Turning your home into a rental property can be a daunting task, and many people don't where to start. Here, we have suggested a simple process to prepare yourself for the world of rentals.
Call Your Mortgage Broker
The first thing you should do when considering renting your home is to make sure your mortgage will allow it. The easiest way to find that is to call your bank or lender. They would be able to instruct you about what you need to do to convert your property into a rental. You don't want to try and rent your home without getting approval from the people who hold the loan.
Call Your Insurance Company
The second step to becoming a landlord is to make sure that you are properly insured. Call your home owner's insurance provider, and ask what you need to do to convert your policy into a rental insurance policy. This may also be a good time to see if you can negotiate your rate down or ask about what savings you qualify for. In some cases, you may save more money with a rental policy than a homeowner's policy, so don't skip this step!
Call Your Tax Person
Even if it isn't close to tax season, you should talk to your accountant or tax professional to learn what deductions you qualify for and what documents you need to keep track of as a landlord. If you don't have an accountant or tax professional, and you are a military service member, you may be able to get free tax preparation on post or discounts from tax professionals off post.
Call a Property Manager
Before you start trying to find tenants and drafting leases, call a property manager. You'll want to know what options you have. A great property manager is completely worth the money -- saving you time by finding tenants quickly, saving you headaches by making sure all legal documents are up to date and correct, and saving you money by scheduling preventative maintenance and working with the best vendors in town.
Though you may not know where start when making your home a rental, you can make the property management experience stress-free when you hire the right manager. Use our free guide to find the right property manager for you. Check it out here.