Originally Posted by BizzyC
I own a house. Zillow thinks the house is worth $3.1M. I owe $662k on the mortgage. My mortgage rate is 3.5%. I have a renter who pays me $2800/mo.
Saw this, read it to my wife and she said "must be California."
Anyway, don't have anything useful to add, but was wondering if the "renter who pays [you] $2800/mo. is:
(a) a roommate;
(b) someone who rents your guesthouse (I envision a Magnum PI type tenant, with you being Robbin Masters); or
(c) if $2800/mo. is what a $3.1M house rents for in your part of California?
My non-serious just being silly answer to your fact pattern is to suggest you sell the house and take the $2.4M worth of equity and move to anywhere else USA and live like royalty.
Just playing. Enjoyed the read. Hope you get some useful responses from the other members here.