Updated over 10 years ago on . Most recent reply
My first potential rental
My first home has gone up in value 55% & I'm working on buying a new home and turning my existing into a rental rather then selling it. I'd love you guys to talk me out of it, if I've done the math wrong or have missed something obvious. The basic numbers are this.
Original cost $82000 current value $150000.
Comp Rent is $1074
Mortgage is $450.01
Insurance is $31.33
Tax is $75.85
I will be doing the property management so that I learn more about that side of the business and save on that additional expense.
Good idea or bad?