Cash Out to Purchase Rental Properties
Ever considered renting out your property? With people constantly on the move, there are many residents eager to find a place to live, and you might have just the place they’re looking for. If you’re hoping to live somewhere new, yet keep your roots where you are now, renting is a great option!
Renting out a home can be a good way to make income. By turning a second home into a rental, you can offset the mortgage of the first, creating an effective use of your funds. You can even use the existing equity in your current home to purchase the additional properties.
Because homes are continually appreciating in value, renting out property can be a great way to stay on top of the housing market, despite its constant fluctuations. Because rent is regularly rising, your income will match the demand. At times, the rent has gone up by 20% in some areas, and this could be a benefit to you.
Time in the market is more important than timing in the market. It’s better to jump in now, rather than wait for the rates to go down.
If you are interested in learning how to turn your house into a rental, contact a loan officer today! We'd love to help you in your endeavors.
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