Condo Renters Insurance
Mortgage-rent gap dwindling – Tue, 20 Apr 2010 PST
LOS ANGELES – Thinking of buying a home? Consider this: The gap between monthly rents and mortgage payments is at its lowest level in almost 20 years. In some markets, the difference can be less than $100, according to a national study conducted for the Associated Press by Marcus & Millichap Real Estate Investment Services.
Renter’s insurance for condominium owners???
What should I prepare before I rent out my condo? landlord question.?
I will rent out my condo by oct 1st. What should I prepare for renting it out. I think I need to prepare forms for renters to sign, but how can I get those forms? Should I ask renters to buy renter’s insurance? Should I run their credit? If I need to run their credit, should I need their SSN? How can I know their rental history is good or bad? Please let me know what should I do step by step. Thank you for any help.
Thank you all! You guys are experts!
My property is in Naperville, IL.
As a private landlord, it will be difficult and cost prohibitive to run an actual credit report. Instead, you should require the following:
Local bank account at least 12 mos old
Proof of Renter’s Insurance prior to move in
and of course a job history.
FICO score of 640 minimum.
Have THEM Copy their drivers license & social security card
Don’t ever accept cash; check or bank money order only.
You can ask them to provide a credit report to you dated w/in 5 days of receipt. They can use their freebie ONLY at annualcreditreport.com & have them pay the $10 or so to get their FICO score.
go to your library and check out books specific to landlord for dummies and your state. I’m a private landlord. I easily evicted my first tenant in 19 days start to finish and have a judgment against them w/out a lawyer.
Most deadbeats won’t bother w/ renter’s insurance and my new tenant is a DREAM!
I created all my own forms, you just need to follow your state laws.