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/u/LostAtCplus
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I currently live in a very HCOL area with my parents. With my very same financial situation (50k saved for down payment, 100k and rising annual income), I reasonably believe that I could buy today in most of the United States.
But not here. No way in hell.
How insane would it be, personally and financially, to find a nice home in a different state and buy it, hire a property manager to rent it out to people, and then eventually move there when I’m ready?
And how would this factor into getting a second mortgage on a different property? If I’m net positive on rent vs cost of mortgage and maintenance, does that mean that I can also buy a small apartment where I currently live in a few years?
submitted by /u/LostAtCplus
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Buying in a LCOL area while living in HCOL area?
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But not here. No way in hell.
How insane would it be, personally and financially, to find a nice home in a different state and buy it, hire a property manager to rent it out to people, and then eventually move there when I’m ready?
And how would this factor into getting a second mortgage on a different property? If I’m net positive on rent vs cost of mortgage and maintenance, does that mean that I can also buy a small apartment where I currently live in a few years?
submitted by /u/LostAtCplus
[link] [comments]
Buying in a LCOL area while living in HCOL area?
Continue reading...