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Should I be writing contract?
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Martha Dalton

Posts: 9
Joined on May 22nd, 2018
Should I be writing contract?
by Martha Dalton on June 11th, 2018

Hey everyone,
I am from Oakville. I have settled here with my family. We have a house in Mississauga, near to the University of Toronto Mississauga, where currently no one is living. After my mother’s demise last year no one's staying there. So, I was thinking renting out the house to University students. Maybe it can be a help to them. So, before renting out, I’ve hired a carpet cleaning professionals  . They have helped me clean the carpet and the whole house as well.
I want to know what all things I should keep in mind before renting it out. Should I be writing a contract…? What all things should I be including in the contract if I am to write one? What are the important things I should be discussing about with the tenants?
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Peter Finklea
Mueller Community

Posts: 5
Joined on September 3rd, 2011
Should I be writing contract?
by Peter Finklea on June 13th, 2018

Hey Martha, I use to rent a condo here in Austin for several years. Contracts are essential. It covers both parties. From my experience students may not be most respectful of your property, notifying you of repairs, or even letting you know how many people are actually living there.
Since the house is out of state, I would recommend hiring a property manager to take care of finding new tenants, background checks, repairs, etc. They would ask a percentage of the rent as payment usually. They would be knowledgeable of current rental rates as well.
Good luck.
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