Faded
kiwifarms.net
- Joined
- Oct 12, 2017
The value of the condo is half of what he owes, so there's no way he can rent it out for the cost of mortgage plus extra. It might help with a little bit of money, but it isn't fixing his problem, which is the fact that he can't afford two mortgages.
Ok you'll be surprised at the value of rentals. They always go for way more than mortgage rates.
Secondly. Say in his Washington place. If it has 3 bedroom. He could turn it into what's known as a HMO. (House of multiple occupation)
Where you get each person to pay a tonne per month. So you're getting effectively instead of $60 for the house. Maybe $40 + 40 + 40.
Please don't do the DSP thing, where you go WRONG!
Anyway. I haven't done the research and math in his specific building block / area. So feel free to delete this post.