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While benefits such as tax breaks and extra income can be enticing, being a landlord can be a lot of extra work. In the end, only you can decide if it’s right for you. Below are some things for you to consider.
You can hire professionals to help you properly screen tenants and create a fair lease agreement. And, you can always hire a property manager to maintain the place. Indeed, you can choose to do as little or as much of the landlord duties as you want. However, if you have the time, energy and expertise, the more you do, the more money you will make or save.
Let’s assume you are ready to take on the responsibility and become a landlord. Here are some of the next steps you’ll need to take.
Post the rental advertisement on reputable websites. You can also post at your local grocery store, coffee shop or church if you like.
Remember, this article is just the beginning. You should also learn as much as you can about renting properties by reading other articles and talking to other landlords in your area. If you do your homework and educate yourself – and if you’re willing to take on extra responsibility - you could generate enough income to cover your bills and possibly even earn a profit.
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PNC and PNC HomeHQ are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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