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October 2, 2010 at 2:47 PM #18021October 2, 2010 at 4:13 PM #611845
(former)FormerSanDiegan
ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
October 2, 2010 at 4:13 PM #612480ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
October 2, 2010 at 4:13 PM #612595ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
October 2, 2010 at 4:13 PM #612911ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
October 2, 2010 at 4:13 PM #611933ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
October 2, 2010 at 5:05 PM #612600Ricechex
ParticipantMonthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?
October 2, 2010 at 5:05 PM #611938ParticipantMonthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?
October 2, 2010 at 5:05 PM #611850ParticipantMonthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?
October 2, 2010 at 5:05 PM #612485ParticipantMonthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?
October 2, 2010 at 5:05 PM #612916ParticipantMonthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?
October 2, 2010 at 7:18 PM #612942EconProf
ParticipantThinking outside the box, you could move in yourself & refinance out of that awful loan into an owner-occupied new loan…then move out.
Dissecting your 1200/mo PITI, if your insurance is $50/mo, taxes under Proposition 13 about $150, your new loan at 5% (you might do better) is around $800 per month, you could then get a $400/mo cash flow and keep the tax benefits, hoping for a rebound in prices.
Or, you could sell it before the end of the year. Cap gains taxes will hurt less now than when they go up to 20% federal from 15% now, or 39% if the Bush tax cuts are not extended. Since you’ve depreciated each year, cap gains taxes are a factor, and don’t forget California’s cap gains run about 60% of the Fed’s cap gain tax hit.October 2, 2010 at 7:18 PM #611875ParticipantThinking outside the box, you could move in yourself & refinance out of that awful loan into an owner-occupied new loan…then move out.
Dissecting your 1200/mo PITI, if your insurance is $50/mo, taxes under Proposition 13 about $150, your new loan at 5% (you might do better) is around $800 per month, you could then get a $400/mo