We're moving this year and I'm hoping to have a PITI payment of about $1500. I had a realtor come by this week to look at our house so we could figure out our options.
My mortgage has about $80k outstanding, our house would sell for $180-200k. Our piti is $620. If we rent it the payment would be approx $720 (no longer have homestead exemption). We could rent for about $1350 based on what else is for rent on our street. I know a property manager who would look after the place for 5% or $67, leaving us $563 (less capex etc).
That $563 is the difference in mortgage payment of about $110k, but any expenses in the house would wipe a lot of that out, eg a new AC would eat about eight months of profit.
The other side of the coin is that we'd still be building equity.
Thoughts?
Submitted January 20, 2019 at 09:27AM by InternetWeakGuy http://bit.ly/2HjPLWh
