Reply to How to swing a move to a move up house?

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[quote=Anonymous]OP here--

Thanks for the financing ideas.

What if we really wanted to try to hold on to our current house as an investment property? Is there a scenario that would work?

It's probably worth around $450-$500k. Property values in my neighborhood are jumping a lot, so it's hard to say. We owe around $200k. If we rented our house out today, we'd probably clear about $1000/month in rent over our mortgage payment, not counting expenses. Our HH is @ $230k.

We could aggressively pay down our mortgage on this place-- if we really focused on it, we might be able to pay it off in 5 to 7 years. If we didn't owe anything on it, would we still have trouble getting a loan for a new house? Is that a smart thing to do with our extra cash though? I'm assuming we'd still need a down payment for a new place as well.

I know I said I'm concerned about property price escalations in the District, but I also think if we had income from this place as a rental it wouldn't be as onerous. And it just feels like we should try to hold on to this place if we can.

Thanks for any input.  [/quote]

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