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Updated about 11 years ago,
Need advice quick!! i'm fixing to move should i lease my property?
I bought a personal home a little over a year ago and planned on living in it for 5-7 years before i sold it or rented it out. But my wife and I are possible fixing to move to Houston because she just got a job promotion. My question is should i lease my house and become a landlord? My real estate agent told me that my property in my neighborhood could rent for 1500-1750 a month and my current mortgage is 1200 a month with insurance and taxes. So that would be 3600-6600 a year. I only have 10,000 in equity in my home and i don't think i could get out from under it if i used my agent to sell it . When we move we may have to rent for 6-12 months until we would be able to buy again. I don't know what to do and could use some advice. Thanks