Surfercatgotnolegs t1_j2fd8mz wrote on December 31, 2022 at 9:27 PM

You have a yr to try it out. Put it for rent, see how hard or easy it is, while living with your friend for a bit (or even rent an apartment).

Do you make enough to have two mortgages? No.

Do you make enough to have two mortgages while having a steady reliable rental supplement income? Potentially yes but it is risky to you.

Do you make enough if one of you is jobless? Flat out no, TOO much risk then. You need to be dual income or one late rent payment and you are done, on both houses. Neither of you make enough solo.

If the rent really is 2k and your mortgage is 1k, it is a no brainer for keeping the single mortgage tho. Assuming that your renter demand is steady, and you aren’t in a bubble.

sirguynate OP t1_j2ffhgb wrote on December 31, 2022 at 9:43 PM

I totally agree with your assessment. We don't make enough alone, and together it only seems to work with the revenue stream.

I am on the edge.

Thankfully, if I did attempt to rent out the old house and we got into a financial situation, I would immediately take the steps necessary to balance the books. I do have a reasonable 401k balance that I would never touch unless it was to pay bills on time while we sold the old house but I would be checking my accounts to head off dipping into the 401k to begin with.

However, do I want an added amount of stress on my life?

For the first time ever my wife and I feel like we are in a good place financially. We can afford our bills, we are building the emergency fund. Once our emergency fund is funded we are going to increase our 401k contributions and loan payments. Now this job opportunity opened up and, you know the saying.. mo money mo problems?

The house I live in is in a hot market and its still not cooling. Time on market is 3 days, that is an improvement from 1 day. We do not have enough housing inventory.

sol_in_vic_tus t1_j2fqn0t wrote on December 31, 2022 at 11:06 PM

Selling a house takes time and you aren't guaranteed to be able to sell at a price that will break even, let alone be profitable. Counting on being able to sell later when the chips are down is not something I would do.

sirguynate OP t1_j2fra8s wrote on December 31, 2022 at 11:11 PM

I couldn’t agree more. There are not guarantees and there are risks in investments. I appreciate your input, this has been on my mind as well.