Author Topic: Sell/Rent/ House Sit? while traveling and working abroad  (Read 1040 times)

dannyhagglund

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Sell/Rent/ House Sit? while traveling and working abroad
« on: January 27, 2017, 07:25:02 AM »

Hello Everyone,

Just need to little help deciding what would be the best financial decision. My fiancÚ and I will be getting married in August and we decide to quit our jobs and go back to 5 months contracts working for the United States Antarctic Program in Antarctica. The contract normally start in late Sept / Early Oct ending Late Feb / early March. We both spent a couple seasons with the program before so we know what to expect financially. We would like to spend a few months traveling South America which is our last continent. We would have PM look after the place while we are gone for the 8 months. My intentions are to keep doing the seasonal work and travel for 2-3 years and I would like to keep the home to have a place to comeback and relax during the summer months.

Market Value: 169,000 "List price after speaking with a Realtor"
Original Purchase price:155,500 + 4500 closing cost = 160,000
Original Mortgage Amount: 125,500 20% down payment
Interest Rate: 3.875
Mortgage Term: 30
Term remaining: 28
Amount remaining on mortgage: 118,000
Gross Rents: 1200-1300 monthly "after speaking with PM"
Principal and Interest (the P&I of your PITI - should match with the above info): 590.39
Taxes and Insurance (the T&I of your PITI): 208.48
HOA costs: 0
Deferred maintenance notes: 6ac. Log Cabin Chalet style house with a 2 stall garage 2 BR & 2 bath, partially finished basement, recently update after purchasing New wood floors, Updated Bathroom, and installing new bathroom in the basement. $16,000 in repairs and updates since purchasing home. Home is solid condition most, if not all big ticket items have been replace or are new.

Property Manager cost:, 50% for first months rent, 10% monthly rent after the first month.

My question is Sell, rent using a Property Manager or have friends watch the house paying all utilities / take care of the place while I cover the mortgage.

Side note, I live in Maine moved from the Midwest. No family around.

Thanks for the Help.

-Danny

arebelspy

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Re: Sell/Rent/ House Sit? while traveling and working abroad
« Reply #1 on: January 29, 2017, 12:13:15 AM »
The numbers aren't an ideal rental, but nor are they terrible.

The interest rate is low, and the transactional costs on selling now, and buying later would likely be a bigger loss than the opportunity cost on the money frmo selling and investing in something better.

Since you're intending to come back (even in a few years), I'd keep it.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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dannyhagglund

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Re: Sell/Rent/ House Sit? while traveling and working abroad
« Reply #2 on: January 30, 2017, 03:48:45 PM »
Thank you for your post. My thoughts are to come back during the summers and start the process over again with 6-8 months lease for a year or 2. I don't intend to stay long term into the future and would like to relocate back home after we finish our travels. Does this change your opinion? Any advice helps. THANKS

adamcollin

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Re: Sell/Rent/ House Sit? while traveling and working abroad
« Reply #3 on: February 06, 2017, 04:56:21 AM »
I would suggest you to rent your home.