Hello,
this is my first post here:
I am taking ownership of a townhouse next week. I have a potential renter for the unit, but he had a problem with his last property manager. The renter was doing a rent to own, but tried a business venture that failed. Therefore, he ran into money problems and was evicted.
My questions:
- If I rent to him which would be a better option for a lease if I had to evict him
a) month to month
b) standard year- with very strong language for rent payment, late pay and eviction policy
Renter has a steady job (10+ years), works in the credit fraud department for a major retailer. His wife has a steady job also.
- Would if be a good idea to have her signed on the lease??
I was also looking into doing automatic rent payments, to eliminate some hassels
( http://www.nail-usa.com/automatic.htm )
- Has anyone used this method of collection before? Does it eliminate some hassels in collection process?
I live in Minnesota. I feel the guy has been straight and up front with me. He told me about the prior rental problems. I want to be fair but want to avoid any hassles I can in advance.
Thanks in advance for any advice!!
Brian