Are you moving internationally but just don’t want to give up your domestic abode? Perhaps you plan to return home someday, or maybe you’re struggling to sell your place. Renting out your U.S. home while you live internationally can be a viable option for many folks.
However, serving as a landlord when you’re overseas might be challenging. After all, you can’t just stop by any time to collect rent or fix a minor maintenance issue. Here are some tips to help you rent out your pad hassle-free while you’re living overseas.
Find a Property Management Company
Property management companies are ideal for your situation. When being a hands-on landlord simply isn’t possible, a property management company can take care of the month-to-month landlord duties. These companies can collect rent and respond to any maintenance issues, which will be much more convenient than you performing those tasks from afar. While you do have to pay these companies a fee for their services, you might find the fee well worth it when you’re asleep in Sri Lanka and get a call about a broken water pipe.
Ask Family and Friends for Help
Perhaps you want to keep the full rent amount each month to cover your mortgage. Instead of hiring a property management company, you can save some money by finding a trusted family member or friend to serve as your domestic landlord while you’re living abroad. Your brother might be able to help collect rent and then transfer money online to you. A friend or neighbor could help address any maintenance issues, either checking them out for you or finding a plumber or electrician to address any problems. Be prepared to owe them a big favor.
Line Up the Pros
Make a contact list of contractors and other professionals whom you can call upon in the event of emergencies. Find a plumber, electrician, and handyman that you can reach out to for any maintenance needs. If your tenants won’t be taking care of the lawn and landscaping, find a reliable lawn care company to mow the grass, trim the bushes, and pull weeds. With some planning, you’ll be able to respond quickly when a tenant issue arises.
Set Up Payments
While you’re serving as an international landlord, you’ll need the ability to collect rent. There are many options that easily and securely allow your tenants to send money to you online, or perform an international money transfer.
With some careful planning and the use of technology, your stint as an intentional landlord should be a snap. Bon voyage!