| In these tough economic times, your only option | | | | 8. Deal with any Landlord and Tenant issues that |
| may be to rent your house out. | | | | arise. |
| But most people are afraid to consider this option. | | | | 9. Deal with any scheduled and emergency |
| Why? | | | | maintenance issues that arise. |
| The usual reason is they have heard horror | | | | 10. Do your financial paperwork at the end of the |
| stories about tenants trashing the place and | | | | year for tax purposes. |
| robbing them blind. Most of the time, this is | | | | 11. Buy/sell the property as an investment. |
| exaggerated, heard from someone that has | | | | Each of these steps can easily be completed and |
| never been a Landlord or from a real estate | | | | documented using rental checklists and rental |
| agent that would rather they sell their property | | | | forms. Some of these include: |
| than rent it. | | | | 1. Checklists for prep, marketing, screening, |
| The real reason people are usually scared is | | | | maintenance, move-in, move-out, eviction |
| another story. | | | | proceedings, etc. |
| From my experience when dealing with | | | | 2. Rental Applications. |
| homeowners considering renting their property | | | | 3. House for Rent Lease or House For Rent |
| out, the homeowner simply has no knowledge of | | | | Rental Agreement (yes there is a very important |
| what to do or have fears of completing the rental | | | | difference). |
| paperwork. | | | | 4. Rental Receipts and Rent Roll. |
| But this is easily remedied. | | | | 5. Eviction forms. |
| The steps are actually very straightforward and | | | | 6. Maintenance, Visit/Call Logs. |
| the paperwork is mostly fill-in-the-blanks. | | | | Renting your house out and surviving these |
| 1. Decide to rent your property. | | | | economic times can be rewarding once you are |
| 2. Prepare the property for showings, including | | | | aware of the procedures. |
| repairing any damages or fire-prevention issues. | | | | The documentation needed is nothing to be afraid |
| 3. Market the property using modern tested | | | | of -- it's your friend in the end. |
| techniques. | | | | I can't tell you how many times it has saved me |
| 4. Show the property. | | | | time, money and sanity having the correct piece |
| 5. Screen potential tenants. | | | | of paper in front of me when needed for my |
| 6. Prepare a lease agreement or rental agreement | | | | own rentals as well as the Landlords I have |
| using a template. | | | | worked for. |
| 7. Collect rent, prepare rental receipts. | | | | |