Turn Your Home Into A Rental Property w/ David Friedman (REI041)
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On today’s show, Robert Leonard chats with real estate investor and entrepreneur David Friedman to talk about the basics of turning your home into a cash-flowing rental property. David is Co-Founder and CEO of Knox Financial, which he founded after a very successful exit from another tech company he had previously founded.
IN THIS EPISODE, YOU’LL LEARN:
- How to turn a primary residence into an investment property
- The pros and cons of this strategy
- The five-step checklist to turn your home into a rental property
- Ensuring a positive monthly cash flow
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@TheInvestorsPodcastNetwork 3 жыл бұрын
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@DK-zk1oc 2 жыл бұрын
I have a few Quick questions for you. How can I determine length of time I need to occupy my FHA property before I am legally able to turn it into a rental property? Does it depend on my loan and fiduciary or other laws? Would I have to refinance it at that time or is that up to me? Lastly, would I be required to have 20% equity into the property before turning into a rental or does that also depend? Many thanks for your response.
@recheveste31 2 жыл бұрын
Hello, 1. . You must live in the property for at least one year. After the initial occupancy period has expired, you should be able to rent out your home A. Speak to your home insurance agency and ask what the new rate will be if the primary home was to be rented out. 2. It is up to you to refinance. Run your numbers and determine if necessary. A. Will I earn cash flow with my current mortgage/interest rate if i rent it out now or should I refinance and get a lower mortgage number. B. If you home has over 20% of equity, there is a Cash Out Refinance. You can use that funds to buy another home and rent your first property. 3. No, you do not need to have 20% of equity into your property before turning it into a rental.
@Xxstephy141618xX Жыл бұрын
How would you qualify for a second loan to purchase the new property once you decide you’re renting out the primary residence?