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.
I can probably get a renter in there for $2600-$2700/month from what a real estate agent told me.
So the question is...is it worth you think to try to rent it out (as I can pretty much write off the taxes/maintainance fees being a landlord), and the rent itself would actually cover the mortgage amount.
Or is that a bad idea (since I need to outlay $4000/month regardless vs getting in about $2600) or I should just dump the apartment while I still can and eat the loss?
Thanks!
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.
I can probably get a renter in there for $2600-$2700/month from what a real estate agent told me.
So the question is...is it worth you think to try to rent it out (as I can pretty much write off the taxes/maintainance fees being a landlord), and the rent itself would actually cover the mortgage amount.
Or is that a bad idea (since I need to outlay $4000/month regardless vs getting in about $2600) or I should just dump the apartment while I still can and eat the loss?
Thanks!