I have a book review for you today that is bound to get you thinking.
Most people think of their personal home and their rental property as two entirely different animals; rarely do they ever come up in the same sentence. Our personal home is just that; personal. Rental property and real estate investing always end up on the business side of the equation.
What if you entertained the idea of how you can use one to build upon the other? “Turn Your Home Into a Rental House Instead of Selling It” by Terry and Angy Sprouse will permanently change your perceptions of exactly how these two things can intermingle successfully.
Statistics say that the average American will move 7 times in their lifetime. Most folks will sell their house, use that money to buy their second house, and will repeat this process throughout their lifetime.
But what if you were to use a different strategy? What if you were to refinance your existing house for your down payment on your new house and keep it for a rental? How would that work and how could you keep it affordable?