so I'm thinking I would probably like to rent my house out, and I will probably just live in a smaller apt(as that is enough for me).
Good thing is that while I'm saving money living in a smaller place, someone else is paying my mortgage and building my equity.
bad thing is that I'm scared of someone either 1)trashing the house, 2)does not pay the rent and puts me in a bad financial position with 2 dwelling payments.
Has anyone ever done this? Will I need a lawyer to draft up the contract? What other legal jargon do I need to worry about and how do I find the right tenants?
any experience whether this was successful or not?
Good thing is that while I'm saving money living in a smaller place, someone else is paying my mortgage and building my equity.
bad thing is that I'm scared of someone either 1)trashing the house, 2)does not pay the rent and puts me in a bad financial position with 2 dwelling payments.
Has anyone ever done this? Will I need a lawyer to draft up the contract? What other legal jargon do I need to worry about and how do I find the right tenants?
any experience whether this was successful or not?