I would compare the $700K monthly mortgage payment with what you can charge for monthly rent, and then do the math. If the rent can't cover the mortgage, when will it and can you swing the gap & maintenance out of pocket like you did with the Renton property? Having an investment property right next door is great.
Yes, exactly re mortgage/rent coverage. I'm sure it will be tight at best, and upside down at worst. As Rocco always says, there's living to be lived now, and I don't want to be "house poor" in the prime of our lives (which is in our 50s, by the way!) in a way that limits doing fun things.
Greetings from a former Seattleite. Great post and love the intentionality. Glad you were able to hang on to that house as buying a house in Seattle back in 2008 definitely helped us get where we are today.
Thank you! I think I read your story somewhere -- you lived in the Greenlake area, yes? I can't believe how much housing prices have changed in Seattle. I used to have friends who owned a house on top of Queen Anne, and they were both on *teachers salaries.* Now those home start at 1.2mil.
Yup. Green Lake. We were only to buy there thanks to the Great Recession when housing prices dropped so much. And, yeah, Queen Anne. Absolutely crazy. It's terrifying how much in real estate can depend on buying at the right place at the right time.
I would compare the $700K monthly mortgage payment with what you can charge for monthly rent, and then do the math. If the rent can't cover the mortgage, when will it and can you swing the gap & maintenance out of pocket like you did with the Renton property? Having an investment property right next door is great.
Yes, exactly re mortgage/rent coverage. I'm sure it will be tight at best, and upside down at worst. As Rocco always says, there's living to be lived now, and I don't want to be "house poor" in the prime of our lives (which is in our 50s, by the way!) in a way that limits doing fun things.
Greetings from a former Seattleite. Great post and love the intentionality. Glad you were able to hang on to that house as buying a house in Seattle back in 2008 definitely helped us get where we are today.
Thank you! I think I read your story somewhere -- you lived in the Greenlake area, yes? I can't believe how much housing prices have changed in Seattle. I used to have friends who owned a house on top of Queen Anne, and they were both on *teachers salaries.* Now those home start at 1.2mil.
Yup. Green Lake. We were only to buy there thanks to the Great Recession when housing prices dropped so much. And, yeah, Queen Anne. Absolutely crazy. It's terrifying how much in real estate can depend on buying at the right place at the right time.