I am thinking about renting the house that I own. I am considering buying a new house with no money down.?
961524
Here are some options for you.  1) You could refinance your house for more than the current mortgage on it, and use the additional cash as a down payment on the new house.  2) You could buy a new house from a seller who is willing to lend you the down payment, if you can find such a seller.  3)  You could borrow money for a down payment using other collateral, for example, stocks, bonds, or mutual funds.  \n\nHowever, you will need to have substantial income in order to qualify for a new loan in addition to your old loan, and if you have never tried being a landlord before, you may not want to take on that burden.  You may be better off keeping you life simple and just selling the old house to buy the new one.
138462
Lots to consider, what is the appreciation in the community that you are living? What does it look like for the next five years? With home ownership your interest is a deduction from your ordinary income? What is your present rent? Over 5 years.?\n\nWhat are present market value of the sold homes?\n\nGenerally home ownership is the way to go.\n\nGood Luck
649389
You may have to downgrade what you are looking at.  You may have to live in a lower rent complex for a period of time and regain the trust.  Explain to your prospective landlord (only if asked!) that you have had problems in the past due to past monetary problems.  Explain to them and document that you have the income to pay rent.  Make it clear that if they have to start the eviction process immediately following a week of non-payment you would understand and respect this.
1024625
You may, but you will have to rent the house back to live in it.\n\nWhat you essentially need is to remorgage your house. Perhaps to free up your cash.
220031
Renting would give you the most flexibility. Your cash would also be available for investment, emergencies, etc.\n\nIf you rent you don't have worry about upkeep on your home and maybe no yard work. \n\nThe down side, less control over who your neighbors might be. Probably less privacy.
483854
Let me tell you the minus part-\n\nBought my grandmas home valued at $595K, took out a loan for 436,000.  Plumbing was $6000 off the bat, interior painting, wall paper removal $1500.  Tons of homes in her area have come up for sale 495K-630K, and a few closed after 3+ months for sale.  Decided to rent the place for $2200, loan is $1750, insurance $90, and property tax is a mess right now.  Rent not covering the PITI ( even on neg am loan).  Gardner's raised fee due to gas, I pay water and trash. \n\nIf I sell, I am subject to capital gains on any money I make.  Based on price I paid, that was never disclosed cause there was no contract I am in a bit of a mess.  They can actually base my capital gains off the price my grandma paid on the home $19,000.\n\nUnless your related to Donald Trump, I would stay away from the real estate investing until you get a grasp on the entire picture.  I am finding it incredibly hard to remember what the basis was for deciding to take on another property.  Even with my own personal income 10K month, & rent for the home I am finding it necessary to balance my checkbook for the first time in my life.  It may turn out great down the road.  To date, its taken entire days away from my regular job, required more up front money then budgeted, caused a potential tax mess, and the worse time to try and sell in a historically desirable neighborhood of custom homes.
1154501
As hard as it would be to pass up the sleigh bed, (for me too!) the best thing to do would be to save it for unexpected expenses.  If you had more in savings I would say go for it, but I can tell you that when you own a home, there's always something that comes up unexpectedly!
957424
From the information you give, you can't prove that it is a bad idea.  Don't get me wrong, you are probably right - but only probably.  Furthermore, home ownership has many benefits that don't show up in a cash flow statement right away.  If she can really make it work, with a stable loan payment and everything (fully amortized and with the rate fixed for at least five years), chances are that she'll come out way ahead.\n\nWhen you first buy, owning is more expensive than renting.  If it isn't, why didn't you buy earlier?  If she can barely make it work renting, chances are against her.  Principal and interest on the loan - rates for people with good credit are in the high fives to low sixes right now (thirty fixed), depending upon how much you pay in points.  Take the loan amount and any financial calculator will tell you how much that payment will be.  Property taxes (every state is different.  Call the county tax collector).  Homeowner's insurance (ask an insurance agent).  Association dues, if any.  Utilities will be about what she;s paying now if the properties are of similar type, but she'll need a  Monthly allowance for maintenance - she'll need to build up a reserve because this stuff happens.  How much do people spend in your area?  If you're a property owner, you should know.  Not to mention all the money most people blow on home furnishings when they first move in.
999150
It's a good idea, simply because homes appreciate over time (maybe a lot of time, but they generally do).  \n\nYou have to take into consideration what the mortgage and taxes and insurance will cost you on a per month basis.  Then you have to figure out if you can rent it for that figure.  If you can, or can get more, is it worth the extra tax for the income?  If it's not, do you need the loss for your taxes?  \n\nRemember, when it's time to sell income property, you have to pay taxes on it unless you do a 1031 exchange, but that just means you're buying into another income property.  \n\nFinding good renters can be hard.  Can you pay for the house if it sits for a couple of months unrented?  Do you hav e the time to really check out a potential renter?  To be a landlord?\n\nThere are a lot of pros and cons.  If you have the time and the resources, by all means, hold on to it because real estate is a great thing to have.  But it's a lot of work too!\n\nGood luck  :)
891816
Hello, in the past two years you don't think the value of your current property has risen $15K?  If not then you should certainly wait.  Purchasing a new home right now also has its downside as their value may still be increasing but not as it was a few years back.  So I would sit tight for a bit and build more equity before you make any rash decisions.  You should never owe money out of pocket on your home when you sell it!!!
923798
You shouldn't, but call your agent to make certain.\n\nDo you have rental reimbursement on your policy?  It's inexpensive and worth it when you need it.
827153
the only thing i can suggest is that u either move back in with your family,  if that's possible,  or find somewhere cheeper to rent - like someone who owns a house who just wants to rent a room out.....   even so, it'll take u a while to save.  the other option is to buy a house in need of repair in a not-so-nice area,  do it up a bit, then rent it out,  or live in it, and rent one of the rooms out to provide extra income.  hopefully u could sell the house on for a profit one u had made improvements to it.  at least it would get u onto the property ladder...
152441
NO......I WOULD STRONGLY SUGGEST THAT YOU SELL THE HOUSE..\nBECAUSE THEN YOU ARE GOING TO BE STUCK WITH 2 PAYMENTS... THE ONE FROM WHERE YOU BOUGHT THE HOUSE...AND THE 2ND LOAN YOU TAKE OUT...\n\nWHATS GOING TO HAPPENED WHEN YOUR MONEY RUNS OUT...FOR PAYING THE HOME YOU PURCHASED....??\n\nYOU WILL BE STUCK WITH 2 PAYMENTS.
559419
You could rent for a year while you decide for sure what area you want to buy in.  That's what we did when we moved into an unfamiliar state.  Then you won't get stuck with a house in a neighborhood you end up really disliking.  Just be sure to check what the time-line is on reinvesting your capital gains on the sale of your current home.
439367
I would put it out on the Internet. I know its not the same as a home loan but there sure seems to be a lot of money out there. The problem I see is that you will have to be able too prove its a winning proposition
235717
Usually a portion of the rent goes into a fund for a down payment with the hopes of having enough to get a mortgage at a later date if you're talking about a house.\n\nBut be careful as some of the "rent to own" houses are scams for houses that just can't be sold for one reason or another.
590594
I would attempt to just borrow the money to get back to current from a local lender.  Leave the mortgage where it is.