Is it better to rent my current house out (purchased 10 years ago with a conventional mortgage) and get another place or stay where I am and buy a rental? Thoughts about financing house #2?
@Monique Cook , perhaps you could start by putting up a summary of your OWN pros vs cons?
eg. Staying where you are could be on either side, depending on YOUR assessment.
Do you hate where you live? Do you feel like you've got too much "wasted" equity?
BOTH options will require funding from somewhere, right? Have you spoken with any Lenders?
Are you up for moving into a home that requires rehabbing, day and night, for months?
Are you happy with the idea of living in a cheaper home, in the 'hood?
So many questions, so many "it depends". All the best...
It all depends on the numbers. What kind of cash flow can you get on house #1 and in conjunction with house number 2 how will your over all numbers look like.
Having said that you are thinking the right stuff. Even if the numbers don't work out for you there are other ways you can be making money in real estate.
Hope that helps, if I can be of any other assistance please do not hesitate to PM me directly.
Thank you so much for your insight. Brent, I'll definitely PM you directly. I have a couple of interesting scenarios and being new at this, would like to learn all I can before jumping right in.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.