Seeking stories - moving out and renting my own home.

[Neal Stanfield]

I’m moving out of my home and would love some advice about turning it into a rental. My goal is monthly cash flow. I have the capital to buy another home for us to live in, I don’t need the equity out of this home.

- do I first get renters in before I buy a new home or does it not make a difference (I can just go live in an Airbnb until I find renters and identify a new home to buy)?

- should I hire an attorney to get paperwork/contracts in place.

- advertising it (Zillow enough?)

- do I need to change my loan so it is under my business Llc?

- best practices?

- hire a management company or not?

The numbers:

- 4b/4b (+ two rooms in the finished basement).

- 3,600 sq ft (included basement)

- mortgage and insurance monthly costs: $2300

- monthly rents in my area for similar home size: $3,100

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