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Updated almost 5 years ago,
Bought a bad deal and am thinking of exiting early.
Ok. So I bought a house I was renting the lower half of because I didnt want to move again. This was before I started researching house hacking strategies. With it rented, the mortgage (PITI) is a little under 25% of my monthly income. Without the top floor rented, it's a little over 75%. The loan was my first VA home loan for $268000. Closing was 31 October 2019.
Question: Stay and rent it, or get out fast? I'm concerned about not being able to rent it steadily, and the financial burden during vacancies, which I have coming up in a month or so.
Would it be smarter to get out of it and buy a regular SF home that is about 25% of my monthly income, then save and look for a better deal?
If that's the case, what is the best way to get out of it so soon?
Thank you for any assistance. I wish I knew then what I knew now about getting and having systems in place before I bought this place.
Again, thanks for any advice.