Accidental landlords

Golden Valley, MN. Room Addition.

There are six things to keep in mind when deciding to become a ”accidental landlord”. One: Monitor your cash flow and make sure its positive. Two: Budget for an agent or manager, who generally will require ten percent of the monthly rent. Three: Making your home into a rental has the potability of lowering the property value. Four: Possible buyers can’t purchase your building until all the leases are up. Five: You, as the landlord, will need to change the insurance on the home. Six: Having a mortgage on your home can make it hard to purchase a new home.

“If you want to sell your current home, but have little or no equity, you may have to come up with tens of thousands of dollars at the closing table to satisfy your loan. Or you could become an “accidental landlord” and rent out the house until the real estate market improves.”

Read full article: 6 reality checks for accidental landlords

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 Golden Valley, MN. Room Addition.