How to Rent Your House: The Definitive Step-by-Step Guide

1. How to Rent Your House: The Definitive Step-by-Step Guide Is it a good idea to rent out your home? The first item to consider is whether you should rent or sell your home. I'd like to present some arguments for why you should rent out your home. This is why. • While your primary residence is a need in life, it is rarely an asset or an investment. You make money when you have an asset. You lose money when you have a liability. You can turn a liability into an asset by renting out your property. You can keep your home while the rental revenue pays down your debt. Rental property values will (ideally) rise over time, increasing your wealth. You will have more monthly cash flow if you can rent out your residence for more than your monthly expenses. That's what all potential landlords want to achieve, mansions for sale in long island and it's what we at Bigger Pockets want to help you achieve. • Begin your investment career with no out-of-pocket expenses. Renting out your home could be the first step in a tried-and-true wealth-building strategy. Many real estate investors begin by renting out their properties while upgrading to larger or better dwellings. You may end up owning many properties “free and clear” by the time you are ready to retire, long island homes for sale earning monthly rental income or a lump payment if you sell. • Keep the option of returning to the house in mind. This is especially useful if you've had to relocate swiftly due to a temporary work transfer.