Thanks! I have a 15 yr mortgage. I am blanking on the interest rate. It was good at the time. Maybe 4% or so.
Based on the rental numbers I received from an agent, I don't see how it would work financially. Strange though. My neighbor bought a foreclosure, had his mom as project manager to fix it up, lived in it for a bit to get the better mortgage deal, got renters, moved out into a different former foreclosure with his brother where he's probably not paying much to live, and somehow made this all work. I probably should not compare as I bet he got a better interest rate due to the timing, and I know he paid $50K less than we did since the house was a foreclosure. That said, I know he must have put tens of thousands of dollars into the house, because the contractors were there every day for months and months.
Maybe his parents are bankrolling him...
As for us, I just don't see it working out based on the numbers I see. I will run it past the spouse to make sure I am not missing anything.
I need to get my house exterior painted and the bathroom redone before we move out, and that is going to eat up a lot of my time and brain power. Also, we need a new refrigerator because frigidaires suck.
Overall, selling this house and buying a new one is challenging b/c there are multiple scenarios. If we lived here, we'd have it paid off in around 8 years. That is attractive. However, I'd have to figure out where to send the kiddo to school. We pay for private, which we can do since we live in a cheap area in DC with not-the-best public schools. Everyone else was too scared to move here years ago...but we weren't. And now is our chance to profit from that and move to an area with better schools.
It seems like I need to make a spreadsheet of all of these details to see what ends up being the best solution.