Renting out a House With a Mortgage

So you have a mortgage on your house and you want to rent it out.

The main considerations are; the mortgage and interest, the property taxes, insurance, and maintenance.

So long as you are able to continue making the loan, interest, tax, and insurance payments on the property, then you should not have a problem renting the property as far as your mortgage lender is concerned.

The only problem might arise is that, the market conditions may not allow you to charge enough rent to allow you to cover the above mentioned costs.  In this case you will have to make up the difference out of your own pocket.

Don’t forget about the utilities, are the tenants paying for the utilities? Then you’re ok. If you are paying for some of the utilities you will need to keep this cost in mind as part of your overall cost to rent the house.

Lastly, you will want to make sure your house is properly maintained. If you use a property management firm, they should do a visual inspection every few months to ensure it is being kept up.

 

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