Updated over 2 years ago on . Most recent reply
Want to buy third property
We have 2 properties the house we live in (bought 2020) and a condo we rent(bought 2018) The house is in my name and the condo is in my wife’s name if that makes a difference. The condo makes about $500 a month, we could easily rent this for more and probably make $1000 per month but we have good tenants so we haven’t raised the rent. I plan to retire in 2 years and we want to move into our final home in a different state. I have enough for 10% down at the moment. Our options are sell the house and move to the condo and cash out 160k or move to the condo and rent the house which could bring in $500-700 a month plus save on our mortgage payment another $500 a month. All the California rent laws have me concerned or I would just keep both. The house we are looking at are near a lake we like to visit in the summer so that is the reason we are looking to do this now.