Should I SELL or RENT My House? + How to Finance Home Renovations (Rookie Reply)
Description
You’re planning to move soon and are asking yourself, “Should I sell or rent my house?” What if you’ve got little-to-no cash flow potential? Is future appreciation worth betting on? Maybe you need to renovate before you sell or rent; now, the question becomes, “How to finance home renovations?” Don’t stress; we’ve got you covered on all fronts in this episode as we walk through how to decide whether to sell or rent, the best ways to fund home renovations, and answer the mother of all rookie questions, “Is house hacking dead?”
With mortgage rates rising yet again and home prices still unaffordable in many areas of the country, does house hacking (renting out other rooms/units to pay your mortgage) still make sense? What if you can’t live for free anymore? Should you abandon the house hacking strategy entirely? We have some interesting thoughts on why we would or wouldn’t house hack in this housing market.
Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!
In This Episode We Cover:
Whether you should sell or rent your primary residence once you move out
The math behind house hacking and whether high interest rates ruined this strategy
How to finance home renovations on your next rehab project
Taking out a line of credit on your investment properties to fund future investments
Whether to convert your property into a short-term rental (more work) or keep it as a long-term rental (less work)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Protect Your Properties with an LLC through Corporate Direct
Ask Your Question on the BiggerPockets Forums
Grab “The House Hacking Strategy” Book
Find Investor-Friendly Lenders
Should You Sell Your House or Rent It Out?
(00:00 ) Intro
(00:49 ) Sell or Rent Out Your House?
(07:12 ) Short-Term vs. Long-Term Rentals
(08:47 ) Bet on Appreciation?
(12:41 ) How to Finance Home Renovations
(18:48 ) Is House Hacking Dead?
(26:41 ) Ask Your Question!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-481
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