A good way to start!

[Micah McAlister]

Hello Everyone!

I have inherited a house that is paid off and has really set my family up for success. It is 5 bedrooms, 2 car garage, underground pool, 2 story brick house. I have since updated it and planned on selling it to move into a nicer area and a smaller house, because it is too big for my family. My goal has been to get into rental properties, so I was thinking instead of selling it, maybe I should just rent it out and use the equity in the house to buy a smaller one and eventually rent it out as well and repeat. 

I am curious how you would suggest going about this opportunity if it were you? Basically I have been handed a free house and have the opportunity to use it in my favor, but have little experience.  

[Brett Deas]

I am not fimiliar with the area so I suggest you find some who is, but renting it out does not seem like a terrible idea. From the description you gave it could make a good STR with the bedroom count and the pool. However I would suggest if you do decide to rent it don't pull the equity out first. Cut your teeth on this first place for a while so you can really get a feel for it and some experience while having a good margin of safety if you have to sell. Then once you are comfortable pull some equity out and expand your portfolio, just don't over-leverage yourself at the beginning and loose it all.