I own a small house and I'm $50k away from paying it off. I always hear how accumulating rental properties is a good way to grow your money so I'm considering keeping it as my first rental when I move. If I do it now, I'll only be able to put 10% down on the new house. I've been told you never want to put down less than 20% though. The thing is, property values in my town are rising so rapidly, I don't think I'll be able to afford a nicer house here soon.
I know my parents would tell me to sell my current house for the new one but they'll never retire and always have money problems. Especially with houses and cars. They never had any rental properties, never paid anything off, but always had pretty things. I know I want a pretty thing with the nicer house but I'm thinking keeping my current house as a rental would make it work. Does anyone have experience with this? Is it worth only putting 10% down to take advantage of low interest rates and rising home values?
Submitted September 26, 2020 at 11:30PM by Practically_Relieved https://ift.tt/2EBrn1I
