First Rental Property

[Christian M.]

Hi everyone,

I am looking for some insight on how to best prepare to keep my current residence as an investment property. I’ll most likely be moving in about 2 years and I’d like to use this as a rental property if possible. It’s a single family home 3 bed 2.5 bath 1500sq ft. The issue is that the current mortgage is about $300 more than the average rent/month for comparable  homes in the area. I also recently thought about Airbnb but I have zero experience on renting a property or listing one on Airbnb. Any recommendations on what people have done in the past would be great! I really want to keep the house long term for the equity. Thanks! 

[Christian M.]

Quote from @John Underwood:

You mention average rent. I dormant to be average. I want to provide a nice place for the top of the rent range.

What do your numbers look like if your at the top?

Is your house in good shape where it won't likely need a new HVAC, water heater or roof? If so you could get to where your mortgage is covered and someone else is paying it off. Plus you get all the tax deductions. 

actually the high end is about $200 more than what the current mortgage is. It’s a brand new house under warranty so there shouldn’t be any issues with maintenance.