Real Estate Section


#1

The place to rap about all things real estate: investing, home ownership, flipping, landloring, etc


#2

Looking for advise/opinions/personal experiences regarding real estate. A brief summary of my situation.

18 years left on my mortgage. Approximately $160,000 in equity on a house worth about $340,000. Monthly mortgage with P&I plus taxes and insurance is $1200. That is 10% of my monthly gross income. Or 6% if you combine my income within my BF’s. No car loan or credit card debt. $1500 a month towards student loans that will be paid off in 2.5 years.

My boyfriend and I would like to buy a house that is ours and are debating between a couple choices. The likely purchase price of the new home will be $450,000-$500,000. (That is required to stay in our centrally located area of the city) Interest on the current mortgage is 4%.

  1. Keep my house as a rental. I’ve used as a rental before and the rental market is strong. Would probably rent for $1500-1600 a month. With this option we would have 10% to put down, now, on a new house.

  2. Sell my house and get about $145,000 after fees etc. Then put 20% down on a house and invest remainder.

  3. Wait. Continue saving cash for a larger down payment but risk increasing home prices and interest rates.

  4. Or stay put. Save a lot. Travel more. Put a pool in! BUT, sacrifice moving to a more desirable 'hood.

PS: I am maxing out my 403b. :grinning: