Page 2 of 2 FirstFirst 12
Results 11 to 16 of 16

Thread: Best options to rent out an apartment

  1. #11
    Super Moderator
    Join Date
    Jan 2009
    Posts
    19,359
    Post Thanks / Like

    Default

    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.




    Super Moderator
    DR1.com

  2. #12
    *** On Vacation! ***
    Join Date
    Jul 2010
    Posts
    5,171
    Post Thanks / Like

    Default

    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. Likes CRL2017 liked this post
  4. #13
    Moderator parum momenti
    Join Date
    Apr 2014
    Posts
    5,061
    Post Thanks / Like

    Default

    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.

  5. #14
    Newbie
    Join Date
    May 2018
    Posts
    1
    Post Thanks / Like

    Default

    Renting out your home can be a great way for earning more money. AIRBNB is the best way to Renting your property in these days. Through Airbnb you can Make More Money on Your Rental Properties
    . They do all the Necessary Paper work for you.

  6. #15
    Silver
    Join Date
    Nov 2006
    Posts
    3,853
    Post Thanks / Like

    Default

    Quote Originally Posted by ElVenao View Post
    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.


    If you're "running out of time" you probably have only one really good option.

    1 - Assuming you have an atty, and they know real estate, tell them what you're doing and ask for references of a good property manager.

    2 - Hire that Property Manager to handle it for you

    3 - spend what time you have left making sure your house is ready.

    Relatives just won't do it properly regardless of their good intentions, they have their own lives and also won't know property management.

    And if you do it yourself, and try to absentee manage you could have some serious headaches not to mention loss of value, etc. Get a professional. Believe me, I've been doing it a long time.

  7. #16
    Bronze
    Join Date
    Oct 2010
    Posts
    1,896
    Post Thanks / Like

    Default

    Quote Originally Posted by LTSteve View Post
    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.
    This is a very common scenario, which you should fight against. In my early days of being a landlord here, I allowed a client to use his security deposit instead of paying the last month's rent because he claimed it was the only way he could pay, and it was a big mistake. He left the place in an awful state, which cost the value of the security deposit and more to put right. I also learned from this sorry episode to carry out regular checks on the apartment's condition while the tenant is staying there.

Page 2 of 2 FirstFirst 12

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •