How to Maximize Your Rental Income on a Single Property (Rookie Reply)
Description
Are you leaving cash flow on the table? Even if you own a single rental property, there are all kinds of strategies you can use to generate more rental income, whether it’s house hacking, renting by the room, or converting your long-term rentals to short-term rentals. And we’re just scratching the surface!
Welcome back to another Rookie Reply! Today, we’re diving back into the BiggerPockets Forums to answer some more of your recent questions. First, we’ll hear from someone who’s at a crossroads with their property. This house has paying tenants and consistent monthly cash flow, but the investor would need to sell the property this year to claim it as their primary residence and dodge capital gains taxes. Stay tuned to find out if they should sell or hold! Then, after a few cash-flow-boosting strategies, we’ll discuss using a HELOC (home equity lines of credit) for a down payment and the potential pitfalls you could run into!
Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!
In This Episode We Cover:
How to determine if you should hold or sell your rental property
How to reach your cash flow goals with the fewest properties possible
Creative ways to maximize your rental income on a single property
How to set realistic cash-on-cash return goals for 2024 and beyond
Potential pitfalls to avoid when getting a home equity line of credit (HELOC)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Real Estate Rookie 447 – Making $300K+ Profit Per Rental and Scaling FAST with “DADUs”
Real Estate Rookie 375 – Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing
Protect Your Properties with an LLC Through Corporate Direct
Ask Your Question on the BiggerPockets Forums
Buy “The Book on Rental Property Investing”
Find an Investor-Friendly Agent in Your Area
Real Estate Rookie 195 – Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties
(00:00 ) Intro
(01:01 ) Should I Hold or Sell?
(10:13 ) Maximizing Rental Income
(20:43 ) What’s a “Good” Cash-on-Cash Return?
(23:40 ) Should I Get a HELOC?
(32:36 ) Ask Your Question!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-490
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices
United States
