Hi Folks, I'm new to this crazy world. We are in the process of renting out our first home. I have a few questions for you experienced people. 1. Does Buildium.com make sense for just one property? 2. Do I need a lawyer to look over a lease or can I just use one online? 3. In my town (upper middle class, excellent schools), there is not one home for rent. Not one! I know that the renters nearby are paying around $1400/mo. Can I jack up the price since demand is so high? How much would you recommend jacking?! 4. Can you recommend other websites that handle the background checks and online payments? We wont be dealing with paper anything. Thanks!!!!
Welcome to the BP Family. I'm not in the rental end of the business Go onto the podcasts and select the ones that fit your needs; in the learn section there is some good material on rentals. And I'm sure other members will jump in who are in the rental end of the business Use the key work tool as well, that should keep you well informed. Again, welcome aboard.
Hi @Account Closed and welcome to BP. I can answer all of your questions.
1) Buildium is a great platform for managing your rentals and book keeping. I started using it recently for my 13 rental units and I wish I had started using it sooner. It makes taxes and general accounting so much easier. However, it may not be worth it for you single rental, unless your budget allows for it.
2) I use the lease that is approved by my state's Realtor Association. As long as you use a thorough lease, you shouldn't need to have it reviewed by an attorney.
3) It's almost impossible to recommend what asking price you should start at. I usually start a bit high and adjust accordingly based on the feedback I get from in person showings of my rentals. I certainly have rented some of my nicer units for above the average going rent for the area.
4) Buldium has a built in application, application fee collection, and screening (although it takes a bit of effort to get them all set up properly). Many BP members recommend the Experian MySmartMove.com for screening. There are some other sites that offer online application, application fee collection, and screening in one place (I believe rentapplication.net is one such option)
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