renting out house to rent another? irrational or sensible???? :)

We are all better off doing something we enjoy thats for sure and i get a sense that you have a real passion for this. Life is too short.

I think calculated risks are the way to go. Do the basic strenght, weakness, oportunity, Threats (SWOT) analysis on this would be a good framework to work your way to your goal.
 
aquaceri.. what is your gut instinct? when you think about a life in cavan does your whole body say 'yes!' and you are excited? if so, do up a business plan (include how it would work for your kids/BF and a Plan B) to get your financials in order .. and do it! I would :)
 
I'm a firm believer in following dreams etc but it's calculating the risk rewards which can prove difficult. You are dealing with a lot of variables and that's the big risk. Commuting from cavan could prove very stressful indeed..
 
I wouldn't get overly fixated on whether the rent will cover your mortgage. Right now, you have to pay a mortgage anyway. You are adding a rent bill to your outgoings. You are adding a rental income to your cash inflows. There are some adjustments in your tax situation, but the basic calculation is whether the rent you get will be more or less than the rent you have to pay. Of course there is a risk that you will be left without rent; But if this goes on for any length of time, the important thing is to be able to bail out of the lease in Cavan ( so you should look to negotiate this in your house lease).

Incidentally, there is a huge surplus of rental property in Cavan:- I suspect it may cost as little as €500\month to rent a house up there.
 
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