Is it wise to rent out your house and live abroad?

[LadiesFavoriteToy]

So I have a water front property, it's very nice. I have about $39,000 left from 227,000.00. I want to move out and have someone rent my house and then I would live abroad and live with my renters paying the rent. Is this wise?

[strateguy632]

very risky. need a good contract checked by a lawyer. people make me give deposit and the "last month rent" at begining so make them. sometimes you need to get a co-sign from bank gaurantee.

[NathanDavis]

perhaps not the best idea, no...

to rely one rent only, and just one property?

there's a whole more factors to consider and not just this one thing

[rosemilk]

no it is not wise at this time.

[RebelinSteel]

Just max pay your outstanding mortgage, that amount should clear in a year or year n a half. Then see if you want to move or not.

[laly520]

some do that but it can be risky