Updated over 5 years ago on . Most recent reply
Converting our primary residence into our first rental property
Hey all,
We are trying to get into a better neighborhood and are looking at ways to transform our current residence into a rental (or if selling the property makes more sense). The house is worth about 550k and we have about 175k in equity and have lived in it for the last 4 years. Similar properties around the area rent for about 2500-2750. We are looking at homes worth about 600-700k. Both of our sources of income are from w-2 jobs. What exactly does the whole process of what we are trying to do look like? Are there any particular professionals you would recommend we reach out to before making any decisions? How does financing work throughout this whole scenario? New to real estate investing so any input would help. Thanks in advance!