So, I purchased a house(3/2) in downtown Carrollton last year as a primary residence. I had a job there. I used a first-time homebuyer grant(5%) and used FHA (3.5% down) and closing cost. So basically out of my pocket was little to none. I found later a water damage issue and opened a claim. That claim lead to more issues and I was lucky that insurance covered all. (foundation, sewer line replacement, new flooring, new kitchen, new bathroom, new paint, new electrical panel). On top of that, they paid me for staying in another house during the renovation. 2 months ago, I received a new job in New York and put a tenant on my property. I did consult with my lender to make sure it doesn’t cause any issue for making a FHA house a rental. Here is the current breakdown
Purchase price 284k. Currently, Zillow estimates 348k Rent I am getting $2345 a month. My PITI is $2169
Should I keep this house or sell and do a house hack in NY. I can buy a house in NYC with my income in 2-3 years.
submitted by /u/Spiritual-Ad-2291
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So, I purchased a house(3/2) in downtown Carrollton last year as a primary residence. I had a job there. I used a first-time homebuyer grant(5%) and used FHA (3.5% down) and closing cost. So basically out of my pocket was little to none. I found later a water damage issue and opened a claim. That claim lead to more issues and I was lucky that insurance covered all. (foundation, sewer line replacement, new flooring, new kitchen, new bathroom, new paint, new electrical panel). On top of that, they paid me for staying in another house during the renovation. 2 months ago, I received a new job in New York and put a tenant on my property. I did consult with my lender to make sure it doesn’t cause any issue for making a FHA house a rental. Here is the current breakdown Purchase price 284k. Currently, Zillow estimates 348k Rent I am getting $2345 a month. My PITI is $2169 Should I keep this house or sell and do a house hack in NY. I can buy a house in NYC with my income in 2-3 years. submitted by /u/Spiritual-Ad-2291 [link] [comments]
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