Selling current single family home or renting it out?

[Alejandro Cuevas]

Good evening BiggerPockets community!

My wife and I currently own a single family home in Bolingbrook, IL and are working with a realtor and loan officer at the moment to purchase our first multi-unit property. It is looking as though our best option is to move out of our house and house hack into the multi-family home so that we wouldn't put down a large down payment. We do not mind moving out of our primary residence if it means that we can start on our investment journey. I would like to know if anyone has had any experience renting out a single family house in or near Bolingbrook, IL. We do not want to get rid of this house because we would like to add it to our portfolio in the long run. However, we want to ensure that there is a market for single family homes in the area that would guarantee us to rent it out. We would appreciate if you have any insight or advice.

Thanks!

Alex

[John Warren]

@Alejandro Cuevas I like the idea of not selling your house if the numbers work for it to be a rental. One thing to keep in mind is that there will be wear and tear on the home, so if you have emotional attachment to it then you may have a stressful re entry in a year or two. You also always want to keep the 2 out of the last 5 years rule in the back of your mind so that you can sell without incurring capital gains or depreciation recapture in the future.