Selling My House And Renting For 5 Years

I made a mistake, so about 2 years ago, I moved to Puerto Rico for tax incentives, the same ones that Logan Paul is under; and at the time it seems to be the most rational decisions.

I needed to move away from my mom and my environment, and something amazing happen, God showed graced on me, and I became a christian, best thing on this plannet.

But then I also bought a house, and now I find myself, wanted to move back to Dominican republic after 21 years. So now I find myself with this quesiton, do I sell the house or do I rent the house ( my decision has been to sell the house and rent for 5 years or potentially even more)

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Why not Keep the House and Rent and make Passive income

This is a house that’s a plane away from me

This house fully remodel (tenants break things)

Return on Investment is about 6.6%

Lets break it down

If I were buying an invesment property, I wouldn’t buy it somewhere I don’t live ( especially if its my first property, its headache )

If I were looking to buy a property to rent, I wouldn’t rent it with high end appliances and so on, because it wouldn’t make sense ( tenants break stuff )

If I wanted to get a return on investing I would be looking for at least 8%



Why will I be renting and not buying a place

Last time I bought a home, and that was the most rational decision I could make at the time

But after things changed, this home became I burden because its fixed and you just cant get rid of it and get your cash obvisouly

Well unless I finance it but I don’t like debt



So this time, I plan only to buy a house when I need a house

When I’m ready to start a family

When the math makes sense ( rent vs buy calcualtor )

When I know exactly where I want to live



Ps. You have to learn to make good decision based on your personal finances, not based on what everyone else is doing ( use common sense )



What about the cash

I’m going to enough cash on hand to buy a property within my budget

Then the rest of the money I’am going to use to buy rent properties and invest more money

Its really that simple



Here is an example with not real numbers

I can keep 100k for for buying my next apartment 3 bed 2 bath

I can keep grab 80k and buy on apartment and have cash left over and save up more to buy another one

That makes some good cash flow

When the time comes to buy a property, I’ll have the cash I need to do it



My mistake was this

I rushed into buying a home ( it just felt like the next step )

I wanted to make pieces fit that didn’t fit ( personal life stuff )

I wanted to make it almost like a forever home ( getting nice stuff and so on )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[FcCopa]

Praise God brother welcome to the family 🙏🏼Godbless

[joshmonus]

It warms my heart to hear you got saved Tommy ☺

[ominous]

Glad you're thinking about getting into real estate. I would look into the 1091 Exchange tax loophole

[DavidMoneyMovesJourney]

This is true things change all the time. You grow and so does life and other things in life. So proud of you 😊

[rickyr.]

Glad you discovered the truth of life brother God Bless

[simonesimone]

People, the truth is Tommy does whats best for him at every season of his life. I have been following him for 3 years and his advice is always good. We should just take what advice is ours and leave the rest. Btw Tommy way to go on accepting Jesus Christ as your personal Lord & Saviour!

[carolynonelove]

Thanks for making this video I just found you 6 months ago. I ❤ Your videos I can relate about now about buying a house too soon. I have mine now for 8 yrs and now the house is too big for me.😂 Now I'm looking for my retirement home in DR😊 Please make a video of good neighborhoods that you recommend.🕊❤🌎

[LastDragonElManifesto]

JUST SAY U RATHER THROW UR MONEY AWAY THAN PARK UR MONEY IN REAL ESTATE AND GET CAPITAL GAIN... PLUS IF U SELL UR HOUSE AND DONT BUY ANOTHER PROPERTY YOU'LL HAVE TO PAY CAPITAL GAINS.

[dnah]

Rent out the PR house make money on it.

[GauchoDon]

Have you got your two years? In Puerto Rico it’s still tax free gains because you owned and lived in for two years… or do you have to pay because you are living in DR instead of PR? Congrats on finding Christ … can you borrow at less than the 6.6, so you have less in, but make a higher percent? We are cruising through PR/DR in a few weeks..

[unfoldablewealth]

They say to rent where you live and own to rent... Each to their own though, personally I believe owning and living in it is the best choice.The goal is just to become mortgage free ASAP so the home isn't a long term liability