How I Turned My Home into a Rental Property

5 Steps: How I Turned My Home into a Rental Property and had a Lease Signed in Less than 24 Hours After Listing it.

Posted on August 24, 2015 by Rich Rabbit @ CureRabbitEars.com

There are many reasons why a person may choose to rent out his or her home. For a lot of people, it is a way to jump-start a real estate investment career. For some people, it is a way to rise up from an underwater mortgage. And, once in a while, it is a result of a life event, upgrade, or downsize. Whatever the case may be, the process of renting out your home is very simple and it is my goal to define it in 1,000 words or less.

The step-by-step process is as follows:

1. Be absolutely sure that your property generates positive cash flow.

It is of the utmost importance that your property produces a positive net cash flow. Startup costs are to be taken into consideration, but the most important part is to consider income vs. expenses to ensure that this property puts money into your bank account every month.

• Calculate average income: Average comparable rents in the area by using Zillow