Should I consume some monthly savings and buy a house?

I currently save $1000/mo. Should I rent my condo for $1200/mo(break even) and only save $500/mo so I can buy a house?

2013-04-02T10:26:06Z

condo is under water by 40K

?2013-04-02T10:24:46Z

Favorite Answer

Sell the condo.
You do not want to be a landlord..
Plus, it can take years for that rental income to be considered income to qualify for a mortgage.
I will never understand why some people never want to let go of old property.
Sell the condo, buy a new house if you want a house.

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mildred f2013-04-02T22:31:41Z

So it seems you are in lots of debt. And you want to make this worse? Do you truly think you can even qualify for a new loan like this?

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