I am renting my house

[Il-Hyung Cho]

This is my first post. :oops:
Hello to everyone.

My family will be away and come back in one year. I am going to rent my house. Is there any FAQ for those who want to rent their house?

1. Once I found a tenent, I would need to have a rental agreement. Is it legally bound?
2. How may I screen the tenant?
3. I would need to collect a deposit, but how much would be enough but not too much? One month rent?
4. If the house is damaged by tenants and if the deposit is not enough to cover it, what can I do?
5. What is my option if the tenant does not pay rent? Evict them? I guess it would be spelled out in the rental agreement, but I wonder how binding it is.

Many thanks.

[Jon Holdman]

Moved to Rental Property forum.

A FAQ? No. Books have been written on this topic.

Exactly how things work is very location dependent. State and local laws vary widely and you MUST know and follow these as well as federal laws.

1. Yes, you'll want a lease. Its is legally binding on both you and the tenant, but that does not mean the tenant won't violate it.
2. We have a screening service.
3. I make my deposit just under one months rent. Some folks make it a month or just over a month.
4. Bill them. Take them to small claims court. Hand the file to a collections agency. In reality? You fix it and move on.
5. Eviction is the ultimate option. You certainly must be prepared to do this. A "pay or quit" notice is often enough to motivate them to either pay up or leave.

If you're asking "how can I be sure the tenant will pay every month?" The answer is that you can't. Maybe you'll get a good tenant, maybe not. There are no guarantees in this business.