Happy Holidays fishes!! I would love to hear some thoughts here..We bought our first home last year for 316K ( starter home) in MCOL city. The value is now over 400K and I have an equity of over 150K. We are thinking of moving to a different state.Should we rent this place ($2400/month) and with recent refinance my mortgage will be $1600/month(inclu pay all) or sell it to pull out equity for the new home in a different state? FYI: we have over 100K in cash to down payment.

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Have you looked into costs? That fee plus annual maintenance costs generally may likely eat any profit over the mortgage. So really a question of whether the equity gains in OH will be larger than if you invested in Austin.

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33% cashflow isn’t a terrible number. Property manager will probably $200 to $250 per month, lawn / snow maintenance will probably be $100 a month, and if you set $300 to $400 per month for repairs, you’re still slightly positive. Now, a single month of vacancy kills your margins for the year, but if the appreciation continues, that might be ok to swallow. Of course, if your maintenance budget doesn’t get used, that helps, but you also will need to keep reserves for major replacements (roof, appliances, HVAC, etc).

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How far is new state from old state, what’s your plan for screening tenants, doing maintenance work, etc

Ahh, I missed to mention. We are looking at Austin/Raleigh/Dallas and currently in Ohio. On the screening and maintenance, I was thinking of a property Mgr firm.

If you currently lived in Raleigh, would buy and rent out a house in Ohio?

I would not. It’s the other way for me..We are in Ohio currently and have a home.

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