LogFAQs > #914711717

misterbum posted...

Do you have a sense of how much rent per month you can get for your place? Get an estimate of that from Zillow if you are not sure. Then factor in all the expenses youll be paying (mortgage, taxes, insurance, any utilities your town might force you to keep in your name) to get a sense of how much money youll be making on an annual basis. Then factor in some provisions for major expenses (vacancy, repairs and maintenance, capital expenditures) to get an even more conservative sense of what your net rental income will be.

Then try to estimate what you would get selling the place. If it sounds like youd rather have the cash, sell it. If you still would be interested in renting it out to get the passive cash flow, maybe start looking into a property management company as another poster mentioned. If you can factor it in the budget, it could be well worth it to alleviate most of the direct stress to you that being a landlord can bring.

Id personally rather be a full time landlord and make a living off rental properties than work a regular 40-hr a week corporate job, but it really comes down to your personality and exactly what kind of crap you either can, or cant, deal with, and how good you are at budgeting, screening tenants, and dealing with worst-case scenarios.

Zillow estimates rental houses in my neighborhood with the same bedrooms/baths and similar amenities to be around $1300/mo. So that's a $700/mo in gross profit, before any income taxes, property management costs, vacancies, repairs, maintenance, etc.
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