7 Tips for Renting Out Your House (For Beginners or Experienced Landlords)
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- Опубліковано 25 чер 2024
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Renting out your house doesn't have to end in a horror story. Watch this video to learn pro tips about how to prepare your house to rent, find and screen the best tenants, and get them moved in with the least hassle.
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LINKS/ RESOURCES FROM VIDEO:
- Free rental software I recommend: www.coachcarson.com/avail-YT
**Coach Carson, LLC is an affiliate of Avail.co and will earn a commission, at no cost to you, if you enroll in their free service
- How to Calculate Cash Flow for a Rental Property (Free Calculator Included)
• How to Calculate Cash ...
- Coach’s free Tenant Screening Criteria: www.coachcarson.com/tenant-sc...
RENT VALUE ESTIMATORS:
- BP Rent Estimator: www.coachcarson.com/BP-rent-e...
- Zillow Rent Estimator: www.coachcarson.com/go/zillow...
- Rentometer: www.coachcarson.com/go/rentom...
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NEXT VIDEO:
How Much Tax I Paid When I Sold a Rental Property
• How Much Tax I Paid Wh...
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TIMESTAMPS:
0:00 - Honeymoon phase
1:31 - #1 - Is this really a good idea?
4:50 - #2 - Research the rental rate of your property
7:24 - #3 - Prepare your house to be a rental
10:07 - #4 - Create a plan to market and show property
12:43 - #5 - Screen well!
15:12 - #6 - Lease meeting (before move in)
16:38 - #7 - Move-in
18:38 - Summary
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Thank you. Detailed and resourceful. Personally Managing: point #5--SCREEN--is the most critical. Points 6 and 7, a meeting and a walk-through also. I've done just the opposite the first time--cost me in the end.
Property Management Companies - SCREEN them well. Read their contracts carefully. Or, have a real estate lawyer do it. Spend that extra couple hundred if you're new.
Red flags with Property Management Companies: terms and lengths, contract auto renewal, First Right of Refusal and holdover periods, repair clauses and authorizations.
Great content Coach! So many great points, thank you!
Hey Coach, it is my first time wanting to do something like this and I appreciate your content for clarification on the more tougher and challenging ends on things. I look forward to watching more videos.
Great information, a lot to cover for a first time Landlord. We haven't started yet but we are almost there.
My favorite part of the video was about leaving a resource list for the tenant / renter.
I am looking to do short-term rentals for traveling professionals and nurses. The website that I am using does have a section where you can add nearby amenities and bus stops, etc.
But I like the idea of having a physical printed resource list to keep on hand for people.
Either a printed and / or single page or landing page website where they can refer back to the house rules, resource list, and local amenities such as shopping, entertainment, nearest hospital, etc.
Also would be handy to have a printed list on hand on where to find items in the home particularly when it comes to fire extinguisher, circuit breaker, emergency water shut-off valve, flashlights and candles, et cetera.
*In my case, I will be providing furnished housing with certain items in stock for use by the tenant.
I found this video incredibly insightful for someone like me looking into renting out my home. It would be our first time becoming landlords so Thank you!!
Thank you for the video. I have owned rentals for awhile. I recently had a tenant move after nine years. This information helped to get me started again to get my rental back on the market.
Thanks for the info.I really could use the lease agreement stuff.
This has been great
Your pointers are nothing less than Gold! A big fan!
Thank you Amandeep! Glad to have you on the Coach Carson Team!
Great information! Thank you
Glad it was helpful!
Thank you!!
Am really thinking about it 😊
Amazing video
Thank you for putting this video together! I look forward to watching more of your content.
How do you feel about pets? We have a 4bed 3bath home in Arizona with mostly tile. We understand this will attract families who likely have pets.
Do you have a video that talks about pets and how to structure a monthly fee or higher deposit for this type of situation?
Tip #5 is the most crucial part of your rental business. Please take Coach Carson's advice seriously: screen well. We can't stress enough how important it is to perform background checks, including criminal records search before letting someone rent your property.
Failing to screen tenants can result in financial losses. The best way to avoid losing your assets is only to rent to those with clean records. You would not want to lose your investment to something, such as civil forfeiture, you didn't commit. Your property could be seized by the government if a tenant used your property in illegal activities such as drugs and money laundering.
