Real Estate Rookie

Should I SELL or RENT My House? + How to Finance Home Renovations (Rookie Reply)

11 snips
Nov 8, 2024
Weigh the pros and cons of selling versus renting your home as you prepare to move. Discover financial strategies for renovating properties and explore the costs of short-term versus long-term rentals. Delve into financing options, including tips on securing funds from local lenders. Analyze whether house hacking still makes sense in today's market—can it deliver freedom or has its time passed? Navigate these crucial real estate dilemmas with practical advice and thoughtful insights.
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ADVICE

Rental Analysis

  • Analyze worst-case, best-case, and most-likely scenarios for any rental property.
  • Short-term rentals offer a higher potential floor than long-term rentals, even with current interest rates.
ADVICE

Renovation and Rental Strategy

  • Evaluate comparable properties to determine potential revenue increases from renovations.
  • Consider operational costs and management resources when choosing between short-term and long-term rentals.
ADVICE

Appreciation vs. Cash Flow

  • Don't solely rely on appreciation, especially if the property generates losses.
  • Assess your comfort level with the potential risks involved before making a decision.
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