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Updated over 8 years ago,
About to close on a great place, but now we're moving...??
I need some help. I just secured a great OO loan (10% down @ 3.25%) for a great house in a booming rental area. My wife and I figured we'd live in it for a year and then move on to our dream home. Unfortunately, now we have to move somewhere else, but I don't want to give this up. I know I could rent it for $500 over the mortgage, but I don't want to commit mortgage fraud obviously. I don't want to do 20% down at an investment rate.....what should I do? Buy it, move our stuff in and sit on it for a year? Keep 1 bedroom available for myself to stay in from time to time? ugh....or just take my 30k elsewhere to invest.
Thanks