
Militarybyowner.com
That or the local Board of Ed.
Militarybyowner.com
That or the local Board of Ed.
That's the one!!Quote:
Originally Posted by MarylandMark
I went to the local document store and bought a rental agreement. It seems pretty thourough and leaves room to customize.
Wow, the range of people that came through to view the house! From a bikini model to thugs that dont have rental history due to being locked up.
The last couple that came through seemed great. Older, stable, curtious, good jobs, and credit. Hopefully it works easy. They had no problem with a long term lease, didnt haggle on rent or security deposit, good references, etc. Broke out a check to leave a deposit on the spot.
So, for the other prospective tenents that filled out a rental/credit app. even though I knew there was no way in hell I would let them move into my house. Is there any wording/phrasing/etc. that is standard I should use when I notify them they wont be ever stepping in my house again? Granted these people seemed dumb enough to F-up a wet dream, it always seems these are the ones to screw someone somehow.
Thanks.
Bikini model...old couple... Snag any phone pics of the bikini model? :D