am renting out my primary residence for 1 year

[Elle G.]

I have a condo in Santa Monica.  I recently paid off the mortgage and will be working out of town on and off for the next year.  Just wondering what it's like to rent out your primary residence for a year and then return - I have reservations about moving forward with this idea.  Any advice much appreciated BP'ers!

[Jonathan G.]

Hi Elle,

This is actually how we started off.  It has worked out well. We now have 3 prior primary residence rentals.  I would highly recommend that you get a management company since this is your first time.  They will secure your first renter (screen, interview, confirm data, etc) Your out of pocket costs will be a bit higher with a management company but trust me, there are hundreds of different possible situations that you will find yourself in and feeling unprepared. Also, once you get a rental contract / lease, you will be in a position to buy another primary home when your return in one year thus having someone pay your mortgage down (if you wish). I feel comfortable managing some of our homes myself now but I would not recommend self management just yet.  

Hope that helps

Jon