All Forum Posts by: Calvin Washington

Great question….I bought my home back in 2004 for a steal 45k which is worth 115k according to comps ….but after the crash back in 2008 i ran into alit of difficulties and I had to modify which killed in my eyes the little equity I had …right now I owe according to my mortgage statement is 84k but with a few upgrades I can’t get 115k -125k but I’m not sure if it’s worth it to refinance or am I even able at this point 🤷🏾‍♂️

 . I own a 1 home currently that I live in with wife and daughter. It’s 5 bedroom nice size home in a nice neighborhood. I’m currently paying 650$ for mortgage where rentals in my area are 1300$-1700 in my immediate area. My credit is not good at this time to by a home but we have a reasonable  savings of about 25k . My wife also wants to upgrade to a loft or a nice condo downtown…..

Question. Should I rent my home to a tenants for 1500$ and move to a loft downtown for the same 1500$ Or should I remain in my home paying 650$ Mortgage and wait until I can buy a home?