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Should I stay in my paid off condo, or buy a house and make payments.

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I want to purchase a house for $210,000 and rent out my condo for a couple of years. I can probably get $550 a month clear for my condo after paying association dues and taxes. What should I do? Stay in my condo thats very nice but has no yard, and continue to save my money, or buy the house and make monthly payments.

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November 02 - Fresno-High

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Wayne Brown, "SDMortgagefinder.com"
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Wayne Brown, "SDMortgagefinder.com"

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Consult with your accountant or financial advisor as to the various tax consequences and other issues that surround being a landlord.

Lenders have also gotten more stringent with guidelines when usiing rental income, including payment reserve requirements.

Good Luck.

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November 03

Nancy Lee, "An OrderLee Home"
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Nancy Lee, "An OrderLee Home"

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Ultimately, only you can answer that question.

And you need to do some serious research and risk assessment before answering.

First and foremost (in my opinion) is the question: if you rent your condo and buy the house then, a year from now your renter leaves and you cannot find another renter, can you handle making mortgage payments and covering carrying costs (utilities, taxes, condo fees, etc) on both the condo and the house? Does that scenario put your savings at risk?

What if one property or the other required emergency repairs? What if they both did at the same time?

How prepared are you to be a landlord?

I know my questions sound negative. They are not. Lots of people juggle rental properties, make a profit, are always positioned to handle risks when they come up, and love every minute of it.

I suggest you seek out an investors group in your area, a group that concentrates on education and mentoring, and discuss this question with them.

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November 03

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