Ready to rent out home for first time

[Holly Ross]

Hi –

I'm gearing up to rent out my SFH for the first time in the next few months, and just trying to get everything in order ahead of time. I wanted to share my to do list in case anyone here with more wisdom than I can help me spot any gaps or things I may not be thinking of from a lack of experience and/or share pointers!

I'm thinking I will: 

1. Prepare the house and take photos
2. Get in touch with property management partners
3. List on Zillow and Trulia
4. Get in touch with geico in case I need to make updates to my homeowners insurance
5. Background check / vet potential tenants
6. Get set up with a payment system, maybe? Or perhaps I'll use venmo / paypal? 

Is there anything major I'm missing? Any pro tips you can share as far as vetting tenants or collecting rent? Any other wisdom that you wish you'd known ahead of time?

Best,

Holly

[Drew Sygit]

@Holly Ross you're missing a lot!

Here's some other ideas:

1) What phone number will you use?
-Sugest getting/using GoogleVoice number as you can track/respond on a computer and it separates personal call from business.

2) What Rental Application will you use?
-Zillow's isn't the best

3) What Lease will you use?
-Needs to be state and maybe even city specific!

4) What will be your screening requirements to comply with Fair Housing & local statutes?

Confused about you getting in touch with PM partners - sounds like you're DIY managing, so what are your plans for them that allow them to make money? If you want them to show your property to prospects, why would they do so without a contract?