Have you ever thought about buying a rental home and becoming a landlord? Maybe you are debating about whether you should sell your current house or rent it out, just like we are.
Last month I talked about whether or not we should pay off our house early. In this post, I talked about the advantages of paying off your home early and disadvantages to that as well. I also brought up the fact that we are debating about whether or not we should rent out our current home when we buy our new home next year.
We plan on living in our current home for at least the rest of 2013. 2014 will most likely be the year that we buy the new home unless something extremely awesome pops up this year.
And yes, don't worry guys, we already have a plan for how we will work everything out for when I pursue my passion.
Since we do know that we want a new house within the next year, we have been thinking a lot about whether or not we should rent out our current home. The monthly payment is currently around $960 a month (including home insurance and property taxes), and we would want to refinance that beforehand in order to eliminate PMI and to get a lower interest rate (and to save on interest). [Read more…]