Looking for advice with my current situation. I'm moving from lower cost area to higher cost area ($150sq/ft->$300+/sqft). I'd take away about 200K if I sell my house (bought for 565, worth 740 now). It has carriage house which we've been renting for about $1500/month and could rent out main house for about 2800/month...current mortgage 3000/month. Reasonable quality 3-4bdrm homes are in 800K range in new location but similar rentals are about what I'm paying for my mortgage now. I have 50K in savings account, my current loan is VA loan but I could get another 161K from VA loan if I keep my house and I'd have to come up with 25% of the delta for down payment if I bought (I'm 100K short on 800K home purchase) unless I used doc loan.
1. sell current house or rent out keep equity tied up and ~1000k/month cash flow?
2. if sell house, take 200k and put towards down payment on new house or invest that money and rent in new location?
1. sell current house or rent out keep equity tied up and ~1000k/month cash flow?
2. if sell house, take 200k and put towards down payment on new house or invest that money and rent in new location?
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