Q: Due to a promotion, we can get a larger house for our family. Instead of selling our house, we are considering renting it. Is it hard to be a landlord? — Suzanne
A: Renting a home can also be rewarding, resulting in extra monthly money and increasing property equity. That said, being a landlord can be a lot of work and expense, and when things go wrong, they can go very wrong. You should be prepared for the worst while hoping for the best.
You should not rent your house if you cannot afford to carry the property for at least five months without getting monthly rent payments. You should have a financial reserve for repairs and free time to deal with problems that will eventually happen.
