All Forum Posts by: Gloria De la Fuente

@Gloria De la Fuente

Go for it! But don't do a month to month lease, go for the 12 month lease. Get the house clean, take great photos, write a detailed description of the property and lease terms for the listing, price comparable properties on Zillow, pick the median price, not the max, if you price it too high you will get unqualified applicants, then list it on Zillow Rental Manager. Reply to every inquiry, but make people apply through Zillow, so you can view their Credit Report, Background Check, and Income. The key is to attract a great tenant that is over qualified, I like 700+ credit score, clear background check and income 4x rent. I use Zillow for payments too, it's easy and free. Good luck!

Your new purchase will have a mortgage payment that is much higher than market rent, but in a couple years you will be able to refinance and rents will continue to increase over time, so you will be able to do it again at that point, just make sure you have a least 6+ months of reserves.

Here is a post I did about how I kept my house as a rental, then did it again. https://www.biggerpockets.com/...

I think if you are interested in becoming a landlord or want to try this would be a low stakes way to do it. Sign a month to month lease and if it does not go well or you do not like it. You can always sell the house. Also want to check with a lender and make sure your debt to income will support 2 house purchases.

@Gloria De la Fuente

Do you actually want to become a landlord, or just really don't want to lose your low-interest rate? Many people are keeping properties they don't want now because of their low-interest rates.