All Forum Posts by: Clayton Crawley

Hey everyone! First time posting. New to the forums; this place has been an awesome source of information overall. I'd like to run some thoughts/numbers by everybody and see what everyone's thoughts are. I'm finishing residency in Foley, AL (about 15-20 min north of Gulf Shores). Popular retirement area and growing like crazy. However, I'll be moving back home just outside of Nashville, which is a pretty expensive market. Goal budget <600K. 

Bought current home: 210K in 2020; mortgage rate 3.25%

Current principal: 192K

Likely could net selling for around >85K per my realtor

My current mortgage is about $1200. I could rent to some other medical residents I know very well for about $2,100 for 2 years with no property mgmt involved. After those 2 years I could increase rent, and I'd have to get property managers involved for future tenants.

In Nashville, my loan options could possibly be 1) 30 yr conventional loan with PMI or 2) physician loan with slightly higher mortgage rate but no PMI. I'd have to work with a lender to see which would be better long term.

Also of note... I have a very large amount of debt from medical school (another thought is to sell and throw that chunk of change at it). 

Let me know if y'all need any other information that'd be helpful here, but would it be wise to try and rent vs sell and move on?

Thanks!!