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    OT: Anyone with rental properties?

    I have several people inquiring about renting my townhouse. I don't have a lease drawn up yet. Anyone have anything to make sure to have in one?


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    Re: OT: Anyone with rental properties?

    I have thought about this as a way to invest extra funds, but I am not ready for the headache.


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    Re: OT: Anyone with rental properties?

    Moreso to keep our house occupied while someone else pays the mortgage until hopefully townhouse values in Ankeny go back up.


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    Re: OT: Anyone with rental properties?

    Quote Originally Posted by wartknight View Post
    Moreso to keep our house occupied while someone else pays the mortgage until hopefully townhouse values in Ankeny go back up.
    Good luck on that one. Might be years and years before the value goes back up. There are just too many of those things and they keep slapping up more.


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    Re: OT: Anyone with rental properties?

    I know people who have rented by the themselves and others who have rented using a property management company. I recommend paying a property management company. They can provide a lease contract, services, and legal counsel if necessary. They usually take a percentage and it isn't that big.

    Something to look into.

    Now, if you are renting to friends and family, doing it yourself is probably fine.


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    Re: OT: Anyone with rental properties?

    Quote Originally Posted by CyinCo View Post
    I know people who have rented by the themselves and others who have rented using a property management company. I recommend paying a property management company. They can provide a lease contract, services, and legal counsel if necessary. They usually take a percentage and it isn't that big.

    Something to look into.

    Now, if you are renting to friends and family, doing it yourself is probably fine.
    Or you could use legalzoom.

    A quick search yielded this:
    Real Estate Leases overview - LegalZoom.com



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    Re: OT: Anyone with rental properties?

    Quote Originally Posted by cycloneworld View Post
    Or you could use legalzoom.

    A quick search yielded this:
    Real Estate Leases overview - LegalZoom.com
    Agreed. If getting a lease in place is all you need. But if you won't have time to check on your rental property and enforce rules (like if you are moving far away), I think having a property management group take care of those things is worth while.


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    Re: OT: Anyone with rental properties?

    I used to help my dad fix up houses and rent them out. But it was always to hard to find good tenants. So we dumped the rental properties and invested in storage garages.
    I imagine if you are renting a nicer home it may not be as hard, but in the end it will probably be easier on your end if you get a property management company to handle it. Let them mess with finding a tenant and let them send you whatever is left over after their fee.



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    Re: OT: Anyone with rental properties?

    Still be living in Ankeny so not too far away.
    I'll check into a property management group though. Anyone know of any in particular?
    If I sell it now, the money is lost forever. At least I can keep it working for me for a few more years.


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    Re: OT: Anyone with rental properties?

    I know of one not to use - based on my experience - Conlin Property Management.

    They managed the townhome association we lived in from '01-'06. Will never have any good things to say about them ever - except for the fact that we're no longer dealing with that headache.



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    Re: OT: Anyone with rental properties?

    I've been renting a townhouse in suburban Chicago coming up on five years now. Similar to you, I used to live there, and had pretty much the same questions.

    Bit of a hassle getting it rented at first - screening tenants, painting, the usual stuff - but after that, it's pretty much sit back and collect rent every month. It's a similar process to get it rented when changing tenants, but it's a brief period of lots of activity, and that's about it. I don't use a Property Management Company, but I live fifteen minutes away, so when things come up, I just pop over there and deal with them. I use a lease that I obtained from a friend who also has rental property, feel free to PM me and I'll send you a copy.

    I tend to charge towards the high end for the rent, which improved the quality of potential tenants over the years.



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    Re: OT: Anyone with rental properties?

    Is your banker ok with you getting a second mortgage and using your first mortgage for income? Be sure to check into that before you get to far down the road.


    “Science investigates; religion interprets. Science gives man knowledge, which is power; religion gives man wisdom, which is control. Science deals mainly with facts; religion deals mainly with values. The two are not rivals. They are complementary.”

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  13. #13
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    Re: OT: Anyone with rental properties?

    Quote Originally Posted by Incyte View Post
    Is your banker ok with you getting a second mortgage and using your first mortgage for income? Be sure to check into that before you get to far down the road.
    That's the first thing I did. As long as I have a signed lease, there's no problem getting a second loan.


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    Re: OT: Anyone with rental properties?

    Quote Originally Posted by wartknight View Post
    I have several people inquiring about renting my townhouse. I don't have a lease drawn up yet. Anyone have anything to make sure to have in one?
    I hired a middle man to manage ours...something like $70 a month. They take all phone calls, maintanence, etc. I would strongly recommend no pets. We also contracted with an "executive rental" group that furnishes the place and people rent it for short times and in transition. I get a rent check in monthly but hardly ever is anyone living there. Plus the short timers tend to do a ton less damage.



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    Re: OT: Anyone with rental properties?

    If you live that close you should not need a property management company unless you intend to be completely hands off. Iowa has Bar Association forms that are pretty decent, and there's probably one for a residential lease. Or you could just google "residential lease" or something like that and you'll probably find fifty that can filled in by you. Where you get tricky is dealing with deposits and such.


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