I apologize if this isn’t the right sub for this question. So a few years ago both of my parents passed away. I inherited their land and house, both of which are completely paid off. When I inherited the property I just had to pay some property taxes that were still owed, which was no issue.
My wife and I were living in the house. Currently I’m deployed overseas in the Middle East with the military, wife is staying with her parents while I’m away. I had the idea of renting out our house, and when I return from deployment, she and I would either rent a different house or use the VA home loan to get a new house, and use the rental income to either pay the rent, or pay back the loan. She’s on board with the idea and thinks it is a great idea. My in laws own a couple of rental properties and said it was a good idea too. Right now we’re leaning more towards renting, so we can continue to build our credit and savings, so we can use the VA loan to live in a much nicer area when ready. We don’t plan to just live off the income from the rental. We will both continue to work, and I’m in the process of getting a better job (I’m national guard, so I’m not full time military).
Right now the plan is to rent out the house for $2500-$3000 per month. The house is on 14 acres (I’m currently selling some of the other acres). We plan on renting a house for $1800-$2000.
What are some things to consider when doing something like this? Is this a good idea or does it only seem like a good idea on paper?
original posted by Downtown_Force289 to r/personalfinance on Sat, 02 Mar 2024 23:52:17 GMT.