Looking to convert home into rental but no idea how

[Dominick A.]

Hello everyone. I must start by saying I love bigger pockets. I’ve come across it within the past year or so and it has sparked a passion I didn’t know I had, real estate. I really want to take action and get started but I am not sure on how to do so. I purchased my first home last year and I quickly found out that this is NOT MY ideal neighborhood to own a home but a great area to rent. I have really put a lot of work into my home and created a lot of forced appreciation and I have one of the nicer homes in the area. It’s not a terrible area, just doesn’t suit my personality, noisy neighbors who constantly are out all times of night. I want to purchase a new home in a quieter neighborhood but don’t really want to sell my house as I could generate income from it and start my real estate investing career. I just honestly don’t know where to start. Should you turn your home into a rental? How would I do so? Should I just sell it? Would it be a good rental due to the aforementioned reason as of me wanting to move? This is probably a silly question but hey, if you don’t ask you’ll never learn. Any advice would be appreciated, thank you.

[Jeremy Wirths]

Are you able to rent out your current house at a rate that you would cashflow? Or at a minimum break even? Have you run comps to see what you think it may appraise at? That might give you some idea of where you sit should you refi.