Quote:
Originally Posted by You Are Gay
If you have to move back then keep your house, rent it out and sell it on again when the market starts to pick up again. Well if you can afford to do so (i.e. you don't need the money from your current house for the deposit for the next which come to think of it is probably unlikely).
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We have a second house in the UK we're in the process of selling. No problems for deposit.
Renting it out will be a shortfall of ~$600 a month for every month (Mortgage + Insurance + Fees + Property Tax + etc.) we rent it. Given the current state of the property market, that's a fair old chunk of change to divvy up every month.
It worked in the UK, we covered mortgages of both houses with rental money, seems like teh market in teh US isn;t quite as bouyant, rental-wise, which is a surprise, since banks aren't handing out mortgages any more, the market is in flux, you would think people would take the less risky option of renting.