Advice Needed

If you are planning to buy a rental home, or you're thinking about what to do with one you have just acquired, this is the place for any questions about starting out in the rentals business.
RentalWannabe
Posts: 1
Joined: Fri Dec 29, 2006 8:00 pm

Advice Needed

Post by RentalWannabe »

I am considering purchasing a home in Queen Creek Arizona to use as a rental home. This would be a first time rental ownership for me, and I have many questions. If anyone can help me, I would sure appreciate it.

What type of insurance would I need? How expensive is it?

How would I handle getting keys to renters?

Where do I find a cleaning service?

What do I need to cover in a rental contract?

How do I best handle payments/deposits, etc? I do not have the means to accept a credit card, is this important?

What is the best website on which to advertise? Is it recommended to advertise on multiple sites?

What are the safety requirements for rental homes (fire extinguishers, fire alarms, etc). Where do I find a list of requirements?

What is the best cancellation policy?

What is the best damage policy?

How is it best to handle phone service?

I do not live in Arizona, and would likely need a property management company. Is anyone aware of a property management company in AZ? I have not been able to find something on line.

What are some expenses other than insurance, advertising, general upkeep, that a owner can expect?

Should a person set up a separate account for a rental home to run income and expenses through?

I would appreciate any advice that can be offered!

Thanking you in advance.[/b]
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debk
Posts: 1053
Joined: Sat Sep 25, 2004 12:01 pm
Location: Lisbon, Portugal
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Post by debk »

Hello, RentalWannabe-

Welcome to LMH! Your have an excellent list of questions, many of which have been thoroughly discussed on this forum.

I suggest that you print your list and take each one through the LMH search facility. By the end of that exercise, your head will be spinning... and you'll have answers to most of your questions. (Well, not the more specific ones such as property managers in AZ.) If something is still nagging at you, ask for further clarification.

Also, there are several good books written specifically for buying/managing rentals in the USA. One of the best known authors is Christina Karpinski (or something like that). You can find the books on amazon.com. A read through those resources will quickly answer many of your questions.

Good luck and happy new year!
debk
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