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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Onomatopeya on May 19, 2015, 01:27:26 AM

Title: Rent or sell? Would take a hit with both
Post by: Onomatopeya 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

Title: Re: Rent or sell? Would take a hit with both
Post by: ShoulderThingThatGoesUp 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.