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Additional Posts in The Real Estate Bowl
Are the <3.5% rates gone for good?
Can I get a commercial loan without 25% down?
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Has it appreciated much in that year? Many markets are down in that period of time.
How much will it rent for? How much are your expenses? (Even without a mortgage, you have insurance / taxes / HOA expenses, plus you should account for repairs and vacancy).
Do you have money for the next place without selling your current place? Or would you just rent?
Managing remotely is easier now than ever, especially in a condo or townhome environment where you might not even be responsible for external walls / roof / etc, and there are HOA bylaws to prevent tenants from doing anything too crazy. You can always try self managing, and if it gets overwhelming, just hire a property manager to take over.
Thanks for these questions. I’ll put all the numbers down and see where I’m at. And yes I have money for rent in the new place. Not planning on buying just till I know what the job looks like.
Hire a property manager to deal with the tenant. With new tax laws, you’ll want to keep the rental property for tax write off purposes. Invest in a new property in the new state if you’ll be there fire more than a year.
Seconding this. If you’re out of state, hire a property manager to cover repairs and emergencies.
Or find a friend/family member and pay them if bits an option. My bro does this