I'm now officially a landlord

[corvetteguy78]

Welp,

Had my condo on the market since march. Had 12 showings, no offers. 16 other condos in my unit are for sale for about 25-30% less then what i can sell mine for so i put it on Craigslist and found a renter and took it off the market.

The rent will cover about 99% of my costs so its better then nothing.

My hope is to keep renting it and pay down the mortgage so that when i refinance it my payments will drop by half and it becomes an income property.

i wont have to worry about much outside maintenance being a condo.

Now i just need to sell some stuff any takers?

Bar/Buffet server $350

Display case $300

3 piece leather couch set good condition $300

 

[reckedracing]

did you get contracts and all that jazz?
first last and one months rent for security?
1 year lease?

id just hate for someone to move in and destroy the place and leave you holding the tab

 

[jamesA]

welcome to the club.

 

[Briansol]

Yeah, it's the mess that always becomes the problem. Hope they don't destory it and pay on time. GL!

 

[jamesA]

yeah, hope they aren't like my cousin... lol

 

[BodyDroppedNikes]

yeah, hope they aren't like my cousin... lol

lol doesnt she owe you about $500 still?

 

[D16Civic]

Good luck, I hope the tenant is problem-free, and I'd definitely make sure you're bases are covered legally as far as the contract and deposits, etc.

 

[CRX-YEM]

I'm pretty sure in Connecticut you can't charge First, Last and one Months rent for Security Deposit. Up front you can get the first months rent and for the security deposit at a maximum 2-Months rent and that better go in an escrow account.

 

[Cashizslick]

Be like the landlords in the town i live in.

Fix nothing. Never. Ever.

Even if they move out, you can immediately re-rent the apartment. A landlord's idea of a good tenant is one who never calls and only pays the rent.

 

[corvetteguy78]

contract is solid, it was my friends who used a lawyer to write it, i just made a few tweaks here and there.

It's a single male, in management, "possibly a bent wrist kind of guy" with a small lap dog. makes allot of money almost 6 figures, verified employment and references. Very neat appearance. i have 0 worries with this particular tenant.

Hopefully he will resign another year after the first year. we'll see.

I will be living 4 miles away.

Owning a condo is pretty much maintenance free. If sink or toilet clogs, his problem. But if pipe breaks my problems. Everything else is covered in the condo fees as far as other maintenance

 

[reckedracing]

I'm pretty sure in Connecticut you can't charge First, Last and one Months rent for Security Deposit. Up front you can get the first months rent and for the security deposit at a maximum 2-Months rent and that better go in an escrow account.

first last and one month is pretty much just what you said
the first month's rent
the last months rent
and a month for security deposit
so last and one month would be 2 months rent for security deposit.

 

[Dustin_m]

first last and one month is pretty much just what you said
the first month's rent
the last months rent
and a month for security deposit
so last and one month would be 2 months rent for security deposit.

Same thing, but the wording matters. That last month's rent has to be part of the deposit for it to be legit.

 

[reckedracing]

looks like it really matters on state
i see in CA you can not charge more than 3x monthly rent for move in
in CT it looks like its 2x monthly rent
appears to be common practice in NY, not sure on the legality of it