Renting out your home is an option when the selling is not going so well or not an option due to financial obligations and you need to move. In some cases…it works. I most cases..not so much. Here are some things you should consider before renting out your home.

- Rent is a great way to supplement your income; rent is not a dependable source of income

- Make sure you dont depend on the rent to cover the mortgage payment, you need another insurance or back up plan to cover the mortgage payment; Renters in general are renters for a reason and its usually because they are not so good with paying their bills and/or on time.

- Do your homework ahead of time and see what rental rates are in your neighborhood, calls signs, check craigslist, look at paper and make surethe rental amount covers your mortgage, taxes, insurance and repairs.

- Make sure you have an updated copy of the landlord tenent act book for your county. The rules are different in every county and the eviction process is different in every county. You need to know your rights and responsibilities and also the tenants rights and responsibilities, I guarantee your renters know what they can and cannot do and what you are required to do.

- Check your mortgage paperwork and make sure you are allowed to rent out your home, some have clauses that prevent you from using it as a rental property.

- Make sure you are updated on how you will be taxed.. You will have to show the rent received as income minus your expenses and also it will change your status from primary homewoner to investment which can impend different tax brackets.

- You will need to change your insurance to cover the dwelling not the contents and make sure to let your renters know if anything happens to property that their contents will not be covered unless they get renters insurance, a lot of renters have no idea until a claim comes up that they have lost everything. You will need to keep mortgage company notified of insurance changes.

- Make sure you have a rental agreement that covers various topics that should arise such as late fees, repairs, where to send payments, include your city and state laws on mowing, extra vehicles, explain the course of action if failure to participate in each section and make sure you enforce them from the start….

- Keep in mind that it is your responsibility to make sure the home is paid for, maintained and out of trouble with the city (complaints and violations)

- You will need to consider repairs and establish a toolkit or team, keep in mind if you hire everything out the expenses will rise and profit will plument..make friends with your local Lowes, Home Depot and home improvement stores…your gonna need it!!