Renting an Owner Home

• 1). Obtain a recent copy of your credit report. One can be ordered through annualcreditreport.com. You should also purchase your FICO score (a three-digit number ranging from 350 to 850) so you know where you stand on the credit spectrum. Any score above 700 is excellent and any score below 600 is poor. Most landlords pull credit reports on prospective tenants to ensure they are responsible with other bills.
  
  
• 2). Find a suitable home. Choose your home based on proximity to major services, highways, neighborhoods, schools, or whatever you deem most important. However, make sure to look at all properties prior to negotiating a price for rent.
  
  
• 3). Research the property at the Registry of Deeds, especially if you're considering remaining at the home for an extended period of time. Look for unpaid taxes or utility liens and adjustable rate riders. All of these documents are red flags signaling that the owner may need to sell the property in the near future.
  
  
• 4). Negotiate a rent price with the mortgage holder (landlord). While most landlords have firm prices in mind, you can always attempt to negotiate a lower price, especially if the home has some obvious flaws or if you are expected to contribute an unfair amount in utilities.
  
  
• 5). Review the lease agreement with a trusted friend or advisor like your accountant or attorney. Make sure the terms are fair and legitimate. Adjust the lease if necessary and make sure to get a signed copy for your own records.