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I Want To Rent My Home/Condo in Boston! Where Do I Begin? 

Well, first of all, I would just like to say, good thinking! Renting your property is an excellent option, especially in the Boston rental market where, I’ve personally heard many, single renters, say, “ a good, rental property is pretty hard to find!”  (my sources, of course, will remain anonymous)

Whether you are moving, relocating for work, or you have recently acquired an additional property that you either just aren’t ready to sell or would like to sell in a slightly better market, renting is smart!

Where to begin?  First ask your self a few questions:

1. Can you, a regular “Joe”, with a day job, become a landlord, avoid tenants from hell, and possibly even make a buck?

2. Is it worth hanging onto this property?

3. Will you be comfortable with strangers moving into your home?

If you answered yes, to at least 2 out three of those questions, then you are officially prepared to continue to read this blog. Congratulations!

Start Here:

Calculate your "nut." That's the total cost of keeping the place going, including mortgage payments, utilities, maintenance, yard work, repairs and any professional services you'll need, which could include property management, tax help and a legal consultant. If you're renting out your primary residence, you'll also have to decide whether to rent it furnished or unfurnished. If you leave furniture, be prepared for it to be damaged or, at the minimum, show some wear. Any personal effects, electronics, fragile items and anything else you care about should go in locked storage, either on-site or at a paid storage facility. This may be a good time to call your local, very knowledgeable Boston real estate professional! 

Next:

Estimate your rent price. A competitive rent price reflects prevailing rates, so simply adding up your cost of ownership won't do. Check newspaper ads, call property management agencies and look at online classified ads to assess the price range for similar units in your locale. Visit a few to hone your research. Again, a very good time to call your local, very smart, Boston real estate professional.

Then:

Compare the rent you think you can get with your costs.," Small Business resources, suggest working up two profit-and-loss statements: a best-case list and a more conservative one that includes all the things that could go wrong. Try this link to learn more about understanding and completing a profit and loss statement. http://www.esmalloffice.com/SBR_template.cfm?DocNumber=PL12_3500.htm

If the plan doesn't pencil out, don’t give up, there still may be very good reasons for hanging onto a rental that doesn't turn an immediate profit. Among them: tax-sheltered depreciation; the chance of a profit if property values appreciate; the need to hold a home for a family member to use later; the prospect of a worse loss incurred by selling immediately; or the simple desire to add to the value of your estate.

Screening: Please Note: Gut Instinct does not apply here! Tenant screening is perhaps a landlord's most crucial task. You may think your gut is your best ally for this job, but there are two important reasons this isn't a good idea:

It doesn't work and It's not legal.

People can look fantastic. Finding the perfect tenant most likely won’t happen, but you can find a reliable, responsible, good natured person, who will be happy to treat your home as if it were there own. Which essentially, is what you want it to be, for the length of the lease, anyway.

Don't settle for checking with the applicant's last landlord -- call at least two addresses back, since a current landlord might want to get rid of a difficult tenant. Earlier landlords feel no such constraint. I know, I probably don’t have to say it again…, but…. This may be a very good reason to check in with your local, very savvy, Boston real estate professional.

Maintenance: As for property maintenance, if you are handy, go for it. Just remember that there will come a time when you'll hit a problem you can't solve. You'll also likely want to take a vacation at some point and will need emergency resources your tenants can contact. Today, before you need it, establish a relationship with a plumber, an electrician and a carpenter whom you can trust to jump in at a moment's notice. If you aren't handy, you'll want to be extremely nice to these people, since you will definitely need them some day.

If you are still reading this, then it seems you may very likely be willing to take the leap and rent your home, condo or apartment. Good Luck! And don’t forget, if you have any questions, please call your local, very nice, Boston real estate agent for some help and or guidance!

This link will help you understand the tenant/landlord laws in Massachusetts.

http://www.mass.gov/?pageID=ocasubtopic&L=4&L0=Home&L1=Consumer&L2=Housing+Information&L3=Tenant+%26+Landlord&sid=Eoca