Should you rent or owner finance your investment property?

That's the question we're going to tackle in today's episode of Ask Coach, and we're getting

started right now.

Welcome to the Ask Coach edition of the podcast.

I'm your host Chad Carson.

You can also call me Coach, and my mission here is to help you get out of the financial grind, so you can do more of the podcast. I'm your host Chad Carson. You can also call me coach. My mission here is to help you get out of the financial grind so you can do more of what matters. And with the Ask Coach podcast, I do my best to answer your burning questions about real estate investing and personal finance. Today's question comes from Carla Parvin. She's one of our YouTube viewers and she left a comment on a YouTube video that said, I purchased for $55,000 in cash, a two-bedroom, single-wide mobile home on three-quarters of an acre in south of Winston-Salem, North Carolina. Should I rent this or should I go with a different approach, something like a rent-to-own or should I sell it with owner financing? So first of all, thank you, Carla, for the question.

This is a topic I know a lot about because I've rented hundreds of properties. I've also

owner financed dozens of properties. I've done that more in the past than I have the last few

years, but I definitely want to help you decide between those two specific choices.

But just for the entire audience, I want to take a step back and just mention

in a really important principle that all of us as real estate investors need to keep in mind.

That principle is that any time you buy a property, you need to know how you're going to exit

that property and maybe even have multiple options on how to exit. And exit means getting out of

the deal. This is a lot like if you were paranoid and entering a big movie theater, a big room or something, my paranoid side of myself would say, I always wanna find where the exits are. In case I need a bolt because there's a fire or some other emergency, I wanna know where I can get out. And I feel trapped if you can't get out. If you don't know where the exit is, the same thing happens in real estate investing. So let me go through just real briefly some of the main exit strategies you might have as a real estate investor. The first one is really obvious. Most of you know this. You could rent your property out. And there's multiple ways you could rent it. You can do short-term rentals. You could do long-term rentals. There's even intermediate type rentals. It's a whole other topic

for another conversation. But that is one very obvious exit strategy. But you could also sell the

property. So even if you're going to rent the property, you should be thinking about what would

happen if I sold it. And typically you think about selling it for cash,

so you can sell it to a wholesale buyer, like an investor, and say, you know, what would be the price if I had to wholesale it and sell it to an investor? I used to think about this a lot when I bought properties just as a downside. I'm not thinking I'm going to sell the property at a cheap price, but what would that price be knowing I could quickly get cash for it?

The other, of course, is a retail price.

What if I'm thinking I'm going to sell the property at a cheap price, but what would that price be knowing I could quickly get cash for it? The other, of course, is a retail price. If I listed the

property and got top dollar, what would I have to do to it? And what could I sell it for?

So those are both some really obvious exit strategies. But what we talked about here in this

...