4 ms·
After owning my first house for about 12 years I was able to refinance it and pull out enough of my equity to cover the down payment of my second house. Now I r
by jack-r-abbit 13y ago
After owning my first house for about 12 years I was able to refinance it and pull out enough of my equity to cover the down payment of my second house. Now I rent out my first house. The rent I get almost covers the mortgage + property taxes. So after 12 years, someone else is buying that house for me. This might not be the greatest investment... but I wouldn't put that anywhere close to "terrible." YMMV
- userulluipeste 13y ago"The rent I get almost covers the mortgage + property taxes." You are lucky to have bought a house that can benefit from high renting prospective. This is not the case everywhere and whereas taxes might go up (whenever the authorities will want more money), the rental profits simply might not. It's not a scenario easy to accept - renters usually have the flexibility to move to other cheaper places or to group together (shrinking the rental market BTW), but the house-owning costs are there to stay. Also, the worst case is when the entire area enters in decline, housing costs plunge and render the entire multiple-house ownership a bad investment.