Turning Primary Condo into Rental - Newbie Investor
Hi BP Family,
I've purchased a condo as my primary residence May 2019 and after getting bit by the bug for RE Investing of early December 2019, my goal is to do small renovations and turn it into a rental property. I've read my condo bylaws and lucky for me, I can turn it into a rental after staying in the property for 1 year. I've analyzed the property several times and I came to the conclusion on the lowest, median and highest rental income I'll take which range from $1375-1500. After my analyzing, I am wonder when renting out a condo do the renter pay the HOA fee($185) or the Landlord? This is something I didn't factor into since my assumption will be the renter will cover HOA fee on top of rental rate. I'm open to hearing your suggestions.