Life changes create many opportunities.
Often times people become accidental landlords. Some people own their home and then move for a job opportunity but don't want to sell their home because they may want to move back in a couple of years.
If you are looking to rent out your property long term here is a list of items to consider:
- Update your insurance policy: some insurance claims can be denied because the insurance didn't know that your property was being used as a rental.
- Run the numbers: it's important to make sure the numbers make sense. Doing the math to see your cash flow is really easy.
- Doing your research: should you self manage or should you hire a property manager.