Looking for direction

5 Replies

Hello everyone I’m new to this app. My name is Katie I was recently put in a position where it was brought to my attention that I need figure out a different source of income. I was given the book Rich Dad Poor Dad. I’m interested in getting started on real estate. As of right now I live in a home that my wife inherited. In the next few months we will be refinancing the home to put it on our name. My question is would it be smart to keep this property to possibly rent out? Our plan is to move into a new home I’m just uncertain on how all this works and I have been told by multiple people not to rent because it’s a loss.

Renting is the best. Owning the home that you live in is a liability and not an asset.

How about selling the home that you live in, and investing that cash into assets which will generate you cash flow?

That's what the whole book was about. 

Hi Katie - welcome to BP! 

As Antoine said, renting out is a great idea because you can keep an income producing asset ... which is the opposite of a loss. Rich Dad Poor Dad was the book that got me into the investing/real estate mindset too, and you'll find that to be an extremely common theme from other investors you meet.

Just keep front-of-mind that while the book gets you in the right mindset, it lacks actionable content. Be sure to do your research and talk to lots of people about what you plan to do. You'll get a lot of advice on market value, screening tenants, managing tenants, putting the right amount of rent income aside for expenses, and more. All of this can be found here on BP, and by talking with other local investors.

Best of luck to you!

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