Author Topic: should i sell my condo and rent instead?  (Read 1852 times)

FuckRx

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should i sell my condo and rent instead?
« on: September 11, 2013, 09:02:00 PM »

i own a condo in a favorable downtown area...
penthouse floor, 1,000 sqft 2br 2bth, ocean bay views, storage space, parking space, gym...
i bought it not too long ago...
i owe 445k on the mortgage...
payments are 2,000 for principal/interest, 490 for mortgage insurance (5% down), 474 property taxes, 550 HOA dues...
total of about $3,600/mo (yes, it's high but it's correct)...
i can rent it out for 2,900/mo...
there is a law school nearby so it won't have a hard time renting...

i myself can find a place to rent for 1000/month, maybe 900...
it won't be anything near as nice but i can manage, i'm single...

i make 17,000/mo on average after taxes (65-80 hr work weeks)...
i am 2 weeks away from paying off all my credit cards..
i have another 120k of student loans at 3%...

if i sold the condo i could probably get my money back even after commission...


Another Reader

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Re: should i sell my condo and rent instead?
« Reply #1 on: September 11, 2013, 09:51:15 PM »
if i sold the condo i could probably get my money back even after commission...

With the pending litigation, If this were true, I would sell today.

FuckRx

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Re: should i sell my condo and rent instead?
« Reply #2 on: September 11, 2013, 10:10:53 PM »

right! i forgot...the HOA is suing the builder for some faulty installations...some A/C ducting, some heater installations and drain pipes...
apparently the same law firm has sued this company before and won so they think it will be speedy...
nevertheless litigations drop the value of these condos a lot...

arebelspy

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Re: should i sell my condo and rent instead?
« Reply #3 on: September 12, 2013, 07:25:50 AM »
Moderator Note

Please don't start duplicate threads on the same topic.

Ongoing discussion here: http://www.mrmoneymustache.com/forum/real-estate-and-landlording/trying-to-get-out-of-my-condo-but

Locking this thread.
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