I live in the Kansas City area and I'm looking to move closer to work. I'm debating if I should sell my current house, or rent it out. Here is some info:
Current home mortgage balance: $100,000
Appraised value: $200,000
New house price range: $100,000-$160,000
So, would it make more sense to have 2 mortgages, or sell my current house and rapidly pay off the new mortgage debt so I would be completely debt free?
I believe I could rent out my home for $1200 a month. My mortgage payment is $900.
I'm 27 with a wife and currently no kids.
Thanks guys!! I could use some help with the math