with you cosmetic fittings and fixtures, make a run to ikea ... it all looks good, doesn't cost a fortune and if they make a mess of the rugs etc, they are cheap to replace and easy to put a price on when they leave.

I'd also have a 'how to use all the appliances' show bag for the new tenant, the do's and don't to any quirky things about the apartment (I have come across many expats and even citizens that don't know how to use an exhaust fan / range above a cooker or why the exhaust fan is important to be on when in the shower -- mould on the ceiling) and even a page that helps with how to get parking and other cityhall services they might require.

Quote:

I've had my best luck with a broker. He sat down with me, we talked, had coffee, joked, etc. After he was done, he said he knew just what I was looking for. He sent me a very select group from which to choose. I've had two hits: the first one left after 6 months because her mother got very ill, we are still in touch; the second one has been with me almost a year & a half. The one I did on my own, came with references & everything had to be evicted. Owed $4200 in rent, $3000 in damages & a $700 water bill for one quarter. I guess I was lucky (not).

I also became kind of a handyman & I have fixed/replaced small pipes under the sink, replaced the gizmos in the toilet tank, small things like that.

As for rent, make inquiries of your own like you were going to rent just to get a feel for what the market will bear.

Good luck.

Quote:

What "test the water"? I think you'd be crazy to use a broker with 1 unit in your own house. Showing the apartment is where you get a feel for who this person is. I have more criteria for a tenant than their ability to pay a broker fee. I've spent more than 1/2 hr just chatting at a showing, if I think they have potential. It's a little like a blind date, rather than an arranged marriage. There's plenty of ways to run credit & eviction checks without using a broker.

Agreed - post something on craigslist as detailed as possible with bright interior and exterior pics. it might take a while, but i found both my tenants doing this and they are great. renters apparently love CL.

If you go the broker route, you might get more exposure for your place, but tenants will have to pay extra so that could turn people off.

Regarding handymen, I would agree that you should try to learn as much as possible so you dont have to call someone everytime something goes wrong. Home depot has basic classes and theres a ton of information on youtube. Finding a reliable handyman to be on call or with a contract could be difficult in the current real estate boom happening around here, but post something on CL or even JCList and see what you can find !

Awesome, thank you for the tips. Good advice to first post on craigslist to test the water.

Put it on Craigslist with as much info as you possibly can, interior photos, window views, and a floorplan drawing if you can do one. Then you'll know by the response. If it's a good deal you'll be flooded with responses.

As for maintenance, as a homeowner & landlord your life will be much simpler if you can gain some basic skills. clearing drains and replacing doorlocks or electric receptacles is not rocket science, and besides the usual books the net and youtube are an amazing resource. You can clear a hair clogged drain in 15 minutes rather than pay a plumber $120.

Use your gut also when renting, you want cash flow not greed.

So if needed maybe drop the price a bit to find a solid tenant who know they are getting 'a better deal' and may stick around and take good care of the place, renter who knows they are paying the max price may not give shit and look elsewhere every time their lease term is near end and turnover in an apartment sucks - avoid this.

Handyman is tricky and say ask your immediate neighbors.

Don't just use a boilerplate lease. Think through any specific conditions you want to ensure (use of yard, parking, etc) and be sure to include in the lease.

Be sure to take pictures of the unit before the tenants move in to document the "before" in case there is damage done.

Keep records and receipts of all expenses for tax purposes.

This might help

http://www.moneycrashers.com/screenin ... -credit-background-check/

Hi,

We're in the process of buying our first home-it's a multifamily adjacent to the embankment. We'll be living on the top and we'll be renting the bottom 2BR duplex (with backyard access and parking spot) in late august. Our place is a 12-min brisk walk to path.

We're very nervous about being first time landlords. My biggest fear, though some say it's silly, is that no one will want to rent our 2nd unit and we'll be on our own to pay the mortgage without the extra rental income. I want to be fair and charge the average price for a 2br rental...I'm thinking 2200-2400. Does that seem reasonable and do you think it should be fairly quick to get a tennant?

Also, any advice from other landords out there? Like how hard is it to find a part time super/handyman to fix things on call? How much is a monthly service like that or do you pay per visit?

Thanks for the tips!