Investment Property

Things to consider

Understand full cost of ownership

When considering the income from rent, think about the expenses. Expenses may include taxes, insurance, license fees, utilities and upkeep or expenses during vacancies.

Things to consider

Learn about tax implications

Typically, interest on a second home mortgage is tax deductible. You will qualify for additional tax benefits on a rental as well. Talk to your tax advisor to learn more.

Things to consider

Read up on your rights and responsibilities as a landlord

Learn about local licensing and ordinances, rental agreements, the eviction process, and rights and responsibilities of landlords and tenants.

Things to consider

Screen tenants

Protect your investment. Plan to run credit checks on all potential tenants as well as calling current and previous landlord references.