Dezbelief
Footballguy
My wife and I are buying a new home and deciding between selling or renting our current home.that is free and clear of any debt/mortgage. We are taking out a mortgage on the new house. Selling the old house would knock out 80% of the new mortgage. Renting out the old house and an additional house I own would pay the new mortgage with enough extra to cover Texas' high property taxes on both of the paid off properties. My wife wants to sell both properties which would pay off the mortgage on the new house. We have agreed on a one year trial on being landlords. Of course it's my idea so the wife doesn't want anything to do with it other than depositing rent money lol. I plan on making regular mortgage payments out of our regular income. I will setup a separate account to deposit rent money into and if all goes well make a second monthly mortgage payment and pay property taxes.
All properties are in the same city, three different neighborhoods all within 15 minutes of each other. The city has two small colleges with over 5,000 students combined. There is a military base with a population of 20,000. There is a shortage of rentals available and prices have gone up the last couple of years. The city is good about taking the long view on infrastructure and is generally a friendly place to live.
All properties are in the same city, three different neighborhoods all within 15 minutes of each other. The city has two small colleges with over 5,000 students combined. There is a military base with a population of 20,000. There is a shortage of rentals available and prices have gone up the last couple of years. The city is good about taking the long view on infrastructure and is generally a friendly place to live.