renting out your 2nd home

If you own a house that is underwater in terms of money owed versus what the markey thinks it is worth, there is a way to slow the flow of red ink. Renting out that second property is a great way to make some extra money while you wait for the housing market to return to profitability, you may decide that it makes more sense to hang onto a home rather than flip it outright. The money may be less up front but what you trade for the 'now,' you make up for in the long run.

One problem with doing this is that finding and maintaining a rental property is not as simple as it sounds. Do you know how to screen a potential tenant and keep ahead of the maintenance? Do you even have the time or the skills involved? If I was going to do this I would offload these (and many other headaches) to finding a property manager that specializes in your area, so a Property Manager in Cincinnati would be the best person to talk to if I had Ohio houses to look after. It may cost a bit more but what price can you put on piece of mind, particularly with so many people skipping out on a lease these days! (It has already happened to one friend of mine!)