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What to Know About Renting Your House

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From Quick Guide: Landlord Tenant Law 101

Summary: Renting a house requires being familiar with all state and local laws and legal rights of both the landlord and tenant, and these rights should be clearly outlined in a rental or lease agreement. Research the legal aspects of rental property before leasing out a home with advice from an experienced property manager and landlord in this free video on rental property.

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By Damon Thompson
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Damon Thompson owns three rental properties in Detroit, Mich., and has owned up to seven rental properties at once for more than 15 years. He is the owner and manager of all...read more

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Video Transcript

"Hi, I'm Damon Thomson. I've been a landlord for over ten years, and I have five multi-unit buildings. This is "What to Know About Renting Out Your House." The first thing you need to know in renting out your house, is you need to know what your state and local laws are. You need to be sure that you know what your rights and responsibilities as a landlord are, and you need to know what your tenants rights and responsibilities are as well. Then you need to consult an attorney. You need to make sure you speak to an attorney about what you plan to do. He will let you know about what legal issues may arise, what paperwork you need to make sure is filed. The attorney is the best thing to do and make sure that you enlist the aid of an attorney in getting that, in finding out what you need to know. What you need to realize is that you're becoming a landlord, so you're going to need to have an agreement, be it a lease agreement, or a rental agreement. So you want to make sure that everything in this agreement is spelled out clearly and concisely for both you and the tenant. You want to make sure you and your tenant are well aware and clear in what everyone's role is and what the expectations are of one another. You also need to make sure you maintain a safe and healthy environment. You want to make sure that there's smoke detectors, fire extinguishers, any type of lighting that it needs to be done, snow removal, you want to make sure that all these things are in place, and with all the information you collect from your potential tenant, you want to make sure you make the best informed choices. I'm Damon Thomson and that's "What to Know About Renting Out Your House.""

eHow Article: What to Know About Renting Your House

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