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

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 15 January 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Expand Your Investing Knowledge With the BiggerPockets Books Be a Guest on the BiggerPockets Podcast Ask David Your Question David's BiggerPockets Profile David's Instagram Henry's BiggerPockets Profile Henry's Instagram Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's X/Twitter Rob's YouTube 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 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is the Bigger Pockets Podcast Show 872.
0:04.0	What's going on everyone? This is David Green,
0:06.0	your host of the BiggerPockets Real Estate Podcast.
0:08.0	Joined today by two season professionals in the
0:11.0	real estate space and good friends of mine
0:13.0	Rob Albisolo and Henry Washington.
0:15.0	What's going on gentlemen?
0:16.0	Very happy to be here and if I were a seasoning, I would be paprika.
0:21.0	How are you doing Henry?
0:22.0	I am doing great and if I were a
0:25.5	seasoning I would be salty because David Green's beard is longer than mine now.
0:29.8	That's good that's good and what spice would you be David? I would I would be flower. I'm very boring
0:36.7	No no no you are you are my pepper sir and on that note we have a spicy show for everybody today called How to Turn Your Primary Home
0:45.8	into a rental property, and I think our friend Henry Washington here has done this now a few times?
0:51.3	Yeah, absolutely I have. I have I've lived in three maybe four houses
0:57.8	now that are in my portfolio so yes I have turned many of my primary
1:02.4	homes into rental properties.
1:04.0	Well, you've got me topped.
1:04.9	I've done it two times now, and yeah, it's always a scramble every time,
1:08.6	but it's always a fun adventure.
1:10.0	The reason we're making the show is because Americans have over 30 trillion dollars trapped in equity in their homes right now.
1:15.5	And so if we put that into perspective, that's about $274,000 per American who owns a home.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.