Whether you’ve already moved, are planning on a move, or are only temporarily moving- converting your home into a rental may be an option worth considering. Transforming your home into a rental can have many benefits, but also comes with many risks and is certainly not for everyone.
Study your area and look for other rentals nearby. Check for how many are around, find out what the going rent is for a home similar to yours, and check for a good potential pool of tenants.
Is your home in good shape?
Repairs that you have been putting off for another day will suddenly have to be made. Are you ready and able to do them?
Do you have the extra cash required?
If you cannot afford to leave the home vacant for a few months or do not have the required reserves for your mortgage(s), then this may not be the right option for you.
Are you ready to be a landlord?
Finding tenants, getting leases signed, and making immediate repairs can take some time, the success our owners have seen can help you decided whether it’s right for you. The Corporate Housing By Owner blog, owners handbook, and resources can be valuable tools in cutting down on the amount of time you spend learning about becoming a landlord and provide an extensive library of helpful tips.
Be sure to thoroughly do your homework and always discuss financial decisions with a knowledgeable professional.