Wednesday, January 14, 2009

Gonna be a landlord

Starting this summer, we'll be looking to rent out our home. Off and on and I have been reading "Propery Management for Dummies." I finally got through it and I was surprised by the number of good tips and gotchas. It was a good read and eye-opening. It would appear that if you really want to cross your T's and dot your I's there are a lot of forms to be signed,

- Lease agreement
- Addendum to Lease agreement
- Rental Application
- Holding deposit agreement and receipt
- Statement of rental policy (given at the time of rental application)
- Rental application verification form
- Guarantee of Lease or Rental agreement
- Notice of applicant denial
- Policies & Rules aka House Rules
- Smoke detector agreement
- Pets agreement
- Notice of Tenant intent to vacate

Some feedback I've received from the real estate investing gurus at my work is that out of the above, the forms you mainly need are

- Application
- Lease
- Move in report

and the rest are not as critical. I think because it's my first time going through this that I may choose to use a bit more.

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