Signing a Lease with a Tenant
1) Rental Application
2) Credit Check
3) Signing the Lease
4) Security Deposit
Rental Application
When you have someone interested in renting your property, have them fill out a rental application. A rental application will provide the information you need to pull a credit report, verify past rental history, verify current employment, check references and anything else that might be helpful for you to make a decision on renting to this person.
Here is a sample rental application:
http://www.citicredit.net/applications/Free_Rental_Application1.pdf
Credit Check
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According to BusinessWeek, residential rents dropped in several major cities due to the decline in the demand for housing. People are losing money on their investments, cutting spending, and moving in with other family members in order to save cash. This is having an adverse affect on rental markets nationwide. Rental markets like New York City and the suburbs of New Jersey are drastically feeling the decline in demand for housing since the financial crisis exacerbated in 2008.
BusinessWeek.com worked with Axiometrics to come up with a list of 25 large metros where rent declines accelerated most at the end of 2008. In Salt Lake City, where the economy had been holding up better than most cities, effective rents (including landlord concessions) fell 2.3% in the fourth quarter compared with the previous quarter. By comparison, rents were climbing 3.3% in the fourth quarter of 2007. (more…)
From Realtor.org:
Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.
Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.
Source: Renters Can Stay in Foreclosed Home
The real estate bubble created a huge condo boom in areas like Miami. Now, builders are turning them into rentals and rent to owns. From Realtor.org
Of the 635 pre-construction sales recorded in 2005, only 200 ultimately closed, and only 33 percent of the available rentals have been taken so far.
Condo Vultures say Miami-Dade County’s Multiple Listing Service has 10,800 condos available for rent; and the number leased rose above 2,000 (more…)
There has been an up tick in people offering their homes for rent for the inauguration in January. For the most part, the hotels in the area are booked for the week. Now, if you look on Craiglist.org, you see a large amount of people offering their home for rent with some ridiculous weekly rents! (more…)
Step 1: Renting vs Selling - Analyze Your Situation
So you’re at the point where you are not sure what to do with your house. You are in a scenario where you either cannot afford the monthly mortgage payment or where you have to move, but your house is now worth less than your mortgage balance. What do you do? Let’s take a look to see if renting out your property would be a smart move. (more…)
Introduction - Economic Overview
This article is aimed at anyone who has bought a house in the past few years.
If you thought the 2007 real estate market was bad, what do you think of 2008? Forget about just the real estate market, what about the whole 2008 economy! Even Alan Greenspan admits that there were errors1 on the Fed’s part in regards to the current housing downturn and credit crisis. If we had just paid a little bit more attention to what Warren Buffet and Charlie Munger2 said in 2005, “he and Munger issued stern new warnings about the residential real estate ‘bubble’” and “the destabilizing effect of hedge funds on the financial markets.” (more…)
When times are tough, you have to do what can do to survive. And that is exactly what Toll Brothers is doing. The luxury homebuilder “has mounted rent-to-own programs in New York City; Singer Island, Florida; and Scottsdale, Arizona, under which tenants have time to rent while they consider buying.”
Toll Brothers
Source: In search of buyers, Toll takes renters — for now
5. Whaley House
In 1852, Yankee Jim was convicted of grand larceny and sentenced to death by hanging. The hangman set the noose improperly, allowing Jim’s feet to graze the ground, prolonging the hanging process. In 1856, Thomas Whaley bought the land where Yankee Jim had been killed and built a house for his own family. According to the youngest Whaley daughter, she could hear the sound of boots clomping through the house (more…)
Yes and no. The following explains how a lease could link your roommate’s credit report and your credit report.
First off, when you apply to rent a property, the landlord or property manager will usually pull both your credit reports. The landlord or property is prescreening his perspective tenants to make sure they have a steady history of paying their bills, and paying them on time. Pulling your roommate’s credit report and your credit report will not link both credit reports. (more…)
