Updated almost 3 years ago on . Most recent reply
Renting 1st home
Hello, Im trying to figure out if keeping my home as a rental is worth it.
The home is a 4/2.5 with 2200 sqft. The mortgage payment is $1529 (that includes taxes,ins.etc.) , heloc payment is $1000(used this for down payment on second house). Similar homes rent for $2800-3000 per month.
The house is worth about 400k I owe $155k at 4% and 100K heloc at 7%
If the heloc isnt paid off Im making like $100-$300 dollars a month.
But as the heloc gets paid down Im increasing my profit until its about $1,300
Whats your advice? Am I looking at it correctly?