Investing · Rentals
Can I become a landlord?
Many homeowners can. Answer a few questions and we'll look at your options, and you'll get our free Landlord Guide: financing, DSCR loans, your responsibilities, insurance, finding good tenants and a maintenance schedule.
1. The money
- Rent out your current home and use your equity to buy the next one.
- Investment property loan: usually 15% to 25% down, qualifying on your income.
- DSCR loan: qualifies mainly on the property's rent. How DSCR loans work →
Should I keep my home as a rental? →
Will the rent cover the costs? →
2. The job
- Following Florida's landlord-tenant law: deposits, notices, repairs, entry and evictions.
- Landlord insurance, and requiring renter's insurance.
- Screening tenants fairly, and a maintenance plan.
- Doing it yourself, or a property manager (typically one month's rent to lease it plus about 10% a month).
All covered in the free Landlord Guide.
Common questions
Can I rent out my current home and buy another?
Often, yes. Lenders usually count about 75% of the expected rent toward your income, often with a signed lease, and your equity can help with the next down payment. Talk to us before you list or move so the timing works.
What is a DSCR loan?
A loan for rental property that qualifies mainly on the rent the property brings in compared with its monthly payment, rather than on your personal income. It usually needs about 20% to 25% down.
Do I need a property manager?
No, but many landlords use one. Managers typically charge a leasing fee of about one month's rent plus about 10% of the monthly rent. Our free Landlord Guide compares managing it yourself with using a manager.
General information only, not legal advice. Speak to a Florida real estate attorney about your lease and your obligations as a landlord.
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Educational information only. This page gives general information to help you learn and plan. It is not legal, tax, financial or other professional advice, or an offer to lend. For advice on your situation, talk to a licensed professional. Terms of use