Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 06-03-2011, 09:24 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 13,851
First.... I do not see you eating a loss.... you have a gain from what you say...

Sure, you probably could have sold it for more before the crisis... but that just means you gain is not as much...

I will tell you what I did with my house.... sold it... probably down 12% from the high and 8% less than I was asking... I got one offer in one year... and I am not in a place that was overvalued like the coasts...

But, I would much rather have the money to invest somewhere else than be a landlord... not to mention the tax issues that people have mentioned...

Texas Proud is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-03-2011, 08:57 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
Join Date: Oct 2006
Posts: 7,455
Originally Posted by wilkens21 View Post
Hey Everyone...I could use some advice here as I'm a little confused as to what to do.

I have a condo in which it's pretty expensive to maintain but am hesitant to sell right now due to the declining market around me.

The apartment has about $380K left on the mortgage and I can probably sell it north of 450K at the moment (or around there).

So the expenses of the mortgage + maintainance/taxes are about $4000/month.

This is what I don't understand why are your expenses 4K/month? A quick check with a mortgage calculator shows that payments in the 4.25% to 4.375% range is just under 2K/month. Even with a $400-$500/month for a condo fee and taxes of 5K a year, I would think your expenses would be just north of $3K/month. If you can rent it for 2600 then you are looking at 400 a month, which I think would be pretty close to break even after figuring the tax deductions and the amount of principal you are paying off.

clifp is offline   Reply With Quote
Old 06-06-2011, 04:28 PM   #23
Dryer sheet aficionado
Join Date: Mar 2011
Location: Mexico
Posts: 43
It is always a lot more work renting a place, especially if you do not live close, than many people realize. With the numbers you are mentioning, I would sell it as fast as I could. You might not be able to get the 450 but who cares if you are above water.

mexico is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Florida Condo: Rent vs Buy? Gearhead Jim Travel Information 29 01-16-2009 01:29 PM
Cost to rent a condo for a week or two? hankster Travel Information 13 03-30-2008 04:40 PM
Retirement 2nd home/condo Rent vs Buy chinaco FIRE and Money 16 03-10-2007 03:14 PM
rent or buy condo for business jakester Young Dreamers 2 07-10-2005 11:34 PM


All times are GMT -6. The time now is 02:50 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.