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In response to "Could you rent out your house, and then put the 40k toward a new one? -- nm" by El Pollo Rojo Loco

that was the original plan but now that i'm not working consistently (and might not be for another year or so)

Posted by kare (aka kare) Jul 29 '11, 16:20

we're not sure a bank would love to loan us money for an additional house based on my husband's salary alone.

really i think we just need to go talk to someone and find out our options then start planning but i am just SOOO itching to move now.

Responses:

Rent the old house and then rent a new house for y'all. -- nm - TFox Jul 29, 16:28 9
- hmmm. -- nm - kare Jul 29, 16:29 8
  - It would have a fair number of perks. Less maintenance, ability to make a change when needed... -- nm - TFox Jul 29, 16:31 7
    - just looked at prices where we (well esp. i) would like to move and... damn. very high. -- nm - kare Jul 29, 16:35
    - Does she still get to keep the mortgage deduction on her house if she isn't living in it? -- nm - El Pollo Rojo Loco Jul 29, 16:33 5
      - No, it has to be your primary residence. -- nm - MojaveMeg Jul 29, 16:35 3
        
        so i guess the answer is: patience, grasshopper. sigh. -- nm - kare Jul 29, 16:37 1
        
        This! - El Pollo Rojo Loco Jul 29, 16:44
        
        Once you rent it becomes investment property and things like depreciation become deductible - against the rental income. -- nm - MojaveMeg Jul 29, 16:37
      - You're asking a filthy renter questions above his pay grade. -- nm - TFox Jul 29, 16:35
I am in the same spot. My GF has a condo that is upside down. It's 1BR 650 Sqft - El Pollo Rojo Loco Jul 29, 16:22 14
- but you're moving in together? that is awesome! -- nm - kare Jul 29, 16:28 1
  - Thanks everyone. - El Pollo Rojo Loco Jul 29, 16:31
- Congrats! -- nm - psilotum Jul 29, 16:28 2
  - Mine is for knocking up your gf, btw. -- nm - psilotum Jul 29, 16:44 1
    - What? We are just moving in together. Not going to have kids. She doesn't want kids. -- nm - El Pollo Rojo Loco Jul 29, 16:46
- nmb redmond - JenBro Jul 29, 16:27 8
  - That's massive for a 1BR, my 1BR was 30square m -- nm - Karl_S Jul 29, 17:03
  - I thought ST new this already. I am helping my Dad get an apartment near us. -- nm - El Pollo Rojo Loco Jul 29, 16:29 6
    - I knew about the moving-in together, hoped Dad would be settled somewhere. good on ya. :) - - b. Jul 29, 16:40 2
      - b you always have the best advice ... and now you have me wondering if maybe I knew he was moving in but likewise wondered about his pops -- nm - JenBro Jul 29, 16:43
      - Your advice is noted and I agree. -- nm - El Pollo Rojo Loco Jul 29, 16:42
    - I didn't know either. Congrats! Best of luck! -- nm - Krusty Jul 29, 16:33
    - oops - JenBro Jul 29, 16:31
    - New=Knew. -- nm - El Pollo Rojo Loco Jul 29, 16:30

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that was the original plan but now that i'm not working consistently (and might not be for another year or so)

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