I bought my house about 3 years ago but within the past 18 months, my father has unexpectedly had to move in with me to care for him and I’ve found a partner and gotten engaged/soon to be married. Due to these 2 factors, we needed to upsize and we listed my fiancé’s house and my house and began looking for a bigger house with a budget up to $500k. We found the perfect house today and it shockingly is only listed at $265k (it’s in an older neighborhood, it’s not the hot part or town, a lot of the interior is original 80s construction and will need updating as we go, etc.) meaning it’d be possible for us to keep my house (it’s a 3bed/1bath in a very central part of town) as a rental and still buy the new house. No one in either of our families has ever been in a place to own a rental property so we really don’t have anyone to ask about the pros and cons of doing so, so my question to you all is, should be keep my house as an investment or just keep it listed and sell it to get the couple grand in equity I can get out of it? For reference, I make about $120k annually, my fiancé makes about $70k annually, my mortgage on my house is $1,080 although I’m sure it’d go up a bit once I change my insurance from homeowners to a rental policy, and in our area, it’d be able to rent my house out for about $1,500-$2,000/month depending if oil is busting or booming at the time (I live in an oilfield area)
Majeed Ekbal's Daily Blog 