Hello fellow smart rational people,
I have a plan that I thought I would run by you to maybe get some piece of advice where I overlooked something. At my rental house, and former residence, the tenants are packing up and getting ready to move into their own home.
As some of you may know, the housing market took a jump in the right direction (first time in my short experience). Without getting into too many details, I purchased the house at the market peak when I was just out of college. The financing is not great at 7% interest, and It has been underwater pretty much since day one. So now the time has come, where this particular home is finally righting itself, finally.
My plan is to move back into the house in order to take advantage of owner-occupant financing, refinance, fix up a couple things, and move on to a new house.
This will net me about $250 / month when it's all said and done. My current residence will become a rental. Within 6 months I want to be into the third property.
The down sides I see really have to do with convenience, so I wont even mention them here.
