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Reply to "WWYD: keep DC rowhouse in Shaw as investment?"
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[quote=Anonymous][quote=Anonymous]Throwing this out there. If you are currently in a rowhouse in Shaw you're probably looking to stay pretty close in. Your new house will be at least 1M - so you're looking at a bare minimum 200K down payment - that's another almost 3 years of saving before you are ready to move given your current rate of saving. As someone else noted, you'll need to qualify for debt/income ratio and your current mortgage will be considered a debt (at least at first) which will be problematic for getting a mortgage unless your income is extremely high. Not to mention that you'll have to be a landlord in DC.[b] It's fine until it isn't and all you need is one bad tenant to end up with a ton of legal fees and an enormous hassle. [/b] I'd take the equity and buy your dream home and never look back. Not everything in life is about maximizing every single asset.[/quote] This. [/quote]
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