We're starting to look at where we're going to move to next since we have to be out of our remodel in ~35 days before our first rental comes in.
We've been looking at potentially buying in NYC, but we don't really have the capital funds at the moment for a 20% down payment the most of these places required in NYC, which would be well over $100k in almost every case.
We're still approved for a mortgage, so we started branching out and looking out side of the NYC area and potentially came across a house in CT that would fit the bill for it. Not a bad spot as it's between NYC and Boston, where the companies we work for have offices and would be a fun project to do.
We planned on holding out a year so we can show the rental income on our property as actual income on our taxes next year and then refinance the rental mortgage to pull some cash out and buy something in NYC, but buying something now for 5% down and building some equity seems like a better investment, even if it does push us out a year of going back to NYC.
If everything works out properly, the rental property in NJ pays the mortgages for both the NJ and CT property and then we'd just have to cover the mortgage on a NYC property with what we're actually making, which in theory would be simple.
Of course, nothing in life is that simple...
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