Need help on renting

[reian]

Ok, so, I'm going to start renting my place. I'm so new about doing this so I need some guidance.

I want to rent my place. The rent will cover my mortgage and such. This would give me about $600 profit.

I know it's important to screen for the right person.

I have many people telling me that if I don't do this the right way, I might have someone living in my place for free while I pay the mortgage.
People told me that if someone rents my place, it's hard to evict them, say they become handicapped, or the person can't find a new place to live or something where a judge can favor the rentee instead of the me.

Is this true?

What are some clear cut steps to renting a place? What are the first steps?
I don't want to be taken advantage and end up having someone living in my place for free.

[dking]

I know several Real Estate Investors who are also Lawyers that swear by http://mrlandlord.com/

Check it out.

[padma]

It is VERY true...I used to be in that business and got out because of the headaches of finding and maintaining good tenants. It can be done, but you have to be prepared to patiently wait for the right person and not let just anyone in. The process from non-payment to eviction can take 3 months or more depending on how you handle it, so I really recommend a good attorney or property management company to handle it for you.

Check creonline.com for some good help and mrlandlord.com is also good.

[Lucius]

talk to other property owners and ask how they found good tenants - no need to reinvent the wheel. there ARE great tenants out there; ie - professors, grad students, medical/law students, empty nesters, ... focus on a selct group & go to them - via a school office, senior center, posting in places where those types go ---

if the fear of a bad experience has you under it's control, you're going in the wrong direction...for me, the WORST thing I ever THOUGHT of never happened --- focus your plan, take some action, it WILL work out!

as far as the documentation goes, do a check on them, no matter who they end up being, references et al - this should give you a further piece of mind.

the rest is mailbox money! :D

go for it.