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Renting your home (weekly)

Old 06-27-2007, 08:34 AM
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Default Renting your home (weekly)

Thinking about spending a few weeks up in Rhode Island. I thought why not rent my home here in Manteo OBX for that time. I know tourist are paying big money to stay here this time of year.

Has anyone ever tried this on their own without an agency?
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Old 06-27-2007, 08:40 AM
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Default Re: Renting your home (weekly)

If you can find a tenant to match the same weeks that you will be in RI, I think it may work out. However, if you can not, how will you get the place cleaned and inspected for damage in between tenants?

Personally, I would not want some one that I do not know staying at my primary residence knowing that I am more than a few states away.
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Old 06-27-2007, 10:52 AM
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How about using craigslist for a house swap. That way you both have something invested. Check it out www.craigslist.com. I have never used this before because who the hell would want to come to Hudson.
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Old 06-28-2007, 11:24 PM
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Before you rent out your house, watch the movie "Pacific Heights".
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Old 06-28-2007, 11:43 PM
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Look up the process for evictions in your state. I am an attorney and have been asked on more than one occasion how someone can get a houseguest to leave. The story goes like this: usually some poor schmuck who decides to let some hottie stay in his home while she gets her feet on the ground and finds her own place, or some similar story.

In the end, they have to institute eviction proceedings. Yes; you heard right: eviction proceedings. Do you have any idea what those cost? Not to mention the joy and fun of having some scumbag freeloader laugh in your face every time you walk through your own front door. That's funny. It's also true. I have helped three people with similar problems. One was an attorney himself!

So, ask yourself this before you rent your home out for a week: Could I live with this person (or group of people) if they choose not to leave? Is it worth asking a local attorney about this? Is this really a risk worth taking?
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Old 06-29-2007, 06:12 AM
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Default RE: Renting your home (weekly)

I have two houses that I rent out by the week. Absolute zero problems so far. Matter of fact they have all been great people to deal with (vacation tenants are different). I advertise only on vrbo.com and the rental inquiries have been very good. I agree that matching your weeks that you will be gone will be tough. That would probably lead me to do local ads only.
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Old 06-29-2007, 07:41 AM
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Where were you 6 months ago? We have a house rented on the island for 2 weeks in August.
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Old 06-29-2007, 07:48 AM
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Check your insurance coverage. Some policies these days wont cover you for rentals. God forbid some idiot burns your house down drunk on vacation and youre SOL. Cleaning, security deposits etc all part of the fun. For a week or two its probably not worth the hassle. For a house you rent out every week it would be worth it having a RE company deal with everything. They do credit checks, hold security deposits, arrange cleaners and rent it.
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Old 06-30-2007, 07:35 AM
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Thanks for the info folks.
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Old 07-02-2007, 10:34 AM
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Default RE: Renting your home (weekly)

Also, understand that by turning your residence into a rental property you may very well loose the tax free treatment of sales proceeds (up to $500,000) on a primary residence.
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