Renting Out First Home

[Eric Trinidad]

Hello everyone! 

This is my first BiggerPockets post I've written and I have a lot on my mind and don't really know where to start. Im 23 and just purchased a new home build in Aurora, CO with a conventional 3% loan. I am wondering when I would be able to start renting my first home out under the loan and what resources I can use to see how much I can rent it out on a monthly basis. I would really love to start buying properties and build a portfolio for passive income. The home is in a developing area and not much around just yet. Its 1200 sq ft. Any help would be much appreciated!! 

[David Andrew Dorsett]

Hey @Eric Trinidad, congrats on your first property at 23! I'm sure many will agree that you're way ahead of the curve thinking about this stuff now at your age.

@Gray Hall is dead on- 100% ask your lender about the loan because every lender and every loan can be different from another. My general understanding is that if you're going to house hack and rent out rooms while you're living there, you can do that immediately!
Otherwise, I'm pretty sure all primary residence loans will require you to live there for at least 12 months before you move out in order to be in compliance with the loan terms. We're in a similar situation- we bought our first home two years ago, and within the next 6-12 months plan on moving out into a new home with a low downpayment and renting out our current house.

As for your Q on rent it might be a little difficult since it's in a new build neighborhood and you mentioned the area is currently developing. My best guess would be to take to Zillow/other listing websites or Craigslist and search for homes for rent with similar specs (sqft, bed/bath, yard?, garage?). Even if the homes you find for rent aren't in your most immediate neighborhood, within a couple miles might give you some good numbers to base rental rates off of.

Looking forward to hearing about your journey!!