Quote:
Originally Posted by loonguy
Another option, which might work for some, is rather than sell and rent for a couple of years, refinance your current home while rates are low and take some cash out to serve as a down payment on purchasing the home you want now with a low interest rate mortgage. Your current residence could become a rental property that might generate some excess cash flow and you could enjoy your next home now. Of course, there are risks as a landlord and the couple of times I moved and converted my prior residence to a rental property I had the misfortune of having deadbeat tenants who did not respect the property or their rent obligations. I still do not regret the transitions, however, because they enabled me to improve my then current and future home situations at a time when I really did not have a better alternative.
|
I know of several folks who owned income properties and would exclusively rent to Section 8 Tenants. The rent was guaranteed by the Government. They both became extremely wealthy as a result.
I think I would need an iron stomach to deal with property tenants but it does work for many.