willahlborn

I'm buying a studio apartment to rent out. It's super small, but it's in a nice complex (w/well-kept pool, right next to mailboxes, gated security, very close to freeway and University, etc.). It was a government repo so I had to repaint it, and i'm putting in floor tile. It even has a fireplace.

I live in Albuquerque, NM and for the area, this place should probably generate $500-$550 in rent every month. I'll ask some locals also, but for you guys, what lengths of leases are common? Damage deposit? Do people run credit checks on you before you rent? I haven't rented in years so I don't really know any of this stuff. :P Thanks for the input.

SkunT

I rent.

I will try to make this short, but it will be hard.

when someone signs the contract, its the first months rent and a security deposit, usallay between $100-$250.

when the apartment is returned the security deposit pays for anything that is not normal wear and tear. (hole in the wall, cabinet broke, mirror/glass broke...) bacially the apartment is returned in the manner in which the tenant recieved the place. (carpets cleaned, it doesnt smell, the place is clean...things like that) if its returned in that manner then the full security deposit is returned.

a contract...
go pay an attorney $150-$250 to write one up for you. you can find free web attorney stuff and thats what my landloard did. if I ever had to take them to court, I could ---- them dry.
*things like...
we have 2 dogs. it was $100 pet fee per pet, and that covers any damage by pets. well my dog wanted to clean up after herself, and ate through the carpet. so now the landloards have to replace the carpet(thats what the $100 pet fee was for) so they got screwed on that one!

I wouldnt allow pets in your place.

also, are you near your apartment? my neighbors rent from some people in florida.(we are in NC) -they trashed the place...simply because the landloards couldnt watch them.

I hope I am a help to you.

willahlborn

i'm about 20 minutes away. If I lived in another state, i'd hire a property management company for 10% per month... i'm not a big fan of getting screwed on investments. I can't believe the owner of your neighbor's place doesn't have someone local to check up on the place

SkunT

we take care of our place really well. infact we take care of it better than they did, and they know that. check it out
www.highrevtuning.netfirms.com and click on the house. also check out the tricycle I made...

anyways. it sounds like you have yourself a nice little piece of investment property. good luck with it.

Dr.Boost

My security deposits are usually like $50-$100 more than one months rent, so since my rent is $750, my security was $800. I have never signed anything longer than a 6 month lease. I'm not sure I would rope myself into a 12 months lease, although I lived in my last place for 2 years. I like to be month to month after the 6 months lease is up. I don't like being tied down.

Don't allow pets OR smoking. Make sure you put that in the contract. Also, make sure you note EVERYTHING wrong with the place. Take pictures, lots of pictures. Renters always ---- ---- up and landlords always rape the renters on the security. I spent like 12 hours cleaning my little 600sq. ft. duplex until that ****** was spotless and they still fucked me for $150. Most of that was for the garage because I really made a shitty mess in there.

Good luck.
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dragon

im in the same situation your in. Not to steal your post or anything what are the rules in getting out of a contract that you signed 4 months in advanced? im suppose to move in on september 5th but i told the land lord i cant afford it now and that i dont want to be in the lease. I havn't gave him a deposit yet and i dont have a cosigner. i just cant afford it now. I know there is a certain time period you can get it before the lease begains

Dr.Boost

If they are cool and willing to work with you, they should be able to find another tenant to rent it out long before you should have moved in. Unless it's a complete shithole, I don't see why they couldn't rent it out within the next 4 months.
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deacon2377

We pay 1 month rent for a security deposit. As a renter I got screwed royally by our landlady on our security deposit, actually had to go through mediation to get things settled. Here is what the tenant union told me, and I think it is a good idea for you as a landlord as well. Take dated pics of the house before move in, give a copy to the tenant when they move in, and make it clear in the contract and to the tenant that the house is to be in the condition it was when the pics were taken in order to get full security deposit back. You could also make checklist of things that need to be done to the house, and a fee that will be charged if they arent such as "windows/screens in tact, if not, $35 dollar charge per replacement", or something like that. Also, try to rent to grad students (like me). We dont party like undergrads, we usually have some type of family or significant other, and we spend most of our time at work. Good luck.

OnYx

here the security deposit is usually first months rent ammount and some even do first and last months rent. but that is all due to the collage around here and there known for drinking and causing problems. small appartments will not fetch as much as a larger place. if its a 1 person app. dont expect people to pay more than $400 for it.

Dr.Boost

Small apartments in San Fransisco/New York go for a hell of alot more than that.
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