So, you want to know how to rent your house out. Maybe you’re upsizing or downsizing, moving away for work, or just want to buy another primary residence and take advantage of low-money down loans. Whatever your reason, renting out your primary home can be a phenomenal way to get into the real estate investing game. You’ll make passive income, all while holding on to the equity in your home and appreciation potential. So, how do you start?
David, Henry, and Rob are all on the show today to give you a step-by-step guide to turning your primary residence into a rental property. Hundreds of properties have been owned between these three investing experts, and all of them have turned their primary residences into rental properties multiple times. But before you rent out your home, you’ll need to know if your home is even rentable.
We’ll tell you exactly what you need to know to decide whether or not your home would make a good rental, how to make the most money possible off your home with affordable finishes, added amenities, and upgrades, how to decrease your liability and keep your property safe, insuring your rental, screening tenants, collecting rent, and more. If you’re a beginner landlord or are renting out your home for the first time, you CANNOT miss this.
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In This Episode We Cover:
- How to convert your primary residence into a rental property
- How to know whether or not your home would even make a profitable rental
- Areas to invest in and what potential renters will look for
- Long-term vs. short-term rental investing and how to know which works best for your home
- Affordable finishes and amenities you can add to rent out your home for more
- What you MUST fix in your home to keep your liability as low as possible
- Landlord insurance and the one added policy you (probably) should get
- How to screen tenants, collect rent, and get substantial tax benefits
- Whether to invest in out-of-state rentals or buy property in your backyard
- And So Much More!
Links from the Show
Books Mentioned in the Show
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.
