My wife and I bought a condo with an FHA loan of a property worth $285,000. 2bed/2bath in Southern California. I received a letter in the mail letting us know that the condo is now worth an additional $17K market value. We've been living in the condo for about 3 years now.
Mortgage with HOA is about $2200/mo. $325 for HOA.
We're thinking about moving out of the condo and renting it and moving with my inlaws essentially rent free minus about a hypothetical $1000 to help with expenses. The rent would pay for the condo per month (assuming we have reliable renters).
Currently our income is about $6500/mo. If we save $4000/mo for about 6 years we can save roughly about $280K. Would that amount pay for the entire property and have the "rent" be additional income minus HOA?
Is that how it more or less plays out?
Submitted August 29, 2019 at 10:46PM by HeyHavok https://ift.tt/2NGHCNg
