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Old 06-03-2011, 09:24 AM   #21
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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...

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Old 06-03-2011, 08:57 PM   #22
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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.

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Old 06-06-2011, 04:28 PM   #23
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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.

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