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

I tried to sell, but the investment property market is weak
Were temporarily transferred out of the area to work
You owe more than your home is worth, but you can cover the mortgage with rental income.
I realized the incredible wealth-building opportunities that rental property can provide for your financial future.
Yes, it's the bad stories that get the most press and attention. But here are the facts: Every day, millions of homeowners rent homes to good tenants. With proper planning and preparation, you can minimize hassle and turn your home into a profitable business.

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

Should you rent your house?
The first question to ask yourself is: should you rent or sell your home? I would like to explain why you should rent your home. Here's why.

Your primary residence, while a necessity in life, is generally not an asset or investment. An asset earns you money. Liability costs you money. By renting your home, you transform a liability into an asset.

You can keep your property while the rental income pays off your mortgage. Over time, rental property values will (hopefully) increase and build your wealth. If you can rent out your home for more than your monthly expenses, you'll also benefit from additional monthly cash flow. This is the goal of all potential landlords and this is what we at BiggerPockets want to help you achieve.

Start your investing career at no extra cost. Renting out your property could be the first step in a proven method of wealth creation. Many real estate investors start out this way: renting out their home as they upgrade to larger or better homes. It can also help fund your retirement, as you could end up owning multiple properties "free and clear" by the time you're ready to retire, providing monthly rental income or a lump sum if you sell.

Maintain the possibility of returning to this accommodation. This is particularly useful if you have been forced to move quickly due to a temporary move.

Continue reading the article here:

https://www.biggerpockets.com/blog/how-to-rent-your-house

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