I must move 65 miles away. Should I rent or buy a duplex which will help me cover a mortgage payment?

Not all home owners are able to be landlords, you need to figure out if you are that person or not. If a renter calls you on a friday night to fix something are you going to do it or call a repair man. From a financial point of view, to answer the question best, we would need to know the cost of the property, and how much rent you can expect to get. You stated that you are in a financial position to rent, but are you in one to own a second home, and one with a renter? What if the tenant doesnt pay you, are you able to carry all the debt. Should you want to go into detail about this, please contact me directly. www. HOMEMORTGAGEXPERT. com or call 855 411 LEND Peter Savino

If you can qualify for both it is really a personal decision. I personally think now is a good time to purchase a home, but conditions may not be as positive where you would be purchasing. A duplex would give you the long term potential of both cash flow and property appreciation but not everyone is meant to be a landlord. Pick an experienced and knowledgable loan officer to work with and help you figure out your options. Good luck.

Good Afternoon! You should always prepare yourself to be able to cover the housing payment without any additional rental help, even when looking for a duplex. This is the case because there are times when tenants don't pay the rent or pay late and your mortgage payment is still due, so you need to make sure you can cover the payment on your own and not get in over your head! Just my opinion! I'll be happy to help if you need more information. Good luck!

It really is a personal decision based on income, assets, and the desire to be a landlord. I'd probably rent something small for the short-term, and see how everything goes, delaying any long-term decisions later on.

I'd recommend getting a feel for the area first. I commuted and stayed with a couple from a local church for $300 a month and that included everything (internet, all expenses). I was even privileged to be invited for dinner. Every day after work 430-500pm, I would scout the area based upon what my new business contacts were telling was the area that we'd probably like to live in. So before you run out and rent or buy and commit, try a short term (30-60-90 days solution) that will enable YOU to do some well needed "due diligence" first! Then call me if and when you are thinking about buying. Also compare what you have today (you said home / is this a single family home? do you get along with everyone, i.e. renters or a duplex "marries" you to that renter for at least the next year). See - so many questions to consider! First things first.

This is a much bigger question with a lot more moving parts than your question does justice. You really need to speak to a lender and work through the numbers. Make sure you are talking to someone who is will to invest the time in your situation and give you the numbers you need so you can compare your options. Until someone knows your complete situation, they can not help you. Good Luck, if you get to that point and would like to talk, feel free to call me. =Mike 517 489-2328