you have two houses and you want to move back in with your parents? long before I would consider that, I would sell the second house.
Im 26 and with the price of everything going up am feeling the pintch for sure.
I have 2 property's
Rental i owe 80k
My main house is live in owe 190k
The medium term goal is to pay off the Rental to have a more secure monthly profit.
Would it be advisable to rent out my main house for a year or 2 to help pay off the rental.
Looking around quickly at the market rent in my area is 1700-1900 a month
Has anyone done something like this and how has it affected your mental health is it worth loosing a little independence for long term gain?
you have two houses and you want to move back in with your parents? long before I would consider that, I would sell the second house.
What if someone damages your home? Are you willing to take that risk?
The medium term goal is to pay off the Rental to have a more secure monthly profit.
Paying off the mortgage on your rental will not achieve this goal. It would allow you to afford renting it for less than you should given how much you paid for it, but it doesn't address any of the actual reasons why your rental profit might not be secure - like not having a quality tenant, having over-paid for the property compared to the local rental market, not managing the rental well to reduce risk, etc.
If you overpaid for this house compared to what you can rent it for, and don't want to do the actual work for finding good tenants, maintaining it and managing risk, sell it.
Sorry English is not my first language. I meant a secure money income I paid under market value and it has already gone up in value, tenants have been great not problem at all .i just ment a guaranteed montly income
Owns two properties and wants to move in with parents? FACEPALM.