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Updated over 4 years ago on . Most recent reply

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Ryan Kearns
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Is My House A Good Rental?

Ryan Kearns
Posted

I have thoroughly enjoyed reading the posts on here as I think about getting started in real estate investing. Trying to start with figuring out if my current house would be a good rental for me from a financial standpoint. We are building a new home and I am weighing out if to keep our current house since we don't have to sell it from a financial standpoint.

Our home is worth $310,000 and the mortgage on it is $182k which we just refinanced at 30 year for 2.85%. The payment with taxes and insurance is $1350 a month. I could rent it for $2.3-2.5k a month. 

So my question how do I evaluate if keeping the equity tied up in this house is worth the return I'm getting on it. Also, I love the idea of being able to buy and hold some homes in our community. Just not sure if this is the way to start. 

Thanks for any insight or recommended resources. 

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