872: How to Turn Your Primary Residence into a Rental Property

So, you want to know how to rent your house out. Maybe you’re upsizing or downsizing, moving away for work, or just want to buy another primary residence and take advantage of low-money down loans. Whatever your reason, renting out your primary home can be a phenomenal way to get into the real estate investing game. You’ll make passive income, all while holding on to the equity in your home and appreciation potential. So, how do you start?

David, Henry, and Rob are all on the show today to give you a step-by-step guide to turning your primary residence into a rental property. Hundreds of properties have been owned between these three investing experts, and all of them have turned their primary residences into rental properties multiple times. But before you rent out your home, you’ll need to know if your home is even rentable.

We’ll tell you exactly what you need to know to decide whether or not your home would make a good rental, how to make the most money possible off your home with affordable finishes, added amenities, and upgrades, how to decrease your liability and keep your property safe, insuring your rental, screening tenants, collecting rent, and more. If you’re a beginner landlord or are renting out your home for the first time, you CANNOT miss this.

In This Episode We Cover:

How to convert your primary residence into a rental property 

How to know whether or not your home would even make a profitable rental 

Areas to invest in and what potential renters will look for

Long-term vs. short-term rental investing and how to know which works best for your home

Affordable finishes and amenities you can add to rent out your home for more

What you MUST fix in your home to keep your liability as low as possible

Landlord insurance and the one added policy you (probably) should get

How to screen tenants, collect rent, and get substantial tax benefits

Whether to invest in out-of-state rentals or buy property in your backyard

And So Much More!

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Check Out the BiggerPockets Blog Posts for Beginners

FIRE by 27 Using the “Chick-Fil-A Rule” of Real Estate

How To Rent Your House: A Step-By-Step Guide

Use RentRedi to Screen Tenants, Collect Rent, and More

Book Mentioned in the Show

Long-Distance Real Estate Investing by David Greene

Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-872

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