I had my first primary residence for 3 years.
Bought it right after covid for 300k and now its around 450k.
My monthly expense (mortgage + home insurance + property tax) is $1350/month and I can rent it out for $2700
I might get a new house and want to keep the old one as rental.
Is there anything I should watch out for? I heard home insurance will be changed go another fire insurance if it is a rental.
Also, do I get a tax write off on 750k of mortgage interest? Is that for the whole life? Vs per house?
Please tell me if I am missing something.
Bought it right after covid for 300k and now its around 450k.
My monthly expense (mortgage + home insurance + property tax) is $1350/month and I can rent it out for $2700
I might get a new house and want to keep the old one as rental.
Is there anything I should watch out for? I heard home insurance will be changed go another fire insurance if it is a rental.
Also, do I get a tax write off on 750k of mortgage interest? Is that for the whole life? Vs per house?
Please tell me if I am missing something.
Statistics: Posted by CLKGTR — Sat Jul 20, 2024 9:48 pm — Replies 4 — Views 384