Renting out a Single Family Home

[Joshua Pettit]

I bought my first property over a year ago with hopes of renting it out as soon as possible, but got stuck living in it until recently. The house is in the historical district and is a 3 bed/2 bath with an outside garage/storage. I moved 6.5 hours away and work a full time job. I try to come up at least once a month to mow the lawn and collect any mail I may have missed. Since I've moved out I have had at least 15 people ask about renting it out. I have spoke with 3 property managers. I need advice on setting a rent price, property management ( If I should do it myself or 3rd party), advertising, property taxes, property insurance (Do I need to switch my insurance before I rent it out?), contractors(Do people set a year long contract with plumbers, electrician, etc. when renting?), and anything that I may be missing before I rent the house out. Thank you!

[Bjorn Ahlblad]

Congrats on your first rental. Definitely change your insurance. It is not how many people who ask about a rental that counts; it is how many will pass your screening criteria. Trying to do this on your own is asking for trouble. Pick the best one from the PM's you are interviewing and get on with it. They can set the rent, call a plumber when required and get the grass cut. Make sure they will communicate, inspect twice a year, give you access to an account and the other thousand things good PM's do. Check their references. Send the PO a change of address notice if you have not done that and all the best!