Should you buy a home to live in? Or is it a better idea to rent a home? There’s no one-size-fits all answer to this question, but on this Q&A episode I’m sharing my thoughts on buying a home!
Today’s show features three great listener questions on buying a home, getting a cost segregation study on a rental property, and using credit cards to buy a piece of real estate. Click play to hear my answers to your questions on this episode of Investing in Real Estate!
On this episode you’ll learn:
- How to decide if you should rent or buy a home.
- What you should know about cost segregation studies.
- The best way to buy real estate with 0% interest credit cards.
How to Decide If You Should Rent or Buy a Home
Deciding between renting and owning your home can be a very personal decision. It depends where you live, what access you have to financing, your family situation, and so many other personal factors. That being said, if it makes sense for you in this season of life, I’d recommend considering renting and here’s why: your home is not a performing asset. Instead of sinking a large sum of money into a down payment, you could use that money to buy cash flowing rental properties that fund your lifestyle.
What You Should Know About Cost Segregation Studies
A cost segregation study is a great way to save on taxes.. but it’s true that it doesn’t make sense for every investor in every situation. For one property, I’m not sure that it would be worth it. The study itself is very expensive, and you have to hire a cost segregation engineer to fly out to your property. Sometimes the tax savings can outweigh the cost, but it really depends on your personal tax burden. The best thing you can do in this scenario is to get a personalized quote from a cost segregation expert.
The Best Way to Buy Real Estate with 0% Interest Credit Cards
Buying real estate with a credit card can be a great strategy… but it can also be a great way to pay tons of interest if you’re not strategic. Our friends at Fund&Grow offer a solution for using 0% interest credit cards. The introductory interest rate usually lasts between 12-18 months, so it’s important to have a backup strategy. One option is to use the cash flow from your rental property to pay off the credit card. Another option is to refinance into a lower interest loan.. but it’s important to not wait til the last minute. Be smart and strategic if you’re planning to use credit cards.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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