Analyzing a Rental Deal of a SFH when moving out of the home

[Jacob Richard]

Hey there everyone!

I am brand new to BP as of just a few hours ago. My wife and I have been interested in Real Estate for some time and are trying to jump in. We're a military family and know that we'll be in this location for a few more years. Our current home has been our primary residence for two years, but we feel it would do well as a rental property. Another fixer-upper has been sitting for sale down the road in our neighborhood for a time and we're interested in potentially moving there, house hacking while rehabbing, and then either flipping or renting that out too once when move on to a new location. 

My question is; how do you go about analyzing a deal when you already have the property? Everything I've read and listened to thus far is all about whether or not to purchase the property for your specific strategy being pursued, but we are already buying this current home. 

Forgive me if this seems a silly question, there is no doubt that we have much to learn. Your comments are greatly appreciated. Shalom!

-Jacob Richard

[Hamp Lee III]

Welcome to BiggerPockets!

I love San Angelo. I was stationed there several years ago.

Speak with a local property manager to gauge the rents in your area and to view the potential of your home. You may not need to make any updates.

When I was in your situation, my financial advisor told me not to put any more money in the home before I moved. I receive a solid rent on the property, but I’m still wanting to make upgrades to the kitchen and bathrooms before I sell it someday.

If you’re still looking to make upgrades, consider the comps in your area. You want to find properties that have the upgrades you’re looking to make and how much they sold for.

I hope this helps.

I wish you all the best.