So you are interested in renting out your property. You’ll soon find that you are
not alone. For many homeowners in these market conditions, renting out your home
is the only available option.
Before making your decision of renting your property, we strongly suggest you speak
with a professional realtor to gain a better understanding of the market conditions
in your area and make the rent virus sell decision together. There are many great
realtors who are members of this site; you can simple search from them here.
You should review this strategy with your financial and or tax advisors. There are
a lot of out-of-pocket expenses you can deduct related to managing your rental property.
Potential deductions include your mortgage interest payments, insurance, property
taxes, maintenance, repairs, cleaning services and the cost of travel expenses incurred
managing your rental.
If you are not handy and are not interested in making repairs, collecting rent or
being very involved with the tenants, then consider a property manager. They will
charge a monthly fee but take on all the burden of renting your home and dealing
with tenants, problems and collecting rent. You can search and find a professional
property managers right here on our site.
So you have now made the decision to rent you home or vacation home. You’ll want
to get educated and organized before your hand your keys over to someone else. There
are many resources online that you can easily search that provide resources for
renting your home. Here is a good start at a list items you should address.
- • Check local zoning and building regulations on rental restrictions
- • Review your mortgage documents for any rental restrictions
- • Understand your insurance policy and make sure you are covered for renting
- • Remove valuables from the property and take pictures of each room
- • Make sure all appliances and mechanical equipment in good working condition
- • Supply renter with instructions on how to use & control appliances and equipment
- • Consider using a professional property manager to handle emergencies
- • Decide on using a professional cleaning service before each rental
- • Review rentals in your area to better determine your monthly rent
- • Understand state and federal landlord & tenant laws
- • Create a rental lease that adheres to state and federal guidelines
- • Where possible, obtain a security deposit
- • Advertise your property on openspace.com…it’s FREE
- • Strongly research before buying a listing membership on paid sites
- • Traditional yard signs are still most effective…we offer them here cheap
- • Screen all tenants the same way and keep track of your records…it’s the law
- • Background checks are suggested, research the various online companies
- • Review your rental agreement with your renter during your walk through
- • Use automated payment like ones available at openspace.com
- • Use a financial software program and track income & expenses for your taxes