Yesterday, 03:04 AM
Ok, so the divorce is moving ahead (mostly amiably, yay), and we'll be putting the house on the market in September. Have a good Realtor, market is ok, etc.
If things go reasonably well, I will get $425K or a bit more net from the sale, and then I'lll need a place to live.
My first thought was "I can buy a condo that I want for that much, and never have to make a mortgage payment again! Pick the right condo community, and the COA payments will be reasonably low and I'm set."
But then I thought, "I eventually want to move to Seattle. What if I buy a rental property there, rented out and then it's ready for me when I'm ready to move there?"
Financially, it's obviously a losing move to just rent, unless the markets go crazy. So that's off the table, but if I put down say 20% on a 400 K condo here and 20% and say a $1 million condo in Seattle, and then rent the Seattle condo out, I'll have some cash left over, and the rental payment will cover the mortgage payment plus expenses in Seattle.
I've never in my entire life thought about buying a piece of property to rent it out, but it seems to make sense. I think there are some others here on the forum who own one or more rental properties, so I'm hoping some of you may have some advice.
Thanks!
If things go reasonably well, I will get $425K or a bit more net from the sale, and then I'lll need a place to live.
My first thought was "I can buy a condo that I want for that much, and never have to make a mortgage payment again! Pick the right condo community, and the COA payments will be reasonably low and I'm set."
But then I thought, "I eventually want to move to Seattle. What if I buy a rental property there, rented out and then it's ready for me when I'm ready to move there?"
Financially, it's obviously a losing move to just rent, unless the markets go crazy. So that's off the table, but if I put down say 20% on a 400 K condo here and 20% and say a $1 million condo in Seattle, and then rent the Seattle condo out, I'll have some cash left over, and the rental payment will cover the mortgage payment plus expenses in Seattle.
I've never in my entire life thought about buying a piece of property to rent it out, but it seems to make sense. I think there are some others here on the forum who own one or more rental properties, so I'm hoping some of you may have some advice.
Thanks!
You're not pizza - you can't please everyone.