2 mortgages

[robothouse77]

has anyone here pulled this off? i'm thinking of buying a condo in a downtown district (~150k) but already have another place in the burbs. has anyone successful rented out a place like this to make enough rental income to pay off the mortgage payment?

 

[imported_Mike]

How could you make enough in rent alone to cover the mortgage payment? Then no one would rent.

 

[kyparrish]

right now, I'm renting a townhouse from a coworker who went and bought another place. Works out for both of us, we get a nicer place to rent than our old apartment (for the same price), and he's getting his first mortgage paid.

 

[robothouse77]

Originally posted by: CheapArse
How could you make enough in rent alone to cover the mortgage payment? Then no one would rent.

i'm thinking that in a downtown district, i could possibly charge a pretty high rent. just because the mortgage payment are lower than the monthly rent, doens't mean everyone has the means to establish the mortage in the first place (closing costs, downpayment, good credit, ect)

 

[dabuddha]

Originally posted by: CheapArse
How could you make enough in rent alone to cover the mortgage payment? Then no one would rent.

You should ask that question out loud. There are tons of people that don't want to buy a place and would rather rent one. Especially if they're not planning on living in that particular city.

 

[Budmantom]

Yeah I am doing it now, I bought a condo and after a year I decided to buy a house, after having the condo rented and living in the house 1.5 years I got married we bought a bigger house and didn't want to sell the old house till we were in the new one. Shortly after getting the new house we sold the old one, the tricky part was the financing because they don't consider the rent until unless you've had it rented for over 2 years.



Tom