If you’re like many people, you own a property you don’t live in – and whether that’s because you wanted to sell and couldn’t, you inherited the property, or you chose to become a landlord, you can benefit from working with a property manager who can help maximize your profits. This guide explains how to make money by renting out your house in Boston.
How to Make Money by Renting Out Your House
Record numbers of Americans are renting, which means that if you own a property that you don’t live in, you could potentially make a significant profit. In the worst-case scenario, you’re at least likely to make enough to cover your monthly mortgage payment. But renting or leasing your home to a tenant on a long-term basis can be incredibly challenging, so here’s how to do it.
- Research current rental prices
- Find a property manager
- Let the property manager find tenants, create a lease, handle repair requests and deal with the financials
- Collect rents
Sounds easy, right? Here’s a closer look at each step.
Step 1 to Making Money by Renting Out Your House: Research Current Rental Prices
The only way it would make sense for you to rent out your home rather than sell it is if you could make enough money to at least cover your monthly mortgage payment. If you’d lose money each month, it may be better for you to lower your asking price and wait for the home to sell – otherwise, you could be looking at a bigger financial drain than you bargained for.
Check out rental properties that are similar to yours – you can see many of them online – and find out what other owners are charging. If your mortgage payment is lower than the average rent for homes like yours, it’s time to head to Step 2.
Step 2 to Making Money by Renting Out Your House: Find a Property Manager
Working with a property manager means you don’t have to do any of the heavy lifting. Your property manager will handle it all so you can focus on other things, whether you’re making other investments or you simply don’t want dealing with tenants to become a full-time job. Working with a property manager eliminates all the headaches day-to-day landlords deal with.
Step 3 to Making Money by Renting Out Your House: Let Your Property Manager Find Tenants, Create a Lease, Handle Repair Requests and Deal With the Financials
Your property manager’s job involves:
- Advertising for tenants
- Tenant screening (including background checks)
- Rent and fee collection
- 24-hour emergency maintenance and repair
- Standard repair and maintenance requests
- Annual property inspections
- Tenant calls, emails and texts
- Lease renewals and rent increases
- Move-out inspections
Managing a rental property can quickly become a full-time job, which is why it’s so smart to hire a Boston-based property manager to handle all the work for you.
Step 4 to Making Money by Renting Out Your House: Collect Rents
The last step in making money by renting out your house is to wait for your rental profits to come in. Your property manager will handle rent and fee collection. After your tenant pays, your property manager will withhold his or her fee and deposit the rest in your bank account. Your property manager will even send you the appropriate tax forms before it’s time to file next year’s taxes – you really don’t have to worry about any of it.
Do You Need to Talk to a Property Manager?
We’re here to help you every step of the way – all you need to do is sit back and collect your rent payments.
Call us at 617-262-3075 or fill out the form below now to find out how we can take all the stress out of renting out a property in Boston. We’ll take it from here!