Q: We?ve been in our current home for just over a year, and it no longer works for us. We?re looking at new homes and curious how it works renting your first home. I?ve heard different things from different people??You have to rent it for a year first? ?You have to just have a tenant sign a contract?..We?ve heard so many things! (We have a 30 year FHA loan at just under $500 a month and current homes in our neighborhood are renting for $950+)Any information would be greatly appreciated!
?Kayla, Dallas, TX
A: My first suggestion would be to find a property management company in your area. For the most part, there are no restrictions on renting out any property you own. There could be community leasing restrictions or possibly if you used public down payment assistance funds. I would also speak with a lender to make sure you would be okay to purchase another home if you rent yours out.
David Welch is a Realtor? with RE/MAX 200 Realty in Winter Park, FL.
A: Dear Ga Seller, The best thing to do is to work with a local Realtor who handles leases. The Realtor will let you know what similar homes are leasing for in your area and handle all necessary paperwork. Your Realtor will advise and assist you in all areas of leasing. You do sign a one year lease with your tenant,which can be renewed (or not) at the end of the lease term. You will be responsible for maintaining the appliances and gardening etc. It is possible to sign a longer lease if you desire. You should also get a good credit report and references so that you can properly screen the tenants. I highly recommend you also take a look online to learn about Landlord and Tenant laws in your state.
Dorene Slavitz is a Realtor? with The Real Estate Group in Culver City, CA and Torrance, CA.
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Source: http://www.realtor.com/blogs/2012/07/26/how-do-we-rent-out-our-home/
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