Is 'rent out and rent' the new 'rent out and buy'?
Which was previously 'sell and buy'?
Some homeowners are now keeping their properties, but renting them out and then renting larger homes.
This way they keep their low-rate mortgage and can afford a more suitable place to live.
Example:
- Currently paying $3,500 month all-in PITI
- Can rent out existing home for $6,000/mo.
- Want to rent a larger home for $7,500/mo.
They get the home they want/need with an extra bedroom, office, pool, etc. for just $1,500 more per month.
Obviously some expenses related to being a landlord, vacancy, etc. But any improvements go into a property they own.
If they were to buy the home instead, it could be closer to $10k per month PITI.
And they'd need a $300k down payment.
Btw, the person renting out the home to them is doing the same thing.
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