I am currently living in a home that is worth 725k. I owe 440k on it. We are trying to move to a different part of town for financial, and personal reasons. A typical move would be to sell our house and go purchase a home. The new house we are buying is a new build and we need to release the contingency on our current home. I would like to keep my current house as a rental property, but don't have the funds to pay off this one and buy a new one. I could rent my current property for about 3.5k a month. I am a real estate newbie and have one other rental property but slowly dipping my toes into the pool. I also have about 200k equity in my rental property, if that is helpful. I was wondering if any of your smart people out there had other creative ideas to finance keeping our current home and buying a new one. Thanks!
