Updated almost 11 years ago on . Most recent reply
Bernie From Pasco WA
Hello all, my name is Bernie and I just wanted to introduce myself. Currently I have one rental and I owe 55k on it and it is worth 140k. 18 months ago we decided to buy a new house and with interest rates being what they were we pulled the trigger. I have been renting it out our old house for 18 months now and have had very good luck with the renters. As far as I know they are staying there until May of 2015. I've had such good luck with our first rental that I'm considering getting another one. I just don't know if I should pay off the first rental and then get another or should I just get another one? Our rental mortgage payment is $800 and we are renting it out for $1050 and what we have done is made the mortgage payments as usual and the rental check goes straight into savings. With interest rates getting lower again it a no lose situation. the rental market around here is very good and if I get another 2200 sq foot home I can get easily get $1650 for rent and the mortgage payment on the new house will be $990. What would you guys do? Im still fairly at this stuff so any input would be greatly appreciated. Thanks