Re: Landlord questions
Alot of legal and paperwork issues with section 8 housing. Do your homework before going that route.
About 10 years ago I was relocated for 2 years and knowing nothing about anything at that time, I hired an agent to take care of renting my house. The agent took care of paperwork, finding and screening tenants, getting a lead based paint test done (house was built in '55 and required by MD law), and also provided me with information when maintenance issues came up. The hot water heater went out, some other issues. Now, you pay for that kind of service. First month's rent + 10% monthly was his asking price, we negotiated that down.
If I had to do it now, I wouldn't go that route, but as I said, I knew nothing at the time (maybe still don't), and I have a real estate license, so I would feel comfortable doing it myself. There are about 1000 books out there and a million websites with info and documents available.
Some key points:
Make sure you are familiar with all state laws for renting: Do you need a lead paint test, etc. ? Many variables.
Know your equal housing rules. Don't get sued.
Require a credit check for any potential renter, they can pay for it and you can deduct it off the first months rent.
Get a security deposit, and spell out what it takes to get it back.
Take "Before pictures" of the house, inside and out. Compare to when they move out.
Advise the renter to have renters insurance. They don't have to, but if something goes wrong, like a flooded basement, you are gonna fix the carpet, walls, etc, but you are not responsible for their stuff. They need to know that.
If you are gonna do this yourself, interview and feel comfortable with your tenant (a gimme I know). If an agent is doing it, he/she will provide an opinion you will have to trust.
If you use an agent, negotiate terms. This will be your business partner, in essence. Be comfortable with them.
Keep every sliver of paperwork, receipts etc. Everything you do to the house to get it rented, and while you are renting, is a tax deduction. If using a realtor, make sure they provide quarterly statements.
I'm missing alot of stuff I'm sure, but that's my .02. Good luck