If you have never been a landlord there is much to consider and despite the allure of covering costs with rent money and (hopefully) generating an increase in value in the coming years, there can be a downside to the equation.
This is a great article from Smart Money that addresses the monetary portion http://www.smartmoney.com/taxes/income/so-you-want-to-be-a-l
and Kiplinger offers some insight on being a landlord. http://www.kiplinger.com/magazine/archives/how-to-be-a-landl
I wish you the best of luck and if I can be of any additional assistance please feel free to contact me directly at 201-400-2980. Best of luck!
Good luck to you!
Unwavering Commitment to Service, Unsurpassed Results
It is not just about the Math, nowever
There is a lot more to being a Landlord than that.
You will need an Agent familiar with the "slings and arrows" of Real Estate investing.
I own 4 Residential Investment properties.
I have helped many others over the years as well.