How to Rent a House That Is Shared Marital Property

Just because a house is shared marital property doesn't mean you can't rent it. Learn how to rent a house that is shared marital property with help from a real estate professional in this free video clip.

Part of the Video Series: Real Estate Tips

Video Transcript

Hi, Rick Rapp here, broker owner of Travers Miram Realty and I'm here today to explain the best way to rent a home which is shared marital property. Renting a home that is shared marital property, this may seem like any easy task as simple as placing an ad on Craigslist and waiting for the phone to ring, but there are a lot of factors that you want to take into consideration. We all know that not all marriages work out and it's very important to protect both parties especially when dealing with real estate. These are large purchases and these are strong amounts of income coming in on an annual basis. If we don't take the time to protect ourselves before we start this process we will regret it in the future, now ways to protect yourself are as follows. Number one, you want to find a professional property manager in your area who's willing to manage the property, find your tenants and take care of any problems that arise during the rental of that property. These property managers will generally work for about 10 percent of your annual rental income. They will sometimes be paid on an annual basis or on a monthly basis. Having these property managers at your, at your disposal takes away a lot of the risk and concern involved when owning a rental property. Some things to consider when owning a shared marital property is to put the home in an LLC. Transferring ownership from a married couple into an LLC can quickly and easily reduce the risk of owning rental property. Another option would be to put the property into an irrevocable trust. This trust will protect both husband and wife should an unforeseen event happen. It's very important to do your due diligence when settling real estate transactions. Make sure you protect yourselves, protect your renters and protect your finances. Thanks for watching, that should have answered all of your questions about renting a home which is shared marital property.

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