When my wife and I decided to purchase a new house last year, we were left with a decision about what to do with our old home. We asked ourselves if we should sell it and cash in on our equity now, or if we should play the long game and turn it into a rental property.
After weighing our options, we decided to keep the house. Selling it might have simplified our lives and put some cash in our pocket. But what we really wanted was to create another income source and hold onto an asset that could continue to increase in value.
Turning our old house into a rental property allowed us to do just that.
We bought our new house in July 2021. So far, things have gone smoothly with the rental property. My tenants have been paying their rent on time. I’ve been lucky enough that I haven’t had to deal with any major repair issues yet. And I’m using the rent to pay off my mortgage and build equity in my home.
I’m not a real estate expert, but I’m learning more every…