Renting out my house

[VexxMedia]

Anyone have any experience in renting a place out?

I plan on renting my house but am overwhelmed on where to start. Where do you go to get a contract written up? Do certain things have to be in there? etc...

Any help would be greatly appreciated.

Thanks fellas :thumbsup:

[adamc]

offtopic, where's your place?

[VexxMedia]

Dover Glen

[adam c]

Do it through a real estate lawyer

[Weapon_R]

I have a contract I can email you if you send me your email. It covers pretty much everything you'll need to get started.

First thing you need to do is find the average prices in the area. Then list your home accordingly. Good places to list are the Calgary Sun, www.rentfaster.ca, or the Herald.

Then, wait for the callers. Screen your tenants to see if they are employed in good standing, if they look like clean people, and how many there are. Once you find the appropriate tenants, sign an agreement, get your first month's rent + security deposit (usually the same as the rent) and agree on a day they can move in (usually the start of the month, but can take place any day of the month for a partial fee).

You'll have literally 100 callers for the place if its priced fair.

[G]

I used homerent.ca for about $35 and they let you download all the forms you need

You don't need a real estate lawyer to rent out a place.:rolleyes:

[liquid1010]

Also, if you'r renting out just a portion of your place, you make want to make sure its zoned for that.

[VexxMedia]

Great, thanks for the info.

My only concern is that I don't want to be handling 100 calls... I have heard of people having open houses for rental properties, so I was thinking about having a saturday open house so people can take a look, it would also give me a chance to have quick screenings of potential tenants. Then I would contact the people I am interested in having as tenants and go for a second more personal screening.

Does this seem like a decent plan?

[Weapon_R]

Great plan, but unless you advertise your place you won't generate people.

If you don't want to handle 100 calls, try this: Leave a msg explaining the home, the address, and brief directions to get there and tell them when you'll be there. Or do it in the advertisement.