This is a follow-up to the property management post:
Recap: we have just begun trying to find a renter for our Eagan townhouse becuase we just purchased a new home in New Prague. We are brand new to this, so I am trying to find some recommendations on how to go about the whole process from advertising to property management from anyone who has experience with this.
When we (hopefully) find someone to rent our townhouse, do we need to obtain a rental license to rent it our legally? Do you always require a lease, or is month-to-month a good incentive? It looks like a property management company might be the way to go (I am going to contact the referral in Apple Valley today) as it will probably solve all of these little issues for us, but I know some of you have had good luck doing it on your own.
Again, any advice or a point in the right direction is greatly appreciated!
google: minnesota renters rights, you will also find landlord rights and limitations...
Hi, wondering where in Eagan and if you have rented it yet. My soon to be ex will be looking for a place and may consider that area. It would just be him with no pets. Just curious on the price. Thanks.
Shelley
I am looking for a townhome. Have you rented this? How many bedrooms? My emails is ____@____.com
I was just wondering - did you find a renter for your townhouse. We are currently living in a apartment but our lease is up at the end of October. We live in Burnsville. We have a dog. If you have not, how much are you renting it for.
Thanks.
R.,
You absolutely want to do a background / credit history on your renters to see if they have an income and pay their bills. You also absolutely want a written rental agreement. Your property management company should write one up. Without it, if your renters trash the place, don't pay rent, turn it into a crack house, burn it down, bring in pets, want their nonrefundable deposit back, or a host of other things, you are screwed.
Renting can be a good experience. That is why so many millionaires use real estate to get rich. But they are smart and careful about it and do their homework. We just did our first rent a few months ago because we couldn't sell the house we left when we moved. We found two ladies (in their 50's) to rent who just sold a large ranch and are trying to decide where to retire. They have plenty of cash (no need to worry about payment on time) and they are responsible, take care of the house and the yard, etc. It's a good experience.
We put things in the rental agreement like...minimum 1 year contract, we are allowed to put the place on the market and show it with a realtor after 9 months, we get to keep the deposit if they trash the place, they have to call the property manager if something breaks, we get to okay any changes (painting, etc.) and any maintenance costs before something gets fixed, the property manager can stop by occasionally to make sure the property is maintained, etc. Think about all the things that could go wrong or that could come up later and make sure to get it in writing in that contract.
If you need sample contracts, I am sure there are plenty on the internet. And again, this is what you pay a property manager for.
Good luck,
S.
We have rentals in Eagan and as of right Eagan does not require you to register your rentals(some cities do). So there is no license needed. Definately have a lease whether you do month to month, 6 month or l year. Be sure to collect a sufficient security deposit to cover you if they move our early, don't pay last months rent or leave damage, etc. Also be sure to go over the property with the new renter and have them make a list of anything they feel is damaged or dirty prior to moving in so you can charge them for anything else when they move out. We have had good luck advertising on Craigslist and also housing link which is a free service to landlords. I believe the website is housinglink.org. We have also had section 8(assistance) renters and have advertised with the dakota county CDA for that. You would have to decide if you want to accept renters on assistance or not. They have strict guidelines as to what you can charge for rent. Hope this helps.
