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Rent out my condo and rent another place cheaper myself?

  • We're having a tough time affording our place. Mortgage is about $1900/month with added $518 for assessment fees. We're considering moving out to find a cheaper place for us to rent... around $800 or less. In the meantime, we'd like to rent out our condo for around $1700, which is probably the most we can get in this area (Chicago). That means we'll end up paying probably around $1300-1400 (rent of new place plus assessments of our condo), which will be at least $1000 cheaper than staying where we are. What I want to know if this all sounds plausible? Has anyone ever heard of someone doing this to save money but not lose their place? Thanks.

  • Answer:

    Sure, it happens all the time, just do a good backround, credit check on your prospective tenants. Get a good security deposit and have them sign a lease.

Nunya B at Yahoo! Answers Visit the source

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Other answers

Yes, it is quite common and you are very intelligent to do so. Do a background check on your tenants, and collect first month's rent and deposit.

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