I'm looking for insight with regard to my primary residence in Seattle:
I have lived in this area over 40 years, my house is not quite paid off but will be within the next two years (I owe less than $60K), it is in a desirable close-in neighborhood in Seattle proper. I would like to move to a much lower cost of living area (central OR) and rent out this house. My plan would also be to do that 2 years from now. If I were to buy real estate there, it would be something fairly low cost (like under $100K).
I want my primary residence to provide me with regular monthly income (let's say optimistically for like 10 years after I leave this area). My home would be a good rental. It's typical 1920's POS Seattle post WW1 spec housing. Comparable homes in the neighborhood are going for a half mil and up with less than a week on the market lately. I would use a property mgmt. co to handle the rental part since I'd be out of state.
I'd be moving to OR with my partner of 8+ years. We are not married. We have both been divorced, mine was a pretty bad divorce. He'd be buying the pace in OR and I'd either be buying a share of it or paying rent to him (which is maybe the way I would prefer it) but with the idea that if we go down there and everything implodes, at least I can go back to Seattle and I would still have the option to move back to my house here. Housing prices are so insane here and have gone up so high that when I leave, if I sell the house I will never be able to afford to move back.
In OR I will be taking on more of a "housewife" role as I have had a 30+ year stressful career that I don't really like so the idea is he'd be continuing with his tech career and my income would be from a small (meaning not like a FT job-job) side gig I do which can reliably generate $20K/yr from anywhere, and I am hoping $10K/yr I cash flow from rent off the house. Houses in my neighborhood rent for like $3K/mo, I think if I listed mine today at $2600/mo that would be a smokin' deal and remember, at the time it is put up for rent it will already be paid off. I can live on $30K/yr in a partnership. 48F, no kids, no pets, my parents are both super duper old.
Does this plan sound at all reasonable or am I crazy? I really do not want to sell the house even though the market is so high right now, having already been through one life-derailing divorce I am hesitant to let go of my contingency plan.
If I know I am moving in 2 years, how soon is too soon to talk to a property mgmt. company about renting it out?
Has anyone done anything like this? Open to your feedback, thanks!
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