Renting Out Your House - Is it worth the cost?

house for rent

Renting can be a profitable choice, but it requires an investment of time, money, and organization to make it work.

Here’s how to determine whether renting out your house is worth the cost.

Calculate your monthly expenses
You want to charge at least enough to cover your monthly outlay. So the first step is to use HouseLogic's free downloadable worksheet to calculate your costs. Start with regular expenses like mortgage, maintenance, and homeowners association dues. 

You may also need to upgrade your insurance coverage.

Check out prospective tenants
As a practical matter, you’ll have to formally check out your prospective renters. MrLandlord.com, an information and service site for landlords, suggests a variety of background checks: credit reports, eviction reports, and criminal background reports. None of these is expensive, but you must get your prospects’ permission. 



Account for maintenance and upgrades
Even with the most scrupulous checks, you can’t be completely sure renters will take good care of your home. If you’re not within easy driving distance of your rental property, you’ll need to arrange for someone else to keep an eye on the place, even if it’s just to make sure the lawn is mowed.

Don’t want the headaches? Read more...



Share the wealth: Bookmark and Share



Stay Informed. Stay Connected.



Backyard Wealth Facebook Become a Fan!

Backyard Wealth on Twitter Follow Us!

You Tube Stay Tuned In!

rss More on the Backyard Wealth Blog!

Views: 5

Comment

You need to be a member of Real Estate Investing - Investment Articles Forum Tips Clubs to add comments!

Join Real Estate Investing - Investment Articles Forum Tips Clubs

Reviewed Investing Websites and Software

© 2024   Created by Matt Gerchow.   Powered by

Privacy Policy  |  Report an Issue  |  Terms of Service