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Money Guy Show

“We Found A Way to Make Money By Accident…But We HATE It!”

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 11 September 2024

⏱️ 37 minutes

🧾️ Download transcript

Summary

"At what point should I consider selling an accidental rental property? I’m making about 10% cash on cash, but it seems like a lot of work for $300 per month."

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:00.0

Here's a good problem to have you stumble into an income stream, but you just don't like it.

0:12.2

I am so excited because sometimes in our financial lives,

0:16.0

things happen and they have my accident.

0:17.9

We want to know how we can navigate that.

0:20.2

I love that we get to answer questions like that.

0:22.3

And I love that we can answer questions

0:24.4

that you care about so if you have a question you want us to speak into make sure

0:28.6

you get it in the chat right now because we want to load you up. With that, Creative Director, Rebe, I'm going to throw it over to you.

0:37.0

Yeah, we're going to kick it off with a question from Alex T.

0:40.0

He says, at what point should I consider selling an accidental rental property?

0:46.0

I'm making about 10% cash on cash, but it seems like a lot of work for 300 bucks per month. So what do you have to say to Alex?

0:55.0

Well, one, Alex, I want you to know you're not alone. I'm not sure how you came into this

1:00.3

accidental rental property,

1:02.6

one of two things likely happened.

1:04.2

Either you inherited a property

1:07.0

that you did not previously purchase,

1:08.5

and maybe it was already a rental property,

1:09.9

and there are tenants in there,

1:10.9

and so that's taking place.

1:12.0

Or maybe two, you bought your first

1:14.2

home and you decided that you wanted to move homes but for some reason you could not

1:17.7

sell so you ended up buying the second home and turning your first home into a

...

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