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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: salt cured on September 19, 2019, 08:30:13 AM

Title: Want to keep and rent my home, but should I?
Post by: salt cured on September 19, 2019, 08:30:13 AM

I’ll be in my house for another 3 years but will need to decide whether to rent or sell then. Home value and gross rent estimates are a little fuzzy. Value could be +/- $15k. Rent could be $3000+. I live in a small city with several universities and a vacancy rate of 1%. My neighborhood is gentrifying fast and is would be desirable to visiting/new faculty.

I’d want to refinance again to a 30 year note and get my P&I payment below $1k. I could do this now. Or I could throw some cash at the mortgage and refinance in a few years, subject to rates.

I’m curious as to whether this could work or not. Let me know what info I’m missing.

Market Value: $315k
Original Purchase price: $277k
Original Mortgage Amount: $235k
Interest Rate: 4.25in a few 
Mortgage Term: 240 months
Term remaining: 234 months
Amount remaining on mortgage: $218k
Gross Rents: $2800
Principal and Interest: $1385
Taxes and Insurance: $800/month
Deferred maintenance notes: New furnace soon. Otherwise solid.

Title: Re: Want to keep and rent my home, but should I?
Post by: waltworks on September 21, 2019, 08:35:58 PM

Come back and ask this question in 3 years. In the meantime, forget about it.

-W

Title: Re: Want to keep and rent my home, but should I?
Post by: Dicey on September 22, 2019, 01:15:59 PM

What Walt said. You're way too early in the game. Why did you buy a house if you knew you'd be moving so soon?

Title: Re: Want to keep and rent my home, but should I?
Post by: salt cured on September 22, 2019, 05:52:56 PM

Fair enough. Thanks.

Quote from: Dicey on September 22, 2019, 01:15:59 PM

What Walt said. You're way too early in the game. Why did you buy a house if you knew you'd be moving so soon?

I didn't know I'd be moving so soon.