WWYD?

You take a job out of state. You bought a co-op that is now 40% less than what you paid 3 years ago.

Since property prices have gone down, we highly doubt we can get someone to cover the mortgage and maintenence by renting. IF we found someone to rent, we'd probably be losing a few hundred per month. (We know this by what others are renting for.)

Or just sell it and suck it up? After all is said and done, we'd probably owe about $50K.

Thanks for your responses!

Re: WWYD?

I think you would have to compare what kind of loss you'd be taking if you sold it and compare it to if you rented it for a few years even if the rent money didn't cover all the costs, KWIM?


You also might want to hold on to it just in case you don't like living out of state and want to come back.

Re: WWYD?

If I could carry the mortgage & maintenance, I would try to rent out the apartment until the market turned around. Like the pp stated, it gives you a safety net in case things don't work out.

Re: WWYD?

even if you lose $500/month renting it - that's only 6K a year. It would be 8.5 years before you lost 50K - and by that time, the price should be up.

Re: WWYD?

I would rent it at the loss. I would get a property manager to help you here (and factor in that cost). As pp said, it will take 8/9 years to loose 50k and hopefully in between that time the value of the home will go up. Also if you are taking an OOS job will they give you any money for relocation expenses? That may alter my decision. I am really sorry your home lost 40% of its value. That royally stinks.

Re: WWYD?

Posted by LSP2005

I would rent it at the loss. I would get a property manager to help you here (and factor in that cost). As pp said, it will take 8/9 years to loose 50k and hopefully in between that time the value of the home will go up. Also if you are taking an OOS job will they give you any money for relocation expenses? That may alter my decision. I am really sorry your home lost 40% of its value. That royally stinks.

Re: WWYD?

Re: WWYD?

I would try to rent it out, a 50K loss is huge. you can always go to a realtor, they will do credit checks etc to try and get u a great tenant.

Re: WWYD?

we were in a similar situation, though we moved to be closer to family...we are using a rental management agency (FL), we get less than our mortgage, they take their fee, but there aren't any hassels {knocking on wood}

the management company takes care of everything, from soup to nuts...including authorizing things to get fixed, paying technicians, collecting rent, posting notices according to state/local laws for late fees/evictions, etc...they do everything, lliterally. once we signed with them, we haven't had to worry about a thing and now it doesn't bother me as much that my house is sitting there w/out us, b/c i know it's being maintained and they do quarterly check-ups.

my advice: find a great management company that you are comfortable with, follow their advice and stay stress free ;)