Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Sausalito- CA http://www.zillow.com/advice/Sausalito-CA/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate home buying and selling http://www.zillow.com/advice-thread/home-buying-and-selling/394425/ Hi,<br/><br/>We bought a condo in Sausalito for $525K. We put down $70K. According to Zillow it's worth $360K. We are considering renting out the unit for $1900 which would not completely break even on our mortgage, insurance and property tax. Each month there would be a $1500 difference that we would have to make up.<br/><br/><br/>We've been considering purchasing in Sonoma where you get more for your money and buying a house and moving up there and maintaining this property in Sausalito as a rental until the market comes back. (possibly 3 years) to at least get our money back.<br/><br/><br/><br/>Our goal is to ultimately end up with a house in Sonoma that will have a more affordable mortgage that we can pay after we retire ($1700-$2000).<br/><br/><br/><br/>If we purchased a place now, rented our property for three years and were able to get our money out (down payment) then we can apply it to new home and sell off the place in Sausalito.<br/><br/><br/><br/>Does this sound like a good strategy? Also what tax advantages are there to renting? And if one is trying to use the rental income as part of our income for loan for new place. do we have to move out now and rent it to show history?<br/><br/><br/><br/>Please advise.<br/><br/><br/><br/>Thank you!!!<br \><br \>7 replies Sun, 10 Apr 2011 15:55:00 GMT http://www.zillow.com/advice-thread/home-buying-and-selling/394425/ 2011-04-10T15:55:00Z