Eyerishgold
Recycles dryer sheets
- Joined
- Aug 14, 2007
- Messages
- 224
I joined back in August of 2007 and in my very first post I asked about the benefits/pitfalls of owning rental property. Nearly 2 years later, my wife and I have just bought our first single family home and have decided to put our townhome up for sale and rent at the same time. If we rent our townhome, we won't be able to generate enough income to cover the entire mortgage and association fees. We'll need to put out around $2-300/month depending on what we end up renting it for. Our DTI is less than 30% including both morgages without any rental income so the monthly output shouldn't be an issue but I can't help but feel nervous about shelling out a couple hundred dollars per month because I can't rent the house for enought to cover all costs. Would I be better off selling or is beind "upside down" a few hundred dollars per month not a big deal? Also, even with the real estate market stabilizing, I'd rather not sell right now.