Is it safest to rent out my house as a 12-month lease or a month-to-month agreement?
I always imagined a 12 month lease would be best to lock in someone into my house so I don't have too much turnover. This is my first time renting out my old house, so I bought a book called the Property Management for Dummies to read. It suggests you rent out your house as a month-to-month rental, but lock in the pricing agreement for a year. This way if it's a bad renter you can get them out of the house quicker. But if it's a bad renter, does it really help out with the eviction process or does this even matter? I'm curious which is really recommended. Any suggestions or recomendations? I'm located in California in case it's necessary.
Thanks.
The safest way is to always get everything in writing, perform thorough credit checks on your potential applicants, ask to see proof of income. Month-to-month tenancies are easier for everyone, since either party can terminate at any time. But as you say that doesn't give you the permanence you might want. You could try drafting a conditional lease, which will have a fixed term for a year with the caveat that you can terminate any time in the first 90 days for any lease violations. It encourages good behavior. And of course, collect security deposits.
Mr Mortgage on Loan Mods, TARP & Home Sales 11-12-08
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