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The Money Mustache Community
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Rent or sell? Would take a hit with both
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Topic: Rent or sell? Would take a hit with both (Read 1003 times)
Onomatopeya
5 O'Clock Shadow
Posts: 5
Rent or sell? Would take a hit with both
«
on:
May 19, 2015, 01:27:26 AM »
Renting will very likely still leave me in the red. But selling would also probably mean taking a loss as the condo was purchased only 2 years ago and there hasn't been an significant increase in value. I may be able to sell for +/- 10k from the original purchase price.
Market value: 450k-460k
Original purchase price: 450k
Original Mortgage amount: 360k
Interest rate: 3.375%
Mortgage term: 20yrs
Term remaining: 18yrs
Amount remaining on mortgate: 334k
Gross rents: ~2,000-2,500?
Principal and Interest: 1,120 + 950 = 2070
Taxes and Insurance: 423/month
HOA dues: ~520/month
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ShoulderThingThatGoesUp
Magnum Stache
Posts: 3053
Location: Emmaus, PA
Re: Rent or sell? Would take a hit with both
«
Reply #1 on:
May 19, 2015, 07:54:53 AM »
So you could lose over $1000 a month ongoing as the value of your condo is reduced by tenants, or get $100,000 cash (subtracting the ~$27k in realtor fees). Your original purchase price doesn't matter. This is not hard.
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Rent or sell? Would take a hit with both