Turning A Primary Home Into A Rental With Chris Colgan* (Ep 8)

Moving up to a new home, and turning your old home into a rental can be a great way to get started owning rental properties.  That is exactly how Chris Colgan got his start owning rental properties.

Chris thinks that the first purchase anybody should make if they want to own real estate is a primary house.  When you are ready to move out, keep your old house and buy a new house.

Chris said that location is an important consideration when buying a property.  His first property is within walking distance to a hospital.  Hospital employees give him a steady stream of potential renters.

Chris agreed with Skip and Mary Saylor, on episode 7 of the Rental Income Podcast, that owning a condo is not always the best idea.  The condo fees can be high, but on the upside they are easy to rent out.

Best Places to find renters

Craigslist
MLS
Military By Owner
Word of Mouth

Tenant Screening

Check Credit
Are they paying utility bills?
Reference from previous landlord

Budget

Make sure you budget to paint between tenants
Watch out for little things like getting keys and parking stickers back from tenants

Other Advice

Check on the property every quarter to twice a year

Books
Millionaire Real Estate Investor by Gary Keller
Rich Dad Poor Dad by Robert Kiyosaki

Source to Find Good Contractors
AngiesList

Contact Chris Colgan
ColganRealEstate.com