I own a home in City A but want to move to City B. I could potentially scrape up enough for a down payment in City B to buy another spot but I’m unable to rent out in City A bc of HOA (on a very long list right now). Is it stupid to rent in City B while paying the mortgage in City A? Can I still manage the homestead exemption on City A? Thoughts??

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If you can’t rent it out, then why not just sell it? I guess you need to ask yourself how long you plan on staying in City B. Is this a permanent move?

Do you have any friends that you could rent it out to on the DL? What are the repercussions from the HOa for doing so?

Why do you want to move to City B?

It probably won’t help you FIRE because you’re paying 2 housing costs. Also keeping it just because of a low interest rate is a bad idea unless you want to move back or can rent it out pretty quickly.

I don't know what state you live in, but in Florida that would be homestead fraud to claim homestead exemption in City A if you no longer live there. They could collect up to 10 years back property taxes based on what you should have been paying versus what you actually paid, plus penalties and interests I believe.

If you can’t rent it out then why would you keep it? Sure your rate is low, but it’s still a big cost you don’t have to incur! It’s not going to appreciate more than it costs to own each year especially with no tenant offsetting bills.

Keeping it because the rate is low is like buying an elephant because it only costs $20. Sure it’s a good deal - but only if you need an elephant!! You would no longer need a home in City A. So yes it would be dumb to keep it.

(And frankly most condos make bad rentals; I’ve owned a few. How makes cash flowing really difficult not to mention rules about tenants as you’re finding which can change on a dime)

It depends on the mortgage rate and how much you can get from rental. For me house A is 2 Family home with 4 years of mortgage left. I decide to rent it out and rent covers expenses + mortgage with $100 income each month. But my mortgage was at 3.5% and I thought it was cheap financing. House b mortgage rate was 3%. There is no point in selling house a plus I have deal with tax implications. However if interest rate was higher I would think differently. When you rent out you take depreciation which needs to be paid back when you sell. If you are selling a primary home you can write off capital gain of 250k single or 500k MFJ

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