Being a Landlord AND a Renter?

[Leta]

I am afraid we are outgrowing our house. At this point, we have extensive plans to add on and remodel, but part of me is wondering if we shouldn't just pay this house off, and then keep it as a rental. Then, during our kids' teenage years, when they have greater privacy needs, we could rent this house out, and find a bigger place to either rent for a few years (or buy, and then sell when our kids are gone) before moving back into this house.

Has anyone done this? Is it just a stupid idea?

[mich]

There are plenty of people who rent out a home because that want to move, and either rent or buy somewhere else. Maybe they can't get the price they want, or they think they may want to move back.

As long as you get good tenants, and can handle the landlord thing. If that works out it can be a win-win situation.

[mnnice]

I half jokingly proposed to a friend that we live in each others houses. I work about a mile from his house. He works about 8 miles from mine. I live 37 miles from my work and he lives about 45 miles from his. The houses are a little different, but still pretty comparable in value. He's been trying to sell his and we have considered attempting to sell it. DH has been painting and making all the little fixes you'd need to do if you wanted to sell. I also had an interview for a job in third town that would render the whole scheme pointless.

[Susan Kunkel]

If we can not sell our townhouse in NJ we will be land lords and renters. We have to go were the work is.

[greenmamapagan]

Heaps of people here (Aus) do that. Quite often they own a small apartment in a high rental area (say inner city, good views etc) and rent a larger house in a lower cost area.