I own a home which I currently live in and want to rent it out for a year or two while I move temporarily into a smaller apartment (renting). Should I rent my house out first - and then once I have a signed lease agreement and move in date for my tenant - then start looking for my apartment to move into? I am going to rent a smaller apartment while leasing out my home. Or should I find my own apartment first and then find a renter for my house? When people do this, which step do they usually take first? Thank you for your input!
If it's difficult to find a tenant for the rent you would like then I would wait until a qualified one comes along and then get an apartment.
Why would you do this? To do this right, you would need to make a commitment of time and money to learn the business. Landlording is not for everyone. Tenants can destroy your investment. You will be on a steep learning curve and most of what real estate investors learn happens when they make mistakes. I think you are making a mistake to do this, especially for only one or two years. What are your goals? Now, if you are doing this because you will be on a temporary work assignment out of town and want some income to help pay the mortgage while you are away, best to use a reputable property management company. But don't expect your house to be left in the same condition as when you left it.
Marcia Maynard, Fischer Properties | Podcast Guest on Show #83
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