A few questions to answer before you hammer a “for rent” sign in your front yard near Ft. Eustis, Langley AFB, and Williamsburg.
Faced with a mandatory move and a house that won’t budge? If you’re thinking about renting it out, you should review a few of these questions.
1. Do you have enough money to manage a rental home? It comes down to cash flow; you have to plan for the worst-case scenario, such as paying expenses without having renters.
2. Do you want to return to the house one day? For us Active duty that have to move to a new military installation from an area renting the home could be a smart plan.
3. Do you have the temperament for tenants? You’ll have to deal with maintenance, and you’ll have to call when the rent is late. Hiring a property manager as liaison with tenants can provide objectivity. This can be another expense, but you might just find it is well worth the cost and peace of mind.
4. Do you live in a rental community? Consider whether you’ll have a steady stream of creditworthy renters to choose from. Active duty in the Hampton Roads area being
close to many major installations provides a lot of potential candidates.
5. Do you have business sense? As a Landlord you deal with accounting, tax
deductions, and leases. This is why turning to a property manager for help can help you maintain this.
6. Do you have an exit strategy? Think about what will
happen to your financial situation if you can’t sell at a profit down the road.
This is really an investment risk decision.