YFP Real Estate Investing 43: How Jenny and Myke are Trading Up on Their Primary Residence
Jenny and Myke White share their experience of purchasing a new home and transitioning their former primary residence to a rental property.\xa0
Key Points From This Episode
- Myke and Jenny update us on what they've been up to with their new primary residence.
- Talking about their decision to keep their old house as a rental and why it was a good fit.
- Walking us through the numbers of payments, cash-flow, and rent expectations.
- Having seller's regret for their house in Washington.
- They walk us through using a VA loan to get the most bang for their buck.
- Being patient in the hot and competitive market for the right opportunity to come up.
- How they landed their new primary residence with it's mother-in-law suite.
- Clarifying the floor plan layout of the in-law suite and how it differs from a duplex.
- Discussing Airbnbing the suite and what permits are needed in their area.
- They share their plans and multiple exit strategies.
- Some top advice for anyone wanting to do a short-term rental as part of the primary.
- Decisions on cleaning and tenant/guest management if the Airbnb route pans out.
- Making sure the big picture works first and then figuring out the details.
- Some of the things they've learned and how it's changed their criteria for future houses.
Links Mentioned in Today\u2019s Episode