I own a condo in Redmond close to Microsoft campus which I have fully paid off before I got married. I have been renting it out for about one year so far. Monthly rent income minus (HOA/property tax) is about $1000. I have another house which I bought while I was unmarried too where I am currently living. That house is on 30-year loan. Monthly mortage is about $1600 and monthly property tax is $500. The current market price of the condo can just offset the remaining mortgage of the house.
I got married recently. Wife is homemaker. We might have to move back to India temporarily for a couple of years for family reason and then return to US. I get really nervous thinking about having to manage the condo rental remotely from another country and meanwhile figuring out a way to continue to pay for the mortgage. (My salary in India alone will not be enough to pay for existing mortgage.)
I cannot think of a better way to keep both properties for the time when I will be working abroad. Since my current condo value is roughly the same as my remaining house mortgage, is it a good idea to sell the condo to pay off my house mortgage to leave me a peace of mind?
A friend also reminded me Washington is community state. So is there any implication about whether my house will be considered separate or community property if I pay it off after marriage?
If she hasn’t paid a dime towards something you got before marriage then you have a strong case to argue that she shouldn’t have a piece of it.
I advise you to get a proper legal opinion