If you are thinking about moving but are looking for a second source of income, then you may be thinking about renting your property. As you look for a new home, you might be thinking about finding a home that is similar to the one Patrick Mahomes recently purchased; however, this might make it hard for you to keep your original home! One of the ways that might make this easier is to rent it out. At the same time, are you going to be able to manage your home from a distance?
Hiring a property manager might make this easier. A property manager is someone who is responsible for essentially handling all of the things that you otherwise would if you were renting out the home on your own. For example, if there is a repair that comes up while someone is renting out your home, a property manager can find someone to handle the repair. If you have questions about switching cable or internet packages, the property manager would be able to handle this for you as well.
Importantly, a property manager can also help you make sure that the home stays rented, preventing any break in the income stream. That way, you can focus on whatever it is you have to do to adjust to your new home. Even though it is true that a property manager will take a portion of the rental income in the form of commission, this might be worth it for the stress relief this provides. That way, you do not have to worry about maintenance or repair bills if they arise. Furthermore, you also do not have to worry about getting a call from a renter with a question in the middle of the night.
Therefore, if you would like to generate a second stream of income and would rather not sell your first home, you may want to consider hiring a property manager to manage your first home as a rental property. This is also a great way to diversify your investments.