Renting out our home

[Billy Harris]

Me and my wife are planning to purchase a new home and rent out our 1st home we would like to get it rented without using a realtor, how should we go about this? Any suggestions and advice helps 

Thanks

[Nathan Gesner]

Quote from @Billy Harris:

Me and my wife are planning to purchase a new home and rent out our 1st home we would like to get it rented without using a realtor, how should we go about this? Any suggestions and advice helps 

Thanks

You find renters by placing ads wherever renters are looking. That could be Zillow, zumper, apartments.com, craigslist, facebook, or the bulletin board at your local greasy spoon. That will get people who are interested. Then you need to screen them to avoid being scammed. Then you need to manage them to prevent problems from getting out of hand.

A typical Landlord wants to self manage to save 10%, but they often spend far more than that dealing with the damages caused by their mistakes.

"If you think a professional is expensive, try hiring an amateur."

I manage 400 rentals. Most of my Landlords tried managing on their own and lost tens of thousands of dollars and spent a lot of sleepless nights because they didn't know what they were doing. Something to consider.

If you insist on self managing, I recommend you buy "Every Landlord's Legal Guide" by NOLO. Written by attorney investors, it's full of practical advice pertaining to management of investment property, has sample forms that can be edited, and - most importantly - they tell you what your primary state laws are and where you can read them. It's updated every year and is the best $40 you'll spend as a Landlord. There is one book for 49 states and a separate book for California.