All Forum Posts by: Mike Bales

@Tess Robinson Thank you for the in depth explanation! Very new to all of this as the current market conditions and a need for change has very recently sparked this idea to sell/rent. Lots of research to do as @Thomas S. pointed out. Thanks again and best of luck to you as well!

Thanks @Thomas S. We purchased the home for $220,000 about 8 years ago and it's currently valued at $360,000.  We still owe about $190,000 on it.  Does the 1% rule apply to purchase price or current valuation? 

I got the $600 positive cashflow based on our monthly payment of $1600 (principle, interest and taxes) and being able to rent it out for $2200. If my math is missing something please let me know.  Appreciate it!

Thanks @Tess Robinson.  Our goal is to house-hack, just need to find a decent deal on something and that could take some time.  Someone we know has an apartment above their garage that is available for very cheap rent so that's what we're thinking of doing in the meantime.  

Thanks Brian, appreciate the feedback!

Thanks Jameson.  That's something worth considering!  

My only concern would be a drop in the economy and not being able to cover costs in case I had to lower rent.  It's a nicer home (10 years old) in a great neighborhood. 

Brian, the house is worth $360,000 and would rent for $2200/month.  

Hello,

I live in Tacoma and I'm trying to decide if my wife and I should sell our home or rent it out.  It's 3 bedroom, 2.5 baths and 2300 square feet.  We have around $170k in equity.  Selling would be nice to pay off some debt and have the cash available to jump on a deal (looking for duplex or triplex) but can't decide if it'd be smarter to rent our house out.  If we did it would generate about $600 positive cashflow in addition to paying off the mortgage.  

Any feedback would be appreciated!