Renting Your House (Landlord side)

Member 5605 · Jun 2, 2015

Among many things that we are doing at this current time in our lives (custody case, restraining order, buying a house etc) it all happens at once.

When we move out of the current place we are at we want to rent it out. We are in the process of buying it from the owner. It's a manufactured home in a park. The park owner is who we are buying it from. We will be subletting it against his 'approval'. There is NOTHING in our signed agreement that states we cannot sublet, it's his personal view that he doesn't want somebody to possibly come in and destroy 'his' asset. We have it listed for sale, less than we paid, not including the improvements we have done to it and even offered to first sell it back to him to wipe clean and move forward. His denial of that option has lead us to the point where we will be renting the place out.

With that aside, any of you land barons have a nice tenant agreement (either month to month or lease) that covers the bases well? I've looked online and haven't found any that suit what I'm looking for. We want to protect our assets, meanwhile keeping it from looking like we are blood sucking vampires only out to suck the life out of somebody.

I've been looking at ones like this from Georgia:
<broken link removed>

jbett98 · Jun 2, 2015

You need rental forms that pertain to Oregon rental laws not from another state.
I buy from these guys in the Gateway district in NE Portland.

http://www.google.com/url?sa=t&rct=...FXU8oO5NRMMB4qQ&bvm=bv.94911696,d.cGU&cad=rja

lowly monk · Jun 2, 2015

http://www.multifamilynw.org/oregon-forms---samples.html
I am in the business Please pm me if you need any advice. Also use a back ground check company. It's the best insurance you can get. Also, Also require renters insurance.

jbett98 · Jun 2, 2015

Years ago, I worked for an older gentleman that owned a lot of rental houses.
He had one trick up his sleeve when it came to renting a house to a new tenant.

He set up a rent to own contract, where as he set aside a small portion of the tenants monthly rent to be used as part of the down payment 2 years in the future.
The renter would have to match that amount in 2 years and the private sale contract would then be drawn up.
The beauty of all this, was that the renters felt a pride in ownership and he never had renters trash his houses.
In fact, the houses were generally in better shape then when he rented it to them.

He only had one renter save up enough cash to buy one of his houses, and if a renter was still living in a house after 2 yrs, he would extend the offer for another year. He knew that most folks spend all of their paychecks and didn't have the financial backbone to save up the money.

Another plus for him was that the down payment money was parked in an interest earning escrow account and that money was income tax free.

When the tenants eventually moved out, he used the escrow monies to purchase another house.
It drove the IRS crazy, but it was a legal dodge that he took full advantage of.