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Reply to "How to swing a move to a move up house?"
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[quote=Anonymous]Being a landlord is not fun and while it sounds like a lot, clearing $1000 over the mortgage each month isn't that much, especially if, as you say, the house needs work. You'll still need to pay taxes, maintenance, probably some utilities--trash and water, etc. also, your rental income will be taxable and your mortgage interest on that property will no longer be deductible. Finally, if you rent it for more than three years before selling and it has appreciated a lot, you'll be taxed on the gains. I say don't keep it unless you have some use for it in the future--ie your parents will move into it or your kids will. [/quote]
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