A four bedroom house is a popular housing option because it can accommodate most middle-class families. Perhaps you have such a house and you’re considering renting it out. Fortunately, it’s not that difficult a transition to go from homeowner to landlord, as long as you go about it wisely.

Perhaps you need to move, but you want to keep your home and rent it out. Or maybe a transition is happening – you’re getting married, you’ve come into money or you’re about to buy a new house. For whatever reason, you’re needing to move before you’re able to sell the place. A four bedroom house might be quite desirable and could fetch a good rental price.

However, just because it isn’t difficult to rent out your four bedroom house doesn’t mean it’s a walk in the park. The extra income is nice, but owning a rental property can be challenging. You should carefully consider whether  the property is worth holding on to, whether you’ll feel comfortable with strangers moving into your home, and whether you can bring in a regular extra income while avoiding problems with tenants.

Your answers will probably depend on the place itself. If your four bedroom house is in good shape, located in a desirable part of town, and the mortgage is inexpensive or, better yet, paid off, then renting it out might be the best plan. The more your four bedroom house departs from this ideal, the more closely you should think about putting it up for sale. Treat the renting of your four bedroom house like a business.

Is this a good idea?

As a landlord, you will be responsible for providing a safe and properly functioning home for your renters. This includes proper plumbing, wiring and working appliances. You must ensure all outdoor areas and stairways are safe. You need to respond quickly to a tenant's report of the inevitable issues. You must also be willing to advertise your four-bedroom house, select the right tenants, and evict them if necessary.

If you aren’t interested in performing these duties, you can still become a landlord. You just might be better off using a professional property-management service. If you won’t be living in the same town as your four bedroom house, you must definitely get some management help.

Getting help

When you think about screening applicants, running credit checks, and being available for maintenance issues, there's a lot to be said for hiring professionals. Using a management service will cost around 10% of the monthly rent, but it might very well be worth it.

When choosing a management service, first find out exactly what services they provide. Collect references and make sure they offer 24-hour maintenance. You want a company that’s bonded and has errors-and-omissions insurance. You also need a company that keeps your funds in a separate bank trust account that’s in your name rather than a master account with everyone else’s money.

What you can do

Whether you manage the property yourself or hire others to do so, make sure you keep all rental records separate from your personal business. Other tips include:

• If you're renting out a home that used to be your primary residence, consider getting a PO Box or setting up automatic bill paying. You don’t want bills and other financial papers sent to your old address. 
• Put monthly rental payments into an account for repairs, new appliances, regular maintenance costs, and taxes that could come due. Emergencies come up and it’s best to be prepared for them. 
• Never combine rental income with your other funds. There are many laws that involve handling tenants' deposits and some require a special escrow account. Even if you don’t have to do this by law, it’s still a good idea to keep the money in a separate savings account. 
• If your state requires that you pay interest on the tenant’s deposits, learn how to calculate the interest and then decide if you'll pay the tenant every month or let it accumulate until you return the deposit.

Bad endings

No one enjoys the thought of evicting a tenant, but often it happens. In the beginning, you should take the time to screen your applicants properly and then an eviction can be avoided.

Nevertheless, things can sometimes go wrong. If you must evict a renter, don't do it yourself. You should consult an attorney who specializes in this area.

Once a tenant is late on rent, even for just a month, get in touch with a lawyer. Laws are always specific about your obligations at this point and professionalism is very important.

It’s a lot of work and responsibility to rent out a four bedroom house. If landlord duties get to be overwhelming or if a bad tenant is too much of a headache, or if you must use more and more of your savings to support the four bedroom house – then it’s time to sell it. Renting out your four bedroom house is a business and should be enjoyable. If it’s not enjoyable, sell the place and find work you enjoy.