Start a new topic

First Time Landlord

I am a first time landlord.  The property was recently tenated.  This tenant was not told the property would be sold very soon.  They have lived there less than a month.  I was able to review all the backround information and would like to keep them .The rent and the duration of the lease is acceptable to me. I am not sure what the list of forms are I need.  I am afraid I will leave something out.  

Hi Michelle, it would be best to have them sign a new lease, with you as the landlord. Def use a state specific lease.
It appears that you just purchased the property that already had tenants. If this was the case, did you get a chance to or get a copy ot the lease agreement? Also, I'm assuming that the seller collected a security deposit from tenants. If so, did seller transfer the deposit to you at closing. The deposit information is usually in the agreement.
One more thing I forgot to mention. Assuming there is a lease (other than month-to-momth) you will, I believe, have to honor the terms unless BOTH parties agree to renew it.
To answer your questions: 1) yes the application fee is non-refundable unless you never actually run a background check on the person in which case you should give it back.  2) No you don't need to notify the mortgage company that you are renting out the place.  However you do want to get a landlord's insurance policy from your insurance company.  3) Yes, the renter can mail the check to you, or drop it off.  Depends on your preference.
Thanks so much for the reply Dawn!
There are other options as well such as,  There are no fees (to the landlord) associated with their services.  In their model, the applicant requests the report and then pays for it.  Once it is retrieved, they simply give you, the landlord, permission to see it.  It is safe, secure, not modifiable and is state of the art when it comes to tenant screening.
What is the exact process to have a tenant? I am a first time landlord and I want to make sure that I do things in order. Thanks!
Make sure to screen the tenant before renting out an apartment. I use tenant screening services from Lone Star Realty, they check criminal record, previous eviction and credit history.
Login to post a comment