Can someone help about becoming a landlord

Question

I need to become a landlord of a house for the next two years. The area that i'm renting out to is fairly popular so do you think it would be hard to get tenants. when I hear about stories with tenants doing bad things to the home or not paying rent I usally would expect its because the landlords can't find many tenants to rent out the home. I live in Australia and would get $300 a week rent its a basic home. After costs come out to look after the home with the tenants in how much will I get after the $300 its only to fill in a gap so i'd might only have the home for a couple years. Any advice thanks.

Answer 1

My best advice is screen the tenants very carefully (call references, their work, make sure they are not lying about anything).  As the the costs, I use 20% of rent for VMR (Vacancy, Maintenance, and Repairs) though that can vary a bit.  Also, you'll need to consider the taxes, insurance, and of course the mortgage payment (but you may get a tax break for the depreciation - not sure but thats standard in the US).  

Best luck, its an experience.