70: Rookie Reply: Should I Sell or Rent Out My Primary Residence?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 17 April 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Dane through Ashley’s DMs on Instagram (you can find her @wealthfromrentals). Dane is asking: should I sell or rent out my primary residence? Whenever you’re moving from your current home to a new home, you have the option to sell or rent. While there isn’t one solid answer for everyone, you can find out whether selling or renting is the best option by looking at your market and your specific financial situation. Here are some suggestions: Get comps (comparables) on market rents from homes like yours Search through recently sold homes that are comparable to yours and find the median sales prices Pull out a home equity line of credit on your primary home to help buy your next primary home or more rentals Run the numbers as a sale and a rental, does it cash flow? Refinance for a lower mortgage payment and rent it out Run the numbers for EVERY scenario and make long-term decisions And more! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: http://biggerpockets.com/rookie70 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie Show, number 70.
0:04.2	My name is Ashley Care and I am here with my co-host, Tony Robinson.
0:12.5	Hey, Tony.
0:13.5	What's up, Ash?
0:14.5	How are things going on the East Coast today?
0:16.8	Good.
0:17.8	I just right before we started, I got my groceries delivered, so I have a little snack here with
0:22.5	me.
0:23.5	What's new with me, let me think.
0:27.2	I just had, I think, two offers rejected in the last week, so part to being a Real Estate
0:32.5	investor, not getting every deal done, but we're moving forward to see what else we can
0:37.1	find.
0:38.1	Yeah, I put an offer in Monday on a foreclosure and they said offers do by Tuesday 3 p.m.
0:43.9	So I get my offer in and then they say, well, we received multiple offers, so send
0:49.1	your best and final offer by the next day at 9, it's like, okay, well, that was my
0:55.0	best offer.
0:56.0	I think they're going to make us resummit and they still haven't accepted anyone.
0:59.8	I guess there was someone else that was higher than me and they countered that person,
1:03.6	but the person hasn't accepted yet.
1:05.7	So I told my realtor, I'm like, there's still a chance.
1:08.7	That's like a dumb and dumb or it's like, so you're telling me, there's still a chance.
1:14.3	Until they accept another offer, I will still have hope.
	...

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