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Thread: Best options to rent out an apartment

  1. #11
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    Quote Originally Posted by ElVenao View Post
    How close to you in terms of being a relative to you is your "very trusted family"? I mean, my parents would happily, willingly and unequivocally demand me to let them take care of all these repairs, issues, etc.


    My husband’s brothers, he has 4 in SD, but two are particularly close.  Parents are a whole different category, now that you’ve said that, it changes everything.




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  2. #12
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    Quote Originally Posted by ElVenao View Post
    Hey LTSteve,

    Thanks a lot for the helpful information.



    Understood. This is what I had in mind originally. Just a little confused about your indication that the "lats's month rent is a damage and security deposit". If that is the case, and it wouldn't be counted towards the actual payment of the last month (when it comes), then shouldn't it be just called a "security deposit". Either way I have several friends that are lawyers and deal with these contract on an every day basis. Shouldn't be much of an issue.



    Good recommendation as well. Fortunately the majority (if not all) of my family and extended family lives here in Santo Domingo. A lot of them live just a couple of blocks away from my apartment so that shouldn't be an issue.



    Yes, the money would be a tremendous concern. I am paying a mortgage on my apartment and on top of that when I go to the states I will be renting so the money is always more than welcome. I really don't see many options in this case. I am running a little bit out of time hence I need to find a good quality tenant really soon (I know it can be big ask), that's why I am looking for alternatives other than the real estate agents I have happily worked with in the past.
    Yeah, you could collect first, last and a separate security deposit. What I was hoping you could avoid would be a mistake I made where my tenant didn't want to make the last months rental payment and told me to keep the "security deposit". I told him that the security deposit was to insure that the apartment was left in the same condition as when he received it. For some reason he couldn't see the logic in that. I went round and round and had to have a third party go to verify for me that the apartment was in good shape after the tenant vacated. Many tenants have their own agenda and that is what you need to guard against. You sound like you have a good understanding of what you need to do. Good luck and good travels.

  3. #13
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    You will need to collect 1st & last months rent and a separate deposit to cover potential damages. This usually takes the form of the renter having to pay the equivalent of 3 months rent before they move in and the lease stipulates that the third payment is a damage deposit. When you do this, you are required to pay interest once each year on that security deposit but no interest required for the last months rent.

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