I am about to purchase my first house. ...I want to rent it and maybe move in there in a few years.Ho boy!!Where are you getting your advice from?This is your very first home purchase -- and you intend to rent it out -- and you don't currently live in the area (I'm guessing on this last bit)?Unless you are very very very very lucky, you are going to be getting an expensive education. I suspect that there are a whole lotta things that you don't know--and you don't know that you don't know them.First, as others have said, the terms for an investor loan are not as good as owner-occupied. Higher down payment, higher rate, higher fees.In many areas (don't know about Miami) property taxes are higher for a rental house. Insurance is higher, too. It's no longer "homeowner's insurance" it's "fire insurance". I suspect that this is MUCH higher in Miami, what with hurricane losses, etc.Then the rent amount. You claim $1700 to $1950. That's such a wide range that it leads me to believe that you don't really know what it can rent for -- you are just guessing or relying on a realtor. Hint: realtors lie about how much rent you can get, and how easy it will be to rent.It doesn't seem like you have taken into account vacancies and maintenance. A clogged up toilet isn't going to fix itself. The tenant will be calling YOU to fix it. If you will have to call a plumber, how much will they charge you?
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