Should I rent my home

Question

My wife and I are new to investing and looking for advice. We bought our current house (3/2/2) (1500 sqft) in 2011 and currently owe 154K. The house has a pool and been recently remodeled. Our monthly mortgage is $1550. Would it be best to sell and take the profit and put it into another investment or rent it out for steady cash flow. The house is appraised at $330K. Also is renting a house with a pool risky? Thanks in advance for the help.

John Wheeler · Answer

Thank you

Christian Walker · Answer

In my opinion I would sell and use the money to build up your flips. I would build your bank up with flips, then go buy rentals or sell creatively, allowing cashflow from your sales of the flips. That is what I'm currently doing, I buy, flip, and sell as owner finance. My market the average house goes for anywhere between 130-220k. I like to stay on the affordable side because in my area I have seen a lot more traction with affordable housing. I ask for 15-25k down and their monthly payments average out to me making $500 a month for 30yrs. I like owner financing because you get the best of both worlds (if you set up financing creatively). You get the refied money to pay everything back, you get the down payment, and you get the cashflow. All in all, Im a firm believer in building the bank then buying rentals if thats the route you choose. Because a few hundred dollars a month while locking up that money isn't worth it. It will make the process of scaling take a lot longer. Hope this helped!

Christian Walker