? about renting out my house

[wildthing]

What is the name of your state? Indiana

I recently purchased a second home and I am thinking about renting out my old house. Is there a "standard lease agreement"? And if so, where can I get a copy? Or do I need to make up something myself? And if so, what should it read?

Also, I was told that I should require the rent to be paid by the week, because if I get a deadbeat that doesn't pay it takes less time to evict them. Is this true?

 

[worldromer]

Have been renting my second home for many years. Yes, many standard lease forms available at stationary shops or better yet a web search will likely do it.

Must be an interesting neighborhood, your rental that is...if you are resigned to dead beats. I now use a real estate office that handles rentals. They take half a months rent and always get me primo tenants. I also require last months rent plus 1 1/2 months security deposit. I also require a 60 day notice by tenants to leave (after my 6 month lease goes month to month, actually called in this case 60 days to 60 days) so I have plenty of time to re-rent. If you are not doing the full references and credit check thing, are willing to take anyone with first months rent and will not be taking a chunk of dough for last month and security deposit to move in you are setting yourself up for the problems you foresee.

 

[louiebingo]

Worldromer:
I also require a 60 day notice by tenants to leave



Remember this cuts BOTH WAYS, you cannot give a 30 day notice to vacate or raise the rent either!

It must be 60 days.....the standard 30 day notice PLUS the tenant has a right to use the last months rent...total 60 days to vacate.

 

[worldromer]

Very true but I globe trot six months a year and was on a ship at Cape Horn when a favorite tenant gave me email notice thinking he had 30 days. The 60 days notice permitted me to complete the final month of travel and be home in time to deal with the rental. By the by this really kool executive tenant did not realize there was water damage from tub overflows AND his moving people left the frig ice line leaking drops for three weeks killing the kitchen floors....total $4000 damage covered by insurand AND $1700 of security deposit I used and TENANT AGREED TO THIS when he realized what happened. So the more security deposit the better! Yes if you have volitile low income tenants you need a short window to termintate, but not so with high end high income tenants all of whom worked out well the past 15 years.

 

[HomeGuru]

Very true but I globe trot six months a year and was on a ship at Cape Horn when a favorite tenant gave me email notice thinking he had 30 days. The 60 days notice permitted me to complete the final month of travel and be home in time to deal with the rental. By the by this really kool executive tenant did not realize there was water damage from tub overflows AND his moving people left the frig ice line leaking drops for three weeks killing the kitchen floors....total $4000 damage covered by insurand AND $1700 of security deposit I used and TENANT AGREED TO THIS when he realized what happened. So the more security deposit the better! Yes if you have volitile low income tenants you need a short window to termintate, but not so with high end high income tenants all of whom worked out well the past 15 years.

**A: if you are going to be away from the property for long periods of time, it is prudent to hire a rental management company.

 

[JETX]

Wildthing:
Making the decision to lease your home is, for all practical purposes, operating a business. You are required to know, and follow your states laws. As such, the best free advice you will ever get in this 'venture' is to go to your local bookstore and purchase a book on landlord-tenant laws in your state... and read it. It will answer many questions you haven't even thought of yet...... and very likely provide forms for you to use. One of the main problems that 'newbie landlords' have is not understanding what the law requires YOU to do..... and what you cannot do. It is imperative that you understand your rights.... and the tenants rights. Not knowing those rights can cause you huge problems.... and cost you big bucks.

Link to SOME of the requirements in Indiana:
http://www.in.gov/legislative/ic/code/title32/ar31/