Just introducing myself as I plan on using my current home as my first rental property starting in 2020. I am Jerry. 29 years old with 2 kids and a fiance.
Appraised Value - $185,000 at purchase. Current comps put the house around $210,000
Purchased in 2016 - $135,000
Currently owe $92,000
Comparable rentals in my area - $1500-$2000
I havs renovated the entire house at this point. Everything is brand new but not high end. Simple drywall, added insulation, updated electrical, added outlets, recessed lighting, mini split AC, new carpet, ect....
I have been reading a lot on here and trying to gather information to make the transition towards the end of the year. Currently live in the home but I plan to move out, buy a more suitable house for my family of 4, and start using this home as an introduction to the rental market
Roast me, tell me what I did wrong, tell me what I did right, just looking for input and advice from people who have done it, made it, failed at it, ect.
Hey @Jerry Cave Congrats on committing to getting started on this! It's a big step. As long as you have done your research to ensure it will cash flow, this sounds like a good plan.
Ensure your rental projection by asking an experienced property manager as well, just so you can be sure.
Make sure to budget aside amounts for repairs, capex, vacancy, etc.