Prospective new Landlord - Needs some pointers.

[Thomas Turek]

I'm going to be relocating for work 4 hours south of here for about 2 years and I don't want to have to sell my condo which I bought a year ago.

I'm extremely novice at this, but I'm looking to rent it out and need some advice as far as whats legal here in Utah, where I can get the forms, how to do a credit check, application fees deposit, and generally what to look out for?



Condo's Value Estimated $175,000

Mortgage $160,000

Monthly Payment: $960

Monthly HOA: $235

Estimated Rent Value: $1350-$1500
Utilities usually run about $100.

[Stacey Mollinet]

Definitely check with your condo association. I own a condo and rent it out. About a year after I bought it, the HOA set a rule to maintain the current level of rentals at 35%. Now there is a waiting list of other owners who would like to rent, but aren't allowed to until one of the rental units convert back to owner occupied. If I sell it, the new buyer will have to be owner occupied until they make it to the top of the rental unit waiting list.

You might want to check out the Utah Apartment Association. One of the cities I own rentals in required that I take a good landlord class in order to rent in their city and have lower licensing fees. The Utah apartment association’s good landlord class is awesome and I learned so much at just the right time.  I think it was around $50 for a four hour class. They also have forms and support available if you join the association. I already had my leases in place and never joined, but it looks like they have some good resources.