How to Rent Out Your House (Step-by-Step Guide)

Рет қаралды 34,444

Күн бұрын

Пікірлер: 46

@derricklopez2054 10 ай бұрын

We did this for the first time this year. Biggest adjustment was having to repair old house, purchase new house, quick repair new house and float the first 1-2 months or two mortgages,

@Love4puppies 10 ай бұрын

That is what we are planning but will be moving out of state. And it is a bit overwhelming

@derricklopez2054 10 ай бұрын

@@Love4puppies it was stressful especially over the holidays and having a baby but now it feels like things are regulating. You can do it, just take all the precautions you can.

@Love4puppies 10 ай бұрын

@@derricklopez2054Thank you! I really appreciate it! That reassurance always helps. Sometimes it's hard because of people saying why are you buying when you have a great rate and low mortgage and going to have higher expenses. But if taking on more expensive temporarily for the health of your family makes sense, then I think it is worth it. Nevertheless, it is nice to know that others have felt the same way, and it all worked out. Congratulations to you and your family and thanks for the support and encouragement:)

@HeyJaredHowYaDoin Ай бұрын

@@derricklopez2054 I want to do this with my first home in probably 3-5 years, just curious how it is going for you and if you have any tips?

@derricklopez2054 Ай бұрын

@@HeyJaredHowYaDoin we are doing well now. To me, well means that the rent from the first house is paying for the mortgage of the second house and we are stable now. This is more of a long term play for us and we aren't looking to make a large profit in the first few years, just for assets to appreciate and cover each other. One of my biggest tips would be don't assume you will get top dollar or a plethora of applicants for your property. Get with a professional in the area, or do your own research, of what comps are for rents in your area and how long they are vacant. We got lucky with our recent renewal, but it would have been just as financially burdensome if we had a 1-2 month vacancy. Any capital improvement projects, make sure you are doing things that are neutral and not too niche where you really limit your pool of interested applicants. Also, make your move serve another need if possible. For us, we moved closer to family in order to offset daycare costs and that further justified the decision. If you can save time or money day to day by relocating to a more advantageous location, that helps but isn't necessary.

@mattkrueger2306 4 ай бұрын

along the lines of tenant proofing... might I strongly suggest making bathroom exhaust fans turn on automatically with the lights. Speaking from experience!

@user-ee9lk6vn6o 10 ай бұрын

You didn't mention the loss of the homestead tax cut. If I rent out the main house and live in the back, what are those tax implications, both homestead and depreciation wise? You have to choose one?🤔

@thedailypizza2434 10 ай бұрын

This was an amazing video very helpful and insightful. I only wish they maybe would of touched on some advise for structuring a solid lease agreement

@kilahnixon4331 6 ай бұрын

I'm starting the process of renting my primary home and this was extremely helpful. I've taken lots of notes I didn't think about before this video!

@maggiebayard 10 ай бұрын

David ended the show by talking about buying a primary residence with a low down payment loan, requiring less money for the deal. Only question I have is if the interest rate is a little high, and you want to refinance in the future, would it be a better idea to have more down to cover if the house doesn’t appraise as high during these high home prices we are still having. For example, my house goes down in value 10,000 in the next year and I try to refinance with my little equity since I put a low down payment down, and I need cash to close the deal. Suggest waiting out the interest rate refinance until there’s more in the home?

@rajap2624 10 ай бұрын

Great video, thank you! I’m planning to rent out my primary house of last 2yrs in next couple of months, do you recommend renting it furnished or non furnished for long term? Please advice your opinion 🙏🏻

@jillyanmacmorris5176 9 ай бұрын

I can’t get over how many times Rob has referred to flour as a spice 🤣

@evgenyonishkevich8494 10 ай бұрын

#1 podcast

@tammyrussell-rice5508 10 ай бұрын

Great timing! I am considering doing just this!

@sharonbeatty8047 10 ай бұрын

Love the Chick-fil-A reference

@rparker7710 10 ай бұрын

I really appreciate the straightforward presentation and usefulness of this information. You guys have a great show. I was considering renting my primary home and moving around a bit (wife and I are recently retired) but our primary has a pool. After watching this show and getting real about my own risk tolerance I've decided against it.

@shawnphillips1530 10 ай бұрын

We paid off our home last year in June. So we have about 400k in equity in the house. The plan is to hack a 4plex this year. My question is will a Hloc affect my DTI and the amount of 4plex I can qualify for?

@TheConnorPM 10 ай бұрын

My understanding is yes it will but heloc are split up into the draw period and repayment period. A typical example is a 5 year draw 15 year repayment. During the draw period your monthly debt obligation is only the interest on the amount rather than during the repayment period both the interest and the principal affect your DTI. So if you were to get the HELOC, then use it as the down payment on the 4-plex, the loan you get for the 4-plex would only consider the interest on your heloc for your DTI. Double check this with the lenders you use for your HELOC and your 4-plex mortgage but this is my understanding

@legacyopp9318 10 ай бұрын

Can't you go conventional and add the rents to your income ?

@hern3240 10 ай бұрын

@@legacyopp9318this is the way - much better interest rate.

@RJ-TRB19 10 ай бұрын

If an area doesn't allow you to rent out your property long or short term, maybe you should sue and get it overturned. It is your property.

@mihretgebre422 24 күн бұрын

Which city

@arthercasillas2755 7 ай бұрын

Thanks for sharing

@wendyandfriends 10 ай бұрын

Thank you for this helpful video!

@JennaJenna555 9 ай бұрын

Thank you great video

@ijeomajenniferhassan1480 10 ай бұрын

how many people actually put the correct reference of a prior landlord ?

@JPPropertyConsultingLLC 3 ай бұрын

Would you be open to doing a live stream together sometime. I come from decades of working at the large, national and statewide Property Management organizations. I recently started a side consulting business where I train the small landlords all the tips and business practices that we teach our leasing agents on over at that side of the industry. Topics include leasing safety protocol, business practices to minimize fair housing issues, marketing and advertising dos and donts, techniques and tips on application processing, creating properly worded screening criteria, etc.

@Michaelthearcheangel 10 ай бұрын

Minimum credit score 700, NO FELONIES PERIOD! 2.5 times rent MINIMUM, Employer and ex landlords called. ANYBODY ELSE OK.

@legacyopp9318 10 ай бұрын

I totally agree. The 600 credit score will bite you

@Michaelthearcheangel 10 ай бұрын

@@legacyopp9318 The 700 will not. Never has or will.

@arthercasillas2755 7 ай бұрын

What metric do you use for credit score? There is equfax, TransUnion,experian. I noticed that kredit karma shows a 740 FICO as a 680.

@ish7729 10 ай бұрын

Is this the same as house hacking?

@blockchainboy9042 6 ай бұрын

2:30 how are they legally allowed to tell you what you can do with YOUR PROPERTY?? I understand external modifications but internal? that cant be legal

@blockchainboy9042 6 ай бұрын

regarding renting it out*** POA/HOA can infringe upon that?

@fedorinovsubdivision 5 ай бұрын

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

@LatinKingSosa 10 ай бұрын

Henry sounds a lot like Giancarlo Esposito. Is like having Gus Fring from Breaking bad or Stan Edgar from The Boyz talking real estate.

@lisaschuster686 6 ай бұрын

Henry? Your kids are going to BOND with that house.

@BernhardLeonl5 Ай бұрын

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024