How to Rent Out Your House: The Definitive Step-by-Step Guide | Daily Podcast

Chances are you’ve heard horror stories from accidental landlords about costly evictions, destroyed rentals, and "tenants from hell.” You might know a dozen reasons why you shouldn’t rent out your property. Plus, you may not even understand how to rent your house… but still, you might simply need to turn your home into a rental property. Perhaps you…

Tried selling—but the investment property market is weak
Have been temporarily transferred out of the area for work
Owe more than your house is worth, but can cover the mortgage with rental income
Realized the incredible wealth-building opportunities that a rental property can provide for your financial future.
Yes, the bad stories receive the most press and attention. But here’s the facts: Every day, millions of landlords rent out houses to good tenants. With proper planning and preparation, you can minimize the hassles and turn your home into a profitable venture.

Purchasing your first rental property is just the beginning of your real estate journey, because being a good landlord is almost as important as making good deals. BiggerPockets’ free guide How to Become a Landlord: Managing Rental Properties for Real Estate Investors will teach you everything—from setting rent to handling evictions.

Should You Rent Your House Out?
The first question to ask yourself is: Should you rent or sell your home? I’d like to make the case for why you should rent out your house. Here’s why.

Your primary home, while a necessity in life, is not typically an asset or investment. An asset makes you money. A liability costs you money. By renting out your home, you transform a liability into an asset.

You can hold onto your property while rental income pays down your mortgage. Over time, rental property values (hopefully) will climb and build your wealth. If you can rent out your house for more than your monthly expenses, you will also experience additional monthly cash flow. That’s the goal for all potential landlords—and what we at BiggerPockets want to help you achieve.

Start your investment career with no additional costs. Renting your property could be the first step in a tried-and-true method for building wealth. Many real estate investors start this way—renting out their homes as they upgrade to bigger or better houses. This may also help fund your retirement, as you may end up owning multiple properties “free and clear” by the time you are ready to retire, providing monthly rental income or a lump sum if you sell.

Retain the possibility of returning to that home. This is especially helpful if you’ve been forced to move quickly because of a temporary job relocation.

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[diesur]

The best walk through video/ podcast . Going to listen a few more times for sure!

[RetrieverTrainingAlone]

I was looking for steps for credit checks of potential renters, how to avoid bad tenants, what a lease should contain, potential problems on evicting a tenant, etc.

[JLW]

2:55
3:20
3:34
4:28
9:57 Rental Lease Agreement
1:39

[heyfrfefrfefrfrfrf]

Thanks! I’m 14 and have just entered highschool and I realized they’re putting it like you can only make money from going to college so I dug deeper into income making and I believe renting properties might just be a good investment for me

[dietriamichelle]

This is was more than helpful. We would like to rent our house out. but, it's a process I see and understand.

[allmyvids]

I miss having a home to live in. Moving out of parent's house was very stressful and frustrating for me.

[AberrantArt]

When denying an application, what is a valid reason for denying? If you're going first come first serve you can be forced to pick the first qualifying tenant instead of the best one.

[juzefzoozoo]

Renting a house typically won't cashflow more than a few percent Cash on Cash return...If at all. If you have significant equity, which is very common these days why keep that money (minus closing costs), tied into a liability or a low yielding asset?? In many/most cases, it is better to sell the house, and use any return to invest in property that Does Cash flow more than 10% cash on cash return.

[princecita]

One of the best and simple videos thanks it really help

[mbessle]

What a concise and complete intro to renting, thanks!

[CaseyBurnsInvesting]

Your house doesn’t become an asset until you make it that way.

[christineabraham]

How long after owning your primary home CAN you rent it out?

[dionysus]

Good video but the non-stop audio waveform was annoying. I just turned my laptop around and listened 🙂

[PathmaMahananama]

What should I do to lease my house to a foreigner?

[shleebeez]

I'm wondering about the account to put the deposit, and other accounting/paperwork/legal things

[MNIU_]

Only thing missing is addressing a military PCS/Deployment clause

[Je.rone_]

Just like a rental im first building my knowledge to then use it to make money

[azulyplomo]

👏👏👏👏👏🇪🇨🇪🇨🇪🇨🇪🇨 saludos desde ecuador. Uds son los mejores

[corcoranmagriproperties]

The house you live in is not an asset! 💪

[kingjeremysircornwell]

You have to own the home to rent the home