Renting out your home (checklist)

[Billy Rowe]

Hello,

Fairly new to the site, and had a question. I plan on moving in about 3 to 4 yrs, and I want to keep my home and rent it out. Is there some sort of checklist or blog that's on here that has a step by step plan on what I should do first etc.? This is my first home, and we've lived there for 10 yrs now. Just looking to get all the info of what i need to get started from day one.

Thanks!!

[Bill S.]

@Billy Rowe it's real estate so everything is negotiable. Typically the PM gets everything. 10% per month, 50%-100% of first month's rent. Some get paid when it's vacant, and if they are in charge of collections then they get late fees as they have to expend extra effort to get the money.

Do some reading, check out books from the library on land lording and read them. Even if you hire a PM it will increase your understanding of what their job is. Finally if you hire a PM screen them harder than you would any tenant. A good PM will make you money. A bad PM will cost you more money than you can imagine, really even more than a bad tenant if that is possible.