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Updated 26 days ago on .

User Stats

4
Posts
1
Votes
Robert Morgan
  • New to Real Estate
  • Melbourne, FL
1
Votes |
4
Posts

Starting out by leasing our Primary Residence

Robert Morgan
  • New to Real Estate
  • Melbourne, FL
Posted

Starting our Real Estate Rental journey...Wife and I are moving across state due to a job re-location...we want to keep our primary residence while we rent an apartment.  We plan on Leasing our Primary Residence.  My daughter will be one of the tenants.  We will be looking for a duplex to purchase in the next year to add to real estate.  I do have a few questions as we start out.

1) Most important item is to protect our Primary residence.  Do we need to do some sort of Change of Address to our Title or Mortgage as we move into the apartment?  We will need to update our Personal information on our Driver's License as we start new jobs in the new location.

2) Any advice on dealing with HOAs and Leasing...Leasing is allowed, but Sub-Leasing is not.  This might be a problem.

3) Should I consider an LLC if I rent my Primary Residence...I would think that in order to keep homeowners' exemption for property tax I would have to keep it in my wife and my name...thoughts?

4) So we have two of the three tenants, but we want to find a third...any recommended tenant search tools?

I picked up the Lease documents from Bigger Pockets for Florida.  Reviewing now.

Thanks for any help!

  • Robert Morgan