Rent vs own thread #208908968

[calixprynce]

Now as a New Yorker who plans to stay in the city till I retire I def plan to own. But if I was searching for my target city and moving around every other year it would make no sense for me to own in any of the cities I’m moving around in for brief periods of time.

Let’s say you buy in NYC but 10 yrs down the line, you wanna move to ATL.... you can’t just rent it out on the low?

 

[UberEatsDriver]

Let’s say you buy in NYC but 10 yrs down the line, you wanna move to ATL.... you can’t just rent it out on the low?

if you own something it’s possible to rent it out and move someplace else to buy a second property

 

[calixprynce]

if you own something it’s possible to rent it out and move someplace else to buy a second property

But are you talking own as in paid off? Or “own” as in still making mortgage payments?

 

[UberEatsDriver]

But are you talking own as in paid off? Or “own” as in still making mortgage payments?

If your mortgage is mostly paid off I’m sure you can sell the home but you might have to see what the risk are selling early.

but then again I’m talking from a 15 year mortgage point of view.


Gets more tricky with 30 year mortgages

 

[calixprynce]

If your mortgage is mostly paid off I’m sure you can sell the home but you might have to see what the risk are selling early.

but then again I’m talking from a 15 year mortgage point of view.


Gets more tricky with 30 year mortgages

Not sell but rent out.

 

[UberEatsDriver]

Not sell but rent out.

oh yea as long as the mortgage being paid off but since that mortgage is still going on that’s going to count as a debt to income ratio when getting approved for your second home in ATL.

or you if you plan to rent in ATL than the debt to income ratio wouldn’t be a factor and they would probably look at your income, credit and ability to pay.


Imma look more into it since you brought it up.

 

[JoseLuisGotcha]

buy smart....

do research and buy in an up and coming area or try and get the cheapest home off market in a great area ....

either way get a place that is move in ready but needs upgrading....gradually put in sweat equity like kitchen, bath etc....

Then you can rent or sell..... the price of the home doesn't determine what you will get out of it......it's being a smart buyer...

you can buy a $500,000 but it may be in an area that has slow appreciation or dip in the market ...it may appreciate $10K in years..

or...

you can buy a $100,000 in an up and coming area that needs work and it can double in one year and you can make more here than the $500,000 home