What precautions to take when renting out your property?

I'm living in New York City, NY, any help will be appreciated :)

4 Answers

  • 1 decade ago
    Favorite Answer

    Screen potential renters and listen to your gut reaction as you would in a PERSONAL relationship.

    Check employment and income history.

    Talk to previous landlord.

    Limit the number of persons that can live on the property.

    Don't allow pets (lots of possible damage) unless the renter is going to be at home a lot.

    Have your lease require tenant to buy (and pay in full for one year) a renter's insurance policy.

    Let the tenant know you'll be checking on the property.

    Make sure you get as much deposit as state law allows.

    Source(s): Experience. You can probably find more advice online.
    • Login to reply the answers
  • 1 decade ago

    I agree with most of what the person above me said. The only thing about checking out the property while your tenant is moving in there most states require that you give 24 hours notice before showing up on the property, you can't just show up whenever you want to even if you do own the property.

    Some other things you might want to consider. A list of things the renter can do on your property, for example paint the walls, get a dish for their tv. Also in think about holes in the walls in terms of pictures. Make sure your lease spells out everything and you have a copy and your renter has a copy. Plain and simple if you don't put it in the lease you can't get your renter for it after words.

    Also you are going to want to take pictures of the place before the renter moves in. Say a day before go in and take pictures of every little corner. Make sure you date the pictures somehow. Put today's paper or something. This way you have a reference point of what your place looked like before the person moved in. After they move out once again take pictures. Most states allow for a little wear and tear that comes with living in a place (for example dingy walls or slightly dirty carpets. You have to paint the walls and clean the carpets in between renters anyway.)

    • Login to reply the answers
  • 1 decade ago

    Personally I would sell the property. You're just asking for a nightmare.

    • Login to reply the answers
  • Man
    Lv 5
    1 decade ago

    make sure they are mentally healthy

    Source(s): unfortunately..from experience
    • Login to reply the answers
Still have questions? Get your answers by asking now.