Renting my home to purchase new home
My fiance and I are looking into renting out our home and purchasing a larger home for our large family. We presently live in a 3 bedroom, and have made an offer on a 5 bedroom home , which was priced at $199.900 and the offer we made was accepted at $148,000 . In our area homes similar to ours are renting for around $850 , we've put ours at $800 without a pet and $850 with one dog . The traffic has been amazing on our property and we have a few potential renters that are very interested . This being my first rental property i'm trying to figure out how I will be able to really make any money off of it . At this point with my present mortgage being $697 a month, I will making either $103 extra a month ($1,236 yr) or $153 a month ($1,836 Yr) if they have a dog we accept. I'm falling right in line with other rentals , especially ones like ours that aren't including any utilities I guess I expected more passive income coming from it ?
I also am wondering how I would increase the rent yearly, I remember a BP podcast that mentioned this process of renting your own home to buy a larger home, but I can't recall if they mentioned increasing renting yearly or if that is just something I didn't hear correctly .
I look forward to hearing from all members willing and able to help me with these questions .