I've been offered a job but cannot afford a double mortgage. This is unfortunate because I will have to decline the job unless there is some way to avoid having to pay two mortgages until the first house sells. What are my options?
After paying the first mortgage, I would be left with $300 per month with which to pay for the second house/rental.
2007-11-18 14:57:02 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The advice to rent is fairly good except...
1. Do you want to be a long-distance landlord?
2. If you'll be getting a new mortgage for your new house, the lender will only allow you to claim 75% of your rental income toward your debt/income ration because of expected vacancies and repairs.
If you'd like an alternative that offers you full price or near full price for your property without all the pitfalls of being a landlord, shoot me an e-mail.
2007-11-19 22:01:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
i see that you already got the right advice, rent the house
2007-11-18 16:40:05 · answer #2 · answered by bobb 1 · 0⤊ 0⤋
rent the first house.
2007-11-18 15:10:17 · answer #3 · answered by !!! 7 · 0⤊ 0⤋