The last several months can be seen as one of the hardest economic times of our lifetime. Many people are looking for extra ways to earn income to support themselves or their families. There are many different options, but we have one guaranteed to earn you cash.
Do you have an unoccupied house, apartment, or similar property that could be rented out throughout the year? If so, we have the perfect opportunity as a side hustle for you or your family. Renting out your home!
How to get started? We have 3 tips below that will help you get started on your renting journey.
- Understand the Responsibility
Although there are many great benefits, being a landlord does require a good amount of responsibility as well. Depending on the liability determined on the lease, you may be responsible for things like repairs, maintenance, and cleaning.
It is important to do your research and write a lease that aligns best with what you are able to offer your tenants. Never promise something you can not deliver.
- Make necessary repairs and upgrades
Safety should be a number one concern for your tenants, therefore repairs and upgrades may be necessary. You also may want to make repairs and upgrades to add a competitive edge to your property in order to bring up the value. Whatever the case may be, a good rule of thumb is not to “over-upgrade”. This means not upgrading beyond what is necessary because you may be putting more money in than what you would get out.
- Find a Property Manager
You might first be asking, what exactly does a property manager do? A property manager specializes in ensuring a rental is being operated according to the guidance given by the owner and their specific goals. Property managers make sure that responsible tenants occupy the property, payments are received on time, budgets are followed, and the rental is maintained properly.
Many times, people have full-time jobs that restrict their schedule from renting out their properties. This is why a property manager is the perfect option for you. Property managers help manage your real estate throughout the entire process and take many time-consuming tasks off your hands. They also help share the responsibility of renting to take some of the liability off your hands. 
Renting houses is one of the most legitimate ways to earn quick cash with plenty of benefits, but it is important to understand exactly what this means. Do your research, make improvements to your property, and find a reliable property manager to help you along your way.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
