Hey folks, so here’s the deal. I’ve been chilling in my crib for about two decades now, but things have changed. Back when I snagged this place, I was flying solo. Fast forward to today, and I’ve got a whole fam jam in tow, and let’s just say, we’re starting to feel a bit cramped in our 1350-square-foot abode. The misses and I are eyeing up a new spot to call home sweet home and thinking about turning this place into a rental moneymaker.
With $45k left on the mortgage and homes on our street going for $180-260k, I’m thinking it might be time to cash in on the equity. I reckon a cash-out refinance could land us a chunk of change to throw down on a new place and still have some cash left over to fix up the plumbing drama we’ve been dealing with.
Now, let’s talk numbers. The house just a couple doors down from us, a tad bigger at 1390 square feet, sold for a cool $260k. Across the street, a smaller 1000-square-foot pad went for $200k and is pulling in $1600 a month in rent. Meanwhile, my neighbors are raking in $1500 a month. Oh, and did I mention we’re in a bustling college town where housing is scarcer than a parking spot on game day? We’re only about three miles from the campus, so you can bet the demand is high.
So, the big question is, do we sell up and roll out, or do we refinance, take on a mortgage of around $120-160k, and dive into the landlord game? It’s a tough call, but with the housing market sizzling and the rental demand off the charts, it’s definitely food for thought.
At the end of the day, it’s all about weighing the pros and cons. Selling might give us a nice chunk of change upfront, but renting could mean a steady stream of income down the line. Plus, with the college crowd always on the hunt for a place to crash, we could be looking at a pretty sweet deal.
Decisions, decisions. But hey, that’s just the name of the homeownership game, right? Time to crunch the numbers, weigh our options, and make a move. Who knows, this could be the start of a whole new chapter for me and the fam. Watch this