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Michael Ashe
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Renting out my primary residence and buying a new primary

Michael Ashe
Posted Feb 19 2024, 16:27

Back again but with a little more info. I want to get started in real. Estate investment, what's my current primary residence in Knoxville, TN. I've done the math roughly and honestly the cashflow is coming out much less than I'd hoped for by a long shot.

Based on similar homes here's where I'm at. $2,500-$2,700 in rent but have a $1,900 mortgage (including current property taxes) plus $100 for insurance, plus a 10% chance of no one renting and another 10% set aside for repairs.

After all that I'm in a range of breaking even or making $200 a month with this as a rental. My question is at what point is it not worth it to use this as a rental? Am I here already or have I made a mistake in my numbers assuming everything I layed out here is correct.

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