I am a current resident in my last year of training, first time poster here wanted to seek some opinion regarding my real estate options.
I purchased a house 3 years ago with intention of staying in my residency area in Ohio for fellowship and beyond. Plan changed and now I will be moving out-of-state for a 320K/yr attending job. I plan on renting a place in the new state till I get my commencement bonus and save enough for a 20% down on new conventional mortgage. Was wondering if I should sell or rent out my current home handles by property managment that charged $80-90/mo.
Home purchase price: $193,000. Put $30,000 down on physician's loan ARM 7/1 @ 3.950%
$150K left on principle currently.
Monthly mortgage: $1250K
Estimate currently property value: $235K
Estimated equity: 75K with LTV 66%
Potential monthly rent if renting out: $1600 - $1800/mo
Crunched some numbers, figured if I sell my home for listed price, taken into account cost fees and potential vacancy period I would say cost to sell would be wound $21-25K. Won't be making much of a profit at all compared to the downpayments and mortgage I already put in. Though I worry that if I already have an existing mortgage it would be difficulty for me to quality for new home loan. I am by no means expert in this area and any input would be appreciated.
I purchased a house 3 years ago with intention of staying in my residency area in Ohio for fellowship and beyond. Plan changed and now I will be moving out-of-state for a 320K/yr attending job. I plan on renting a place in the new state till I get my commencement bonus and save enough for a 20% down on new conventional mortgage. Was wondering if I should sell or rent out my current home handles by property managment that charged $80-90/mo.
Home purchase price: $193,000. Put $30,000 down on physician's loan ARM 7/1 @ 3.950%
$150K left on principle currently.
Monthly mortgage: $1250K
Estimate currently property value: $235K
Estimated equity: 75K with LTV 66%
Potential monthly rent if renting out: $1600 - $1800/mo
Crunched some numbers, figured if I sell my home for listed price, taken into account cost fees and potential vacancy period I would say cost to sell would be wound $21-25K. Won't be making much of a profit at all compared to the downpayments and mortgage I already put in. Though I worry that if I already have an existing mortgage it would be difficulty for me to quality for new home loan. I am by no means expert in this area and any input would be appreciated.
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