Should You Keep or Sell Your House? Use This Tool to Find Out in Minutes
Description
Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future!
Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow?
Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand!
In This Episode We Cover
A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet
Two realistic examples of when to sell your home or keep it as a rental property
The numbers you need to make a rock-solid decision on your investment property
The crucial question you should ask before keeping or selling your home
How ONE decision can impact your future by hundreds of thousands of dollars (or more!)
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
BiggerPockets Money Facebook Group
Put Your Vacation Rental on Autopilot with Hospitable
Buy the Book “Real Estate by the Numbers”
Find an Investor-Friendly Agent in Your Area
Download the “Keep or Sell Your Home” Worksheet
Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why
(00:00 ) Intro
(05:11 ) Using the Worksheet
(12:15 ) How Much Would You Make?
(14:36 ) Breaking Down Your Options
(20:08 ) Keep or Sell This Property?
(29:11 ) The “BiggerPockets” Homeowner
(34:54 ) Try the Worksheet!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572
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