The Biblical Wealth Podcast

Should I Sell My House or Rent It?

March 02, 2022 Jared Williams Episode 65
The Biblical Wealth Podcast
Should I Sell My House or Rent It?
Show Notes

Questions:

1) I'm currently focusing on getting out of debt. I took the plunge and got a second job at Wegmans. My dad suggested I make sure to have the right amount of tax taken and cautioned me that this second job might push me into a higher tax bracket. I checked the brackets and he is right. I am right at the edge. Is this going to be taking one step forward to take two steps back?  Need some encouragement. 

2) What is the “equity multiple” in a real estate investment?
Watch my video on Understanding Return Calculations

3) Looking for advice.  I own my home outright (paid cash).  Have 0 debt and 0 loans.  Have 25k in the bank.  I need a bigger house (family grew)  

The original plan was to sell my house ($220k) and use that as down payment on a 300k house and have a mini mortgage.  

Now I'm thinking of renting out my house (1500 a month using some of that for paying my mortgage on #2 and saving 10-15k for taxes and repairs that renters would need) and getting a loan for the 2nd house. 

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