Buying new primary residence and renting curren: NEED ADVICE

[Jim Hagerman]

Hello all,

 I’m looking to buy a new primary residence and turning my current one into a rental property. When trying to do the deal analysis on my current property, it’s asking for the purchasing and closing costs. Since these costs have already been incurred years ago, do I still take them into consideration? Or do I only focus on the current mortgage payment? Is there anything else I should be considering when trying to analyze this to make sure it’s a wise decision? Thank you all! 

[Jaron Walling]

@Jim Hagerman Yes, if you want a more detailed analysis. Find your closing paperwork and factor these costs in. You'll do the same for the next property. 

What did you pay, what is market rate rent, how much equity do you have, and what interest rate/loan type do you have? The answers for these questions should get you in the ballpark. If it's not cash-flowing why not sell? Quality are commanding high prices. You'll pay no tax on gains below $250k (single) or $500k (married) if you lived there for 2/5 previous years.