Thank you 😊
Thank you Coach .I'm down to 3 rentals props now and my small mini storage.Most of my props have been converted to mortgages..I'm about DONE with rentals as the magistrates dont enforce the laws here in Oconee County SC. Example , John Scott Harel Sr ( used to be owner of 'Unique Flips ' look up his criminal record using the S.C. Judicial site online ) stole my fence and destroyed a deck and the freaking Judge ( Will Derrick ) said thats a Civil and not Criminal offence ! Another tenant vandalized my rental and I had excellent proof the tenant did it and guess what ' Oh thats a Civil offence ' . I have judgement on several people and , well , some are starting to pay off , years later .
I am in greer, so don’t get into the rental business?
That’s why you screen the tenants. Someone who has build a good credit history with high score and a good reputation and good previous rental history will think hard about doing crazy things
Great tip on the open house. I will do that next time around. With regards to photos, do you always take professional photos to list a property.
I don't always hire a professional photographer. But I try to get the very shots possible- good lighting, cleanup the space, frame it well, etc. Also take video tours.
In my mind the biggest negative in renting out your primary residence is you could lose the capital gain tax exemption if you are not careful. This could be up to $500,000 for a married couple.
Yes, good point. If you gave a big gain it may be worth selling and then use the gains to buy something else.
@@CoachChadCarsonI'm married and want to rent out my condo. Should I sell it instead?
Also depreciation recapture if you eventually sell.
I plan on renting my house first time. I owe just under $200k and I’m single. Then rent another house to live in.
Will I lose significant gains? Enough to not do this? Ty
What do you think about aerial pics from a drone?
Good info, but the background music is annoying. I don’t understand why content creators think adding music while they talk is a good idea.
Thanks for feedback. It was an experiment. We don't usually do that on all of our newer videos
Thanks coach for the information. I am thinking of renting my house. I have no prior rental experience and I would feel more comfortable involving a property manager. Any specific criteria I should look for while searching for the right property manager?
I found a way of picking the right property management company by actually looking at the local listings in my area in real estate aggregators like Zillow, there’s a listed by tab. I look for the company with most amount of listings, this tells me that this company has a good footprint in my area and they should be a good fit to manage my property.
Very good video. I have a question what is your opinion about renting a house with a pool. Is that too much of a liability?
I am not a fan. In addition to the liability it is also a maintenance headache. You probably can't depend your tenants to maintain it well so you will need to pay a service. So I just haven't found the benefits to be worth the cost in my area. Some vacation rentals may have a different cost-benefit equation though
Coach this was a great video. I have a bit of a financial dilema at the moment I would absolutely love your advice can I ask your opinion pls🙏
Thanks Sarah. If it's a relatively short question you can post it here.
@@CoachChadCarson oh wow thanks!
Ok here we go.
I live in an area i really like and i pay 1350 rent.
I own a property in an area IM Not too keen on and involves a 30 min commute each way. However the mortgage on that is only 620 and I can rent that out for 1200, after taxes id get about 900 pm. Im 42, what makes most sense do you think?
Selling is another option but I am afraid of the stressful processof that. I bout for 245,000 and its worth about 240k now and ive 120k left on it.
Could you send me your criteria please that you mentioned ?
May I get your sample tenant rental agreement. Thank you
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Coach, I need all the help I can get. Please send a check list thanks
Here is is! Coach’s free Tenant Screening Criteria: www.coachcarson.com/tenant-screening-criteria-download/
Do I have to give each person who attends my open house a rental application? Even though I may not want to?
I usually share my screening criteria up front (like in the promotional materials) and when we're showing the property as well. So, people will often screen themselves if they don't meet some criteria. Is there a particular reason you wouldn't want to give them an app?
Should you create an LLC for the rental?
That's usually best practice that attorneys will recommend. But on your first rental many people keep it simple in their own name
I would like you to be my coach.
You've got it! These videos and my new book coming out soon are my main ways to Coach. but I'll be doing more live classes and some group coaching this fall. Thank you!
zillow is not free everywhere just saying.
Thanks for letting me know. Where do you have to pay for it? Outside US?