Quote:
Originally Posted by MonkeyMama
Overall - that changes things dramatically. You are talking about $4k/month housing expenses if you lose a tenant. You would never lose a tenant? Haven't we all heard that one before? Does anyone pay attention to the news?
Sounds pretty darn risky. Which is probably why you have reservations in the first place.
I'd change my vote to "foolish" if I could. Though I am notwless clear on your current situation - like where you are living now. Or if it makes more financial sense for your spouse to try out the job and not pick up and move everyone now, etc.
More information is always interesting. Usually why I answer "it depends" with so many of these things...
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I agree with monkeymama
There is a rule of thumb in the landlord industry to calculate your expenses on renting your house at 50% of your rent. So half of that 1700 a month you are getting should be put away for unseen landlord expenses. You never know how tenants are when things 'break' and they want you to fix it. Using 50% is a rule of thumb and will vary depending on conditions...but it won't hurt you to assume expenses could average half of what your rental income is.