Planning to Rent Your Home?
Think hard before you do so. Here are some considerations:
- Can you afford the capital gains tax when you sell?
- Do you have enough cash flow to carry the house for 3 months if you have to evict the tentant?
- Are you prepared to send an evition letter if the tenant tells you to use the security deposit as rent?
- Did you rent to the first person willing to rent it or did you chose the best candidate?
- Did you actually run the tenants credit report or did you get it from the tenant and/or realtor?