Hi! About a year and a half ago I purchased my first property in North Carolina. It is a single-family residence, and I am now considering renting the property out for some extra income. The location is relatively convenient, and near decent schools, shopping, restaurants. Any advice on my renting my home out would be greatly appreciated. Tips? Tricks? Things to be aware of?
Lender · Brunswick County, NC · Member since 2019 · 20 posts · 21 votes
7y
Hi Kedric - If you're planning to manage the property on your own I'd recommend being selective during the screening process. Run a credit and background check and verify employment / earnings to make sure the tenant can afford the home. Best of luck in becoming a landlord!
Lender · Brunswick County, NC · Member since 2019 · 20 posts · 21 votes
7y
Hi Kedric - If you're planning to manage the property on your own I'd recommend being selective during the screening process. Run a credit and background check and verify employment / earnings to make sure the tenant can afford the home. Best of luck in becoming a landlord!
Investor · Raleigh, NC · Member since 2016 · 54 posts · 21 votes
7y
Hi Kedric, You can also use Rentometer.com to get a great estimate of what the average rents are for your market, it gives a fairly close estimate. Then check craigslist to see what other homes similar to yours may be renting out for in your area. Do not agree to any changes/additions to your rules on just a handshake put it on paper on the Lease Agreement contract. If you do not have a contract you can definitely find some on Biggerpockets.
Any advice around updating the property beforehand, or potentially leaving everything as is? The major appliances/systems are practically new, but flooring, kitchen cabinets, and bathrooms have not been updated since the early 90s.