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Rich C
Rich C asked in Business & FinancePersonal Finance · 8 years ago

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?

Update:

condo is under water by 40K

2 Answers

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  • Silly Goose
    Lv 7
    8 years ago
    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.

  • mildred f
    Lv 7
    8 years ago

    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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