Updated over 4 years ago on . Most recent reply
Seeking stories - moving out and renting my own home.
I’m moving out of my home and would love some advice about turning it into a rental. My goal is monthly cash flow. I have the capital to buy another home for us to live in, I don’t need the equity out of this home.
- do I first get renters in before I buy a new home or does it not make a difference (I can just go live in an Airbnb until I find renters and identify a new home to buy)?
- should I hire an attorney to get paperwork/contracts in place.
- advertising it (Zillow enough?)
- do I need to change my loan so it is under my business Llc?
- best practices?
- hire a management company or not?
The numbers:
- 4b/4b (+ two rooms in the finished basement).
- 3,600 sq ft (included basement)
- mortgage and insurance monthly costs: $2300
- monthly rents in my area for similar home size: $3,100
-