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Reply to "Sell or rent out starter home?"
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[quote=Anonymous]Current home is worth $585k. Owe $90k on a HELOC. Looking to move up to something in the $850k range. Option A: sell house (clearing $460k) and then get a $390k mortgage on new place. Option B: tap current HELOC for $225k down payment and then get $625k mortgage on new house (which would then be conforming). I can rent the current house to an O4, which would be $3100/month. The new HELOC balance of $315k would be around $1500, and taxes and insurance is another $500, so I would clear $1100/month before maintenance. I would accelerate the HELOC balance as I have done the last few years. Thoughts? Suggestions? [/quote]
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