Rent out existing live in home

[Frank Tovar]

Hi all,

Would like to jump start my investing in real estate as well as move out of my existing home. My existing home has been outgrown and does not meet my needs in regards to living, and location. My thought process was to rent this home out to 1.get me out of it and 2.get me involved with my first property.

I believe I know the answer to this, but just wanted to get a second set of eyes on this.

Current home market value $150k                                     

Payoffs is $127k

Monthly payment is $981

P&I is $588

Comparable rent in the area is $1300

Preferred to have a PM

Or is there an alternative to get out of the home and come up on the Upside?

Thanks 

-Frank

[Elizabeth J Humphrey]

I would run an analysis like it is any other investment property. You will need to emotionally detach and see it as a rental. Good luck