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Updated over 3 years ago,
Converting primary into a rental?
Hey everyone, first post! Anyway, I feel pretty knowledgeable in this as starting out as I have read the books and had mentors etc. for a few years gearing up, BUT, I have ran into a problem I have not found a good solution to and my mentor is now deceased. Scenario - I own a home and also own 10 acres, I use the term OWN loosely. I am trying to figure out how I can get my current primary residence rented and buy another house or multifamily home and not go under during the process. I was going to build on the property out of pocket and move to that but lumber price's have stalled that for now. I considered a 5th wheel but I am also married and have 2 kids, 3 dogs, 2 cats so its not exactly feasible and do not want to take on another liability in the form of an RV. Have any of you done this before? The options I have thought up is to set aside 6 months of mortgage payments for the house, buy another house and hope that the other rents before I exhaust the 6 months of vacancy. Other option, put it up for rent and when someone signs a contract, I'll move us into a cheap rental while I find another house to buy. What are your thoughts?