Become a Landlord at Your Current Home

You can become a landlord at your current home by adding on property that can be rented out. You can rent out a room in your home, construct and granny unit on your property or convert your garage into livable space. If you need to bring in more income each month you may want to look into expanded your property so that you can be a landlord.

Rent a Room Out in Your Home to Become a Landlord and Bring In More Income

Renting a room out in your home is a quick and easy way for you to become a landlord and bring in more income. You may be able to consolidate your belongings so that a room is available for rent. You will also need to set up rules and boundaries for your tenant. Let your tenant know ahead of time if they are allowed to use common areas such as the living room. It is standard to allow tenants to use the kitchen and the bathroom. You can set up hours of entry and exit and control if they have guests or not. You may also want to let your tenant know if they can wash the car in front of your home and any other rules you can think of.

When you are sharing a common area with a tenant such as the inside of your home, the rules for eviction are different. In most states, you can immediately evict someone that you share a common area with. Check on the laws in your state and county.

Construct a Granny Unit on Your Property to Become a Landlord and Bring In More Income

If you have enough land and the funds to construct a granny unit, it is preferable over having someone live in your home. You will need to make sure that it is allowed on the property you own. You can hire a contractor or be your own owner contractor. Either way, you will be required to get the proper permits and build the unit to code.

Most areas allow granny units to be constructed if their is land available and if the unit is no more than a set square footage, usually about 800 square feet or less.

Convert Your Garage to Become a Landlord and Bring In More Income

Another option for homeowners is a garage conversion. You may be able to convert your garage into a large studio apartment or into a large room to rent. You will need to get the proper permits for the job, but it may be easier for you to rent than a room inside your home. Your tenant will be able to enter and exit from the outside which is always desirable.

If you have always wanted to be a landlord and need to bring in more income, you will be able to do it with the home you currently own.

Source:

Realtor.com