What do I need to know about renting my house?

[Nick Mauren]

I currently own a townhouse and we are looking to buy something a little bigger for our family in the coming months. My plan is to keep the current house and rent it out. I am currently in the process of refinancing because I can save around $100-$150 on my mortgage payment with a lower interest rate and hopefully no PMI.

I’ve looked at the numbers and feel pretty good that I can cash flow about $100 a month, after accounting for expenses, vacancies, etc. I’m leaning towards using somewhere like Renter’s Warehouse to find tenants but will likely manage the property myself. I just feel clueless when it comes to finding good tenants.

I’d love to hear what everyone thinks about my plan and what other things I need to consider, plan for, or may overlook.