Newbie
I currently own my home. I am looking to move and upgrade. I don't have enough equity to sell my house. I have a friend that owns several rental properties and suggested that I rent my current home. The current mortage is 200,000 and I am working with a broker to refi my current home to an interest only cash flow loan. I will pay princpal and interest but like the flexibilty just in case The PITI will be around $1000 per month. My house will rent for about $1400 a month. Since I am new to this what should I be concerned with. My friend has 5 rental properties and will help with screening applicants and such. Thanks
There are risks and rewards associated with being involved with rental properties. Its not for everyone. To get you familiar with what is involved, pick up a copy of Property Management for Dummy's (there are other good books as well) and give it a read. Screening applicants is one very important task, but there are many other tasks you'll need to do, to be successful. Good luck