3 Key Things About Renting vs. Selling
Consider these three things when deciding whether to rent or sell.
Lately, a lot of people have been asking if they should keep their house as a rental or if they should just cash it in. Have you been wondering about the same thing? With costs on the rise, keeping a property as a rental for extra cash flow is becoming increasingly popular. To figure out if it’s right for you, there are three points you should consider:
Do you need the money from a sale to buy your next home? If not, it may be very beneficial to have the cash flow and tax benefits that come from renting.
What is your plan for building long-term wealth? What are you doing currently to build wealth for years to come?
"Keeping a property as a rental for extra cash flow is becoming increasingly popular."
Do you have enough money to make the next down payment? If so, then you don’t need to use the proceeds. Then you can use the income to offset your debt-to-income ratio. All you need is a lease in place with a security deposit and one month's rent. The renter doesn't even need to move in yet, you just need the contract signed. This is a cool way to keep your properties, build wealth, and essentially let someone else pay your mortgage down for you while your home still appreciates, which is exciting.
If you're curious about seeing if this makes sense for you, feel free to reach out by phone call or email. I’d love to help you see what makes sense for you!