Are you tempted to rent your Silicon Valley home? Are the high rents tempting you to rent your home ?
Well becoming a landlord requires some serous planning. In fact you might want to considering retaining a property manager to help you.
But before you list your home online, you should consider these 7 questions:
Ability to Pay: What is your tenant is unable to make the monthly payment? Will you be able to evict them?
How Much Rent: How much rent will you charge? You can use an application called Rentometer to determine the range of rents being collected on homes within 2 mile radius of your home.
Eviction Help: Have you interviewed experienced eviction attorneys in case a challenge does arise?
Pets: Will allow pets? What kind of pets will you allow? Will you have to buy additional insurance in case your tenants pets attacks neighbors?
Rent Collection: How will you collect the rent? Wire, online payments? There are some neat options such as Cozy that will allow you to collect online rent payment for a $9 dollar fee.
Inspections: How often will you do a physical inspection of the property? How much advance notice you will need to provide to your tenants prior to inspection?
Repair Reserves: Will you have funds set aside for any damage to appliances, flooring and paint?
Contact Us if you need help answering these questions on your Los Gatos, Campbell, Saratoga and San Jose rentals.