Renting a Condo – Advice?

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Topic: Renting a Condo – Advice?

Real Estate April 2, 2012 at 5:20 pm

Renting a Condo – Advice?

I’m thinking about renting my Montgomery County condo and was wondering if anyone had any advice about steps I should take getting my unit ready to rent or lessons learned based on having rented their own condo or house.  I know I have to go through the Department of Housing and Community Affairs to get licensed.
I’d like to hire someone to go through the unit and make repairs (e.g., fix the broken outlet in the bathroom, install a new over-the-range microwave, paint), but I’m not sure if one handyman could do most/all of that or if it would have to be multiple contractors.
Thanks in advance! 

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If your condo is in good condition and you live close by, I think you can manage it yourself and not waste money or hiring a management company. I rent my condo out myself and can’t believe how clueless the management company is that manages another unit in the in never following up on condo fees, notices to tenant etc.    Hands down, the most important thing you can do is get the best tenant and then keep them. I could raise the rent several hundred dollars and get it but losing my good tenants is not worth it.   Insist on an application fee and run a least a cursory credit check (the FULL check requires a whole other certification to do that) that confirms previous addresses.  Actually call the reference.  yes, these are hoops to jump through for you and a tenant but it helps weed out folks.   Look for people with stable employment history too.  I don’t know the MoCo laws but damn, DC makes it close to impossible to kick someone out in under 6 months even if they stop paying rent the entire time.  I can’t tell you how important this step is in finding good tenants.  

Thanks, pv4life.  I appreciate the advice and have had someone else in my building who just started renting emphasize the same thing:  good tenants.  Hopefully the steps you mentioned will go a long way towards making that happen. 

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