Help me find a place

[Sijray21]

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.

exactly. i know my mom is renting out her second townhouse and is getting in just a little over the mortgage rate/payment for the house. She bought the house nearly 19 years ago and has renovated it recently. It was/is in fantastic shape and she's not making that much more over the mortgage...back when she bought it for $220k. Now it's worth over $400k and i can't imagine her making money at all if she had the extra cost unless she extended the mortgage to 40 or 50 years - she currently has 10 years left on the mortgage for that house.

Years? Wow... pretty sure you just made that up. Even in this slower market I believe the average TOM (time on market) is under 180 days.

i was exaggerating, but my mom was talking about a few of her coworkers that often get sent overseas trying to sell their houses and the average turn-around time was between 5-6 months a few years ago with the longest being 9 months.