All Forum Posts by: Joe M.

Chris, appreciated that post. 

Pros and cons (beside the normal ones of renters)

I would love to hear the pros and cons of this.

If Catholic Services in paying the rent, I would think this is a positive.  

Thats the idea DJ lol

I need to learn more about home equity loans

Just a quick thought...even though much different markets, and not sure of tax implications....I bought my single family home as a primary residence that I could afford myself, but had a buddy live with me for about 3 years.  Not only did he pay over half my mortgage that time, I loved having a roommate.  If you are sure you can live with him, I say that is a much easier transition while you can learn more.  

Sean and Chris, thanks for the replies.

Sean definitively leaning towards that.

Chris, would only putting that down kill me on interest on my new house? 

Long time reader of the blog, but not so much the forum so if this is in the wrong spot I apologize. I figured this would be a good place to get some advice, insight and guidance from the professionals. 

Been reading bigger pockets for a year, talked to a few current landlords, and been doing my research before I take the leap in being a landlord. I just dont know what route I want to take that would be the most beneficial for both long term and short term.

I currently have about 65k in my savings. My house is could probably sell for 120k and I have 58k left to pay off.. Within the next year, I can see purchasing a new house for primary residence. There wont be any house hacks or anything and will take 40-60k between us for a down payment. 

Do I want to rent my current house after moving out? I would be profiting about 200-300 every month. The house is in pretty good shape, 2 bedroom, nice area. Would be good for an older single or couple. I am not very handy, so this is something to keep in mind. 

or

Do I want to sell my current house and put some of that money into savings and the rest into other rentals? There is a good amount of affordable student housing from the different colleges in the area that I could probably get in with 20-30k. 

The part where I am struggling with is if I keep my house, as well as buy a new one, my savings is basically wiped out. The idea of this scares the heck out of me. For the 200-300 every month, it doesnt seem to be worth it in the short term (I know long term it would be worth it.) However this definitely seems like the easier transition into being a landlord. 

Did anyone face similar dilemmas when starting out? Any suggestions to keep my savings up if I keep my house now? Or is this just wishful thinking? Any thoughts, experiences, or opinions would be welcomed. Or just how to calm down the anxiety starting out with something out of my comfort zone? lol Thanks for any thoughts.