Author Topic: Rent or sell? Would take a hit with both  (Read 718 times)

Onomatopeya

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  • 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

ShoulderThingThatGoesUp

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  • Posts: 3057
  • 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.