Should you become a Landlord?

SHOULD I BECOME A LANDLORD?

Recently, a client asked me this:

“If I have the financial means to keep my current house while buying a new house, should I just keep it as an investment property and rent it out?”

Here are some things to consider:

-What do you owe on your current home? Is it paid off or almost paid off?

-Is it located in an area where it would be easy to rent out?

-Is it within close driving distance to your new house (less than an hour)?

-If you sold your current home, do you have a plan for what to do with the proceeds or would they just go into savings?

-Are you willing to take the time to handle repairs that come up with renters?

-How much can you charge for rent in the area where your house is located and how does that compare to your mortgage, taxes and insurance?

-What price could you sell your home for right now, in this market?

-Will the profit of renting it out be worth it compared to what you can get for selling it?

Keeping your home as a rental property can be a great way to make extra income if it makes sense for you financially.

What questions do you have about selling vs renting? Drop them in the comments!

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