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My House is Rented!

April 20th, 2011 at 02:17 pm

I listed my other house for rent in the newspaper and it is rented! I like the couple, young just getting out on their own. Hopefully everything will work out okay. Since this is my first time renting, I didn't think about references until it was too late. But I had them sign a month to month rental agreement so I can always make them leave if they don't pay on time. I am taking the security deposit and opening a savings account at a different bank than I have my checking with. That way I won't transfer it if I need it. My goal is to not use it for anything, just let it sit.

7 Responses to “My House is Rented!”

  1. PNW Mom Says:

    Congratulations!

  2. NJDebbie Says:

    Actually, you may want to check what the rules are about security deposits in your state. In New Jersey, security deposits have to be deposited in an interest bearing account. When the tenants leave your place, you have 30 days to return their money + interest (the money has accumulated) minus any deductions for any damages. I think you did the right thing about renting month to month.

  3. creditcardfree Says:

    I'm glad you have renters and I hope that it works out great. The ideal situation would be that the couple rents for years and always pays on time. Fingers crossed!!

  4. North Georgia Gal Says:

    NJD...I thought that might be the case which is why I put it into a savings account. I just looked online though and GA doesn't require that the deposit be put into an interest bearing account.

  5. LittleMsMom Says:

    I hope you have great luck with your rental.

    Maybe when you set up the savings account you can decline the ATM card, that way the only way to get the money out is to go to the bank.

    If you deposit the money then forget about it, no online account, just mailed statement. It will be easier to resist the desire to use that money if money gets tight (since at some unknown date you have to hand it over, which could compound your money situation if you have to borrow money to repay the money from the deposit).

  6. FrugalTexan75 Says:

    Congratulations! I hope that they work out well.

  7. scottish girl Says:

    Hope they work out well.

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