Pasadena, CA – Renting out residential premises is not a cakewalk and owners need to go through a carefully structured process to get reliable, trustworthy tenants and avoid any future sources of trouble, says Boris Gutierrez of Los Angeles Properties.
If one has to move on, one can still keep the house and rent it out. But there are many a things to keep in mind. In fact, there is a structured process to rent out premises that can save much trouble in the future. Rent money can be used to pay mortgage and is therefore worth consideration.
Firstly, determine how much rent you can charge for leasing out your house. You can look at comparable rental properties on various websites to give you an idea. The next thing is to determine the time period, which his usually 12 months post which the lease becomes a monthly agreement.
A rental property is like a long term hotel accommodation, and so should be kept neat and clean and in good conditions. It also needs to comply with local regulations on smoke, fire detection, water heating and so on.
“You will also need to think about what is included in the lease and what is not. What you will permit on your property and what you will not. These rules should be set initially and you should include these in your marketing efforts to make sure you attract applicants that can work with your lease restrictions,” advises Boris Gutierrez of Los Angeles Properties.
So what does a typical process flow of renting a house look like? We can divide it as follows: marketing the property for rent, getting appointments and conducting interviews and screening, followed by choosing the tenant from among the applicants, preparing lease agreement, conducting move-in walk through, collect rent.
“Renting your house out can be risky. Make sure that all lease restrictions and conditions are included in the lease,” says Boris Gutierrez.
To know more, please visit: http://www.losangelesproperties.org