Renting Out a House

JOYCE AND ERIC PETERSEN started renting out their house in Westport, Conn., about four years ago when they realized that they didn’t need to be rooted to one place anymore.

From deciding what should go into storage to finding the right tenant to keeping the yard from becoming overgrown when the gardener suddenly stops showing up, the Petersens have learned a number of lessons in their time as temporary landlords.

And they pay all their bills online because mail forwarding “is not what one would hope it would be.” Taking out a newspaper or online ad may work for owners trying to rent their houses without using a broker, and the popularity of Web sites like Craigslist and Sublet.com have made the process far easier.

Perhaps more important, if the tenant suddenly stops paying rent, you can always go to the broker for help.

Brokers typically run credit checks and ask for letters of reference from employers to screen potential tenants.

He said he planned to run credit and criminal background checks on any serious applicants.

“For a couple hundred dollars, you get a service to run these checks and find out who you’re dealing with,” he said.

Finding someone to run a background check is as easy as a quick search on the Internet.

A criminal check can cost as little as $20 to search criminal records in one state, but they can run as high as $300 for a thorough review that includes nationwide criminal, civil and bankruptcy searches. (Read More)

Source: NY Times

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