I was on a budget after closing on a place last year. Yes, even after getting the lowest mortgage rate available at the time and budgeting for other expenses, I forgot to factor in how expensive landscaping was. I needed an appliance to keep water cold. Drinking spoiled milk probably wasn't worth the risk. I decided on a brand new KitchenAid 36" width counter depth French Door refrigerator that was 3000 too much. How could I get it on the cheap? A used fridge that smelled like the previous owner's meals wasn't particularly appealing. Luckily, a lot of stores have floor samples that are like new and have never actually been used. They've just been constantly opened and closed by discerning shoppers. These demonstration units that you see lined up at Home Depot, Lowe's, Sears, etc. need to be sold eventually as well. They might have dents and scratches, but they are a lot cheaper. Plus, you can think of them as hipster and fashionable like the cut worn-out jeans that are so popular these days. You get your own customized uniquely designed fridge on the cheap. I was immediately sold on the idea and went hunting for my particular model. If you're brave, one could buy a floor sample online (with a description about the condition) from Sear's outlet. Being my picky self, I wanted to make sure that my fridge wasn't too custom and unique (aka with a punctured door or tattooed with an imprint of a fist). Driving up to the Sear's outlet that had my particular model took about 2 hours. It had minor dents that only a meticulous midget would notice. Since it was 1500 and had the original warranty if anything went wrong, I agreed. Sear's outlet quickly delivered and set it up in a week and it hasn't had any problems since. Cheers to floor samples. The way to get unique custom decorated furniture/appliances on the cheap! Notice the dent on the bottom right.
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First, a few general tips about getting your house ready for show. First impressions count! Make sure that your place is as clean as possible! Throw away any unnecessary items and remove any personal pictures. Most normal people imagine moving into an empty home with no furniture. If you have sentimental furniture from the 80s still in your vacant house, now's the time to get some exercise and breathe heavily while moving it elsewhere. Then make any necessary repairs to your home with licensed and bonded contractors. Next, test everything as if you were living there. From my limited experience, most people dislike taking cold showers and would rather take warm ones. Make sure that doors/windows open and close, hot water works, the heater/ac work, that there are no leaks, etc. So you've finally listed your house for rent on Zillow for free and spent countless hours cleaning, repairing, and sweating. Now, welcome to the jungle... First, have a list of criteria that you reasonably want in a tenant. Criteria that you should definitely use to screen and consider potential renters include job history, credit score, rental history, income, criminal history, pets, reason for moving, bank accounts, and financial history. Tenants who work in corporate America tend to have income that is more easily verifiable with their W-2s and bi-weekly paystubs. Also, they usually have been through a background check prior to employment and hopefully they can't be too loco. If it's a tenant with their own company or retired, make sure that they have more than enough money in their bank accounts to cover months of rent. Besides the initial rental application, be sure to get at least 2 months worth of paystubs, current bank accounts, and a credit score for each person. Be sure this is verifiable, as doctored documents can be provided by unscrupulous people. There are professional renters move from place to place, so be sure to question something if it doesn't add up. It's always better to be safe than sorry. If the real estate rental market is hot in your area and your house is in high demand, feel fortunate. Have you ever collected baseball cards or played fantasy sports before? No worries; your countless hours of comparing each player's statistics is transferable in picking a tenant. Be sure to pick the one that is the most financially stable and fits your time-frame. Are you planning to move back into the house in a year? It might make more sense to pick a tenant who is willing to pay more than another tenant looking to stay multiple years at a lower monthly rent at your house. Are you looking for a stable long term tenant? It could be a better decision to go with someone who has lived in the area for years and has deep roots in the community. Housing discrimination is illegal, so playing favorites is a no go. (http://portal.hud.gov/hudportal/HUD?src=/program_offices/fair_housing_equal_opp/FHLaws) Remember, everything is negotiable. You and the tenant can always figure out who is responsible for the refrigerator, laundry, dryer, gardening, and future repairs. Most people tend to move in the spring, summer, or early fall, so it's best to list your house during that time. Good luck finding a great tenant! Thanks to the increasing use of the internet and smartphones, there are many businesses such as Airbnb and Uber that have allowed easy access to housing and car rides. Anyone with a home or car can now provide hotel services or be a taxi driver. If you have ever dreamed what it would be like to be a real estate agent or felt that real estate agents were overpaid, READ ON!
Traditionally, if you had a vacant property that you wanted to lease out, you to had to go through a real estate agent. This agent would then gather details about your house, make it more presentable, and take photos. Your agent would then list your house on the Multiple Listing Service (MLS) and get calls from other agents about interested parties. You, the landlord, would end up paying your agent approximately 5% of the total rental agreement once you decided on a acceptable tenant. With the popularity of Zillow and Trulia, you can now post your property by owner and be your own real estate agent. I would say the majority of renters visit these sites while looking for a home. Even with a real estate agent, if a potential renter is interested in your place, they will reach out directly too you. Currently, on Zillow's website, the top right corner allows you to list your rental for free. After inputting your contact information, details, and photos about your house Zillow will shoot out your house to their website, Trulia, and hotpads. If you're willing to take the time and price your home accordingly, you'll get a lot of interested people in your house. You can also list individual rooms this way as an additional option besides craigslist. Then, the next step is to carefully find the right tenant for you. Stay tuned for part 2! |
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