Have you been trying to decide whether to rent or sell your home?

It is a great problem to have, but one to be very careful evaluating. Many of our brokers have rentals and have built strong returns over the years. Depending on your capacity, renting can be a great opportunity or a huge burden for your time, money and resources. We have a list of questions to ask yourself when making the assessment.

 

 

  • How much capital do you have on hand for multiple homes if something breaks?
  • Do you want to manage tenants yourself or have a property manager take care of everything for a monthly fee?
  • What is your ROI goal?
  • What happens if the property goes vacant for a month or two and how does that affect your ROI? If it is vacant, do you have the reserves to support both home mortgages and for how long?
  • What is your long-term plan for the property?
  • If a tenant trashes the property, do you have the resources to repair it?
  • Do you have a system for background checks, credit checks, employment verification for tenants?
  • Do you have a lease that protects you in case of a need for eviction?

The answers to these questions will help you determine how prepared you are to become a landlord, and if you have the financial capacity to take the risks necessary. If you would like more information and help with your assessments, please call us, 720-606-5556 and we will help you examine your specific situation.