Getting into the rental property business is equal parts frightening and lucrative, at least it can be if you manage accordingly but most importantly get out of the gate the right way with as much information and guidance as possible.
Let's say you've moved in with your signifiant other, but you already own a home and want to turn it into a rental properly so that you're not paying for something you're not using. Seems fairly practical, right?
Well before you open up your door to a tenant, who most likely is going to be a total stranger, you need to think a few things through beforehand.
For instance, you want to make sure the house is in the kind of shape where you can get the most bang for that rental buck. More specifically, you want to get the highest rent amount possible for your new endeavor.
Now before you start putting in a new roof and rebuilding your kitchen and every bathroom in the house, ask yourself if what you have now is suitable. You don't have to make everything perfect necessarily but if there are glaring issues, fix them. If you need a new french drain, dig it out. If your basement gets water, make the water disappear.
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