11-07-2006, 06:26 PM
HAULN-SS Wrote:but seems like if you had any kind of decent place, you could at least get 75% of your mortgage on the second house if you needed to in a hurry.
Look at my previous post regarding rental cost vs. purchase cost.... as it sits right now, in nova, for most houses, if you rented it out you'd take a significant hit against your monthly mortgage if you recently bought it. You'd get some back on the tax breaks, and someone else would be paying to build the equity in the house, but you may not come out ahead. Figure out the mortgage on a $270k condo... its what, $2000/mo after condo (or HOA) fees, property taxes, etc... You're not going to be able to rent that 20 y/o, 2br condo for anywhere near that much.