If you’re relocating to a new area but are having trouble selling your house, it may be the perfect opportunity to rent your home instead. In the right scenario, you can break even or make a profit each month so you can stick with your plans to move. However, if you won’t be nearby to keep an eye on things, there are some important considerations to keep in mind. Before you make the leap and become a long-distance landlord, consider these tips as you plan your budget and weigh your options.
Hire a Property Manager
Working with Property Managers Houston helps cut back on a significant number of time-consuming responsibilities. In fact, many people choose to hire one even if they live nearby in order to avoid scheduling conflicts while protecting both their property and themselves. You’re going to need someone to check the property and handle repairs and issues that may arise. Hiring a pro can be beneficial.
Consider Rent Payment Methods
Having your tenant drop a check in the mail each month isn’t a secure payment method for either party. It’s also difficult to pinpoint whether or not a payment was actually submitted on time, and can lead to unnecessary delays. If you’re uncomfortable using online payment websites, talk to someone at your local bank. They can help you set up a unique routing number so your tenant can make direct deposits without accessing your account.
Plan on Making Trips Back
Even if you are working with a property management company, it’s important to put eyes on your place every so often, especially with a long-term tenant. Signs of wear or damage may go unnoticed and unreported. It’s also possible that a bad renter could be trashing your property. In addition to routine visits by a local property manager, plan to inspect your place in person at least once a year.
Whether you’re near or far, becoming a landlord can have its benefits. Just be sure you plan ahead if you plan to live out of the area.