3 reasons I decided to rent out my house instead of selling - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

They could have made $50,000 overnight by selling

when we moved; we chose it specifically for that reason. Yet, now that we had an offer in on another home and were serious about moving, we had cold feet about becoming landlords.. Here's how we decided that the risk of becoming landlords was worth it. If we sold our home, we would have likely made about $50,000 in profit. That may not be a massive sum to others, but for us, it would have been life-changing money.

If we rented out the home, we would pocket about $500 each month in profit. It would take roughly 10 years to earn as much as we could profit from selling. But at the end of that time, we would still own the home and have it as a financial asset. It was in an appealing area, and we had put just 3.5% down since we were first-time homebuyers. Even with no debt, it would take us a long time to save the 20% down that you need when buying an investment property that you won't be living in. Some people would say that it's foolish to have a rental when you also have non-mortgage debt. I don't claim to know better than those experts.

In addition, we had an emergency fund that could cover any maintenance issues at the rental. This gave us peace of mind that we would never be in a bind over issues at the rental.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside the world's most slender skyscraper on Billionaires' Row in NYC - Business InsiderThe world's skinniest skyscraper is almost completed. I toured its first luxury condo — take a look inside the NYC tower that's 24 times taller than it is wide.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside a $30 million condo in NYC's 106-year-old Woolworth Building - Business InsiderThe Woolworth Building and its iconic green roof have been a defining part of the NYC skyline for 106 years. Take a look inside its most expensive listing, a $30 million condo.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Mars CEO breaks down the transformation of the $35 billion company - Business Insider'Everything ... is radically different from when I started,' said Mars' CEO Grant Reid told Business Insider.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Instagram star Gal Meets Glam has sold $35 million of fashion products - Business InsiderAn Instagram star who has sold $35 million of her own products explains how she built her fashion line and turned followers into customers
Source: BusinessInsider - 🏆 729. / 51 Read more »