310: Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 17 June 2022

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Retirement investing is a crucial part of planning for financial freedom. While early retirement is a status that almost everyone would love to achieve, the second-best thing is standard retirement, where you can use your smart investments to make the later years of your life that much easier. But, oftentimes those who are born with a strong work ethic don’t know when the right time to ease off retirement investing is. In some cases, even intelligent investors can find themselves with a lot of retirement income that can’t be touched until decades later. Jill is trying to end up with a future of financial flexibility. She wants to be able to travel the world with her family,leave her W2 job (if she feels like it), and invest more in assets that give her the power of choice today. She has a very good income, impressive retirement accounts, and wants to take her first step into real estate investing. She’s planning on turning her primary residence into a short-term rental, while her family moves into the live in flip she’s buying next. This rental property income should give her and her family a cushion of passive income to rely on, but she’ll need much more than this to become truly financially free. Scott and Mindy debate the “invest for later” vs. “invest for now” frames of mind, tackling which one will work best for Jill in her high-income but low passive cash flow situation. In This Episode We Cover How to get over your fear of debt when investing in real estate Why you may want to sell your primary residence instead of rent it out (once you move) Avoiding capital gains taxes and taking home a BIG profit when selling a primary residence Building equity and net worth through simple cosmetic live in flips Achieving financial flexibility and how overinvesting in retirement can hurt you in the short-run The Rule of 72 and using it to quickly calculate how much you’ll have in retirement And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 310 Finance Friday edition,
0:05.2	where we interview Jill and talk about what to do with your primary residence after you move out.
0:10.5	But now I don't know if I just keep that going with my investments or I try to kind of cash flow
0:19.6	all these renovations as quick as I can and kind of, you know, I guess, scale back on the investment piece.
0:26.0	So I guess how do I balance the retirement accounts, the after, you know, tax brokerage account, 529,
0:34.2	like all these other things we invest in with the real estate piece now.
0:37.9	Hello, hello, hello, my name is Mindy Jensen and with me as always is my real life actual human being
0:43.2	never going to ask you to I am him about crypto co-host Scott Chutz.
0:47.5	And with me as always is my spamming wee with a new intro Mindy every week.
0:51.9	But seriously, the spammers on these Instagram things are nuts.
0:56.0	Please know that me nor Mindy nor Bigger Pockets money, Instagram's, none of those accounts will actually reach out to you
1:03.8	and then ask you for Bitcoin or any other types of money or whatever from that.
1:08.4	Please just report the fake accounts if one of them happens to try to go after you.
1:15.1	Yep. And feel free to send me a note or post a copy of it in Facebook so that in the Facebook group
1:20.9	so that we can all report them and get that mess off of our sites.
1:26.4	Thank you because I hate them. Scott and I are here to make financial independence less scary,
1:32.0	less just for somebody else to introduce you to every money story because we truly,
1:36.7	truly believe that financial freedom is attainable for everyone no matter when or where you're starting.
1:41.8	That's right. Whether you want to retire early in travel the world,
1:44.3	go on to make big time investments in assets like real estate, start your own business,
1:48.0	or sell to make the decision between the selling and renting your home.
1:51.3	We'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams.
	...

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