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[quote=Anonymous]If you decide to rent it out, become a landlord intentionally - read books, read the laws, do your "due diligence." Then go for it! We own 5 rental properties and it's the best business around if you go into it with eyes open and your "t's crossed." Especially if you're NOT a high earner - 20 years down the road when it's paid off by your tenants, you can either use it as a source of income or pay it and put a nice little sum into your nest egg. Do NOT count on the income in order to pay a higher mortgage somewhere else - you need any extra income that property kicks off to pay for the inevitable and constant repairs, vacancies, and improvements you have to make over the years. Make sure that you can charge more in rent than you have to pay in mortgage - at least 25% more to cover those inevitable expenses.

Income rates are very low right now - both historically and in recent times. If you search the market until you find a small enough house that you are comfortable with the payment (ie: don't jump at the first house you love), you may find yourself able to afford it. Can't hurt to look around, right?[/quote]

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