Renting Question
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  1. #1
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    Renting Question

    Question for both renters and rentees-
    I'm going to be renting out our Ankeny townhouse for the foreseeable future and hope we get some value back out of it.
    For other guys that rent out their property- Any tips? Any amenities you provide or incentives? Anything to stay away from?

    For those that rent-Anything you like or don't like about renting?

    I'm not looking to make any immediate money from this, just trying to bridge the gap and get the loan paid off. I'm afraid judging by the response I got from a small craigslist ad that I may have offered too sweet of deal.


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    Re: Renting Question

    just one suggestion. Stay away from students and assorted young singles. No pets. Seriously. I've seen too many places entirely trashed--yes, including in Ankeny.




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    Re: Renting Question

    You are in luck...its a renters market out there. You should be able to get a good idea of the amount of rent you can charge by looking through Craigslist. Or you can check out rentometer.com...that will help you determine if you are in the right ballpark.

    As a landlord, I'd highly recommend checking backgrounds, rental history, references, etc. for any potential tenant...don't just take the first person interested. In the long run, you'll be much, much better off being picky upfront.

    You could have a property management company do this and/or manage the place so you don't have to take calls/deal with renters/etc. But it comes with a price...most charge around 10% of the monthly rent plus 50% of the first month.



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    Re: Renting Question

    I'm renting my old house right now, and I don't have a ton of advice. We've had two good renters, but I hate the process because now I have to fix everything that breaks at two houses.



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    Re: Renting Question

    I've rented out my townhome in W DM since 2001. I read a book or two on being a landlord before taking the plung into landlordship. That helped me in how to pick good/reliable tenants and also in how I wanted to structure my lease. For example, to encourage receiving the rent check on time (or early), I write my lease to provide a $50 discount on monthly rent if rec'd on or before the due date. As you may have guessed, I just inflated the monthly rent amount I actually needed by $50. This has been very effective and in the few instances a tenant was late, I pocketed and extra $50 that month.

    I also pay for a higher version of Turbotax (Premium) that has addl assistance for those with rental property.


    CCG

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    Re: Renting Question

    Quote Originally Posted by wartknight View Post
    Question for both renters and rentees-
    I'm going to be renting out our Ankeny townhouse for the foreseeable future and hope we get some value back out of it.
    For other guys that rent out their property- Any tips? Any amenities you provide or incentives? Anything to stay away from?

    For those that rent-Anything you like or don't like about renting?

    I'm not looking to make any immediate money from this, just trying to bridge the gap and get the loan paid off. I'm afraid judging by the response I got from a small craigslist ad that I may have offered too sweet of deal.
    To be a legitimate tax deduction you don't have to charge rent to make money per se, but you do have to charge a rent that is "market rate".


    CCG

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