I have a condo I need to unload. I have been trying to sell it for 2 months without much luck. I don't HATE the idea of becoming a landlord, but if I could sell it for a fast lump sum, I am happy to take the money and invest it in my new house + savings. Considering if I should also list it for rent, or hold out and wait for a sale.
Stats:
Paid: 310k
Mortgage: 270k @ 3.625%
Monthly carry cost (mortgage + insurance + condo fee + taxes) ~2k
Potential Rent: 2.8-3k
Current sale price: 400k
So if I sell at current listing price I make a cool 90k - selling costs. Seeing as it hasn't sold in 2 months, I assume I will not get the full 400k.
Or I can rent. Clearly buying a place new for 310k to rent for 2.8-3k is no good - but I do already own it and have a fairly good interest rate. I am not sure exactly how to figure vacancies and stuff, but I assume I should net a very slight profit at the end of the year if renting it, and will continue to build equity in the place.
Thoughts?