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Updated almost 8 years ago on . Most recent reply

User Stats

188
Posts
79
Votes
Michael Evans
  • General Contractor
  • Palm Desert, CA
79
Votes |
188
Posts

Renting my house and buying another one

Michael Evans
  • General Contractor
  • Palm Desert, CA
Posted

Hi Guys,

I have been planning to rent my house that I have been living in for almost 20 years. I want to take the advise of Rich Dad who said that your house is not an asset but a liability. Recently, my mortgage payment went up because I had to do a loan modification 5 years ago. Now the payment is almost unsustainable. So I figure, if I rent it out and move to a house hacking project, I can start my rental portfolio at the same time I'll have another place to live. 

I'm just having a hard time with the thought of moving and I need a push to do it.

Any thoughts?

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