How to Maximize Your Rental Income on a Single Property (Rookie Reply)

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

Tony's BiggerPokckets Profile

Join BiggerPockets for FREE

Real Estate Rookie Facebook Group

Real Estate Rookie YouTube

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

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