I'm interested in hearing about how the process of converting your residence into a rental property with regards to the mortgage, whether you tried to landlord yourself or went straight to a property manager, whether you were able to leverage rental income on the new mortgage, whether you think this is a good move, etc...
My wife and I are both 29 and we live in Montana, where both property values and salaries are quite a bit smaller than what I usually see I'm forums like this :P
We bought our house at the absolute rock bottom of the market, it's a 2200 square foot new-ish construction cookie cutter place that we got into for $160k. Right now the estimated value is around $210k without having touched it, and I expect a bit more once our basement is finished.
Rental prices are out of control around here these days, I've seen places like ours going for upwards of $1600 a month, but I'm conservatively expecting I could rent our place out for $1200 to $1400 (our mortgage is around $1100 with insurance, property taxes, mortgage insurance, etc all rolled in). We owe around $120k on it all told.
Our situation has improved since we moved in 5 years ago. Together we make about $130k gross. We've both been wanting a new place, not necessarily bigger but with a few acres of land, easily obtainable around here for $350k or less. I've always wanted to be able to keep this place as a rental but I think we're closer to being able to pull the trigger than I thought we would be by now... at least I think this is within a 10 year plan sort of timeframe. We have zero debt besides our mortgage.
What should we be considering and do you suppose this would be feasible or... dare I say it... a good idea?
Submitted April 13, 2017 at 11:44PM by krakken232 http://ift.tt/2pfhmdY
