Renting Our Home

[Andrea F.]

Hello - I've been a member of BP for many years, but have never had an investment, until now.  My husband and I are ready to rent out our townhome that we have lived in for 16 years, but still need a little guidance.  When using the BP Rental Property Calculator, it asks for the purchase price and down payment, this doesn't apply to us, so what do I put here?  I am entering in the correct criteria for the other sections, but I 'fear' that I will not get an accurate analysis if the purchase/down payment sections are not entered correctly.  Any suggestions?  Thank you in advance.

[Eliott Elias]

Did you not purchase it? What you want to look for is if rents in your area are higher than your mortgage payments after you take into consideration vacancy and maintenance.