If you have a primary residence that you’re considering converting into a rental property, what’s the best way to do that? Are there specific steps you need to take to be successful? That’s the first question I’m answering on this Q&A episode!
On this episode of Investing in Real Estate, I’m answering three of your thoughtful questions on turning your home into an investment, researching short-term markets, and creative ways to find a down payment. Join me for this episode!
On this episode you’ll learn:
- What to consider before turning your primary home into a rental property.
- How to research a short-term rental market.
- Creative options for coming up with a down payment.
What to Consider Before Turning Your Primary Home Into a Rental Property
I think that converting your home into a rental property can be a great idea. There are a lot of options, and you just need to make sure you run your numbers. If you’re planning on house hacking, I think that’s always an excellent idea. If you’re planning on moving out, I would suggest reaching out to your bank to see what you need to do with your mortgage. You should also find a local property management company that can help you determine how much rent you can expect. No matter what route you take, I do suggest hiring a property management team.
How to Research a Short-Term Rental Market
When you’re trying to research a short-term rental market, you can use sites like Airbnb and VRBO to check for demand. Is there a lot of availability? Check some dates to see how competitive it is. From there, I would suggest reaching out to local vacation rental companies to see if they can give you some advice based on the location. Also be sure to check out my video about 10 things to look for in a rental market.
Creative Options for Coming Up with a Down Payment
When you’re considering ways to come up with a down payment, there are many options. I’d suggest considering a real estate partnership, looking into the equity position in your home, using funds in a retirement account, or pursuing private money. Here’s a live video I did last week on 10 creative ways to buy real estate.
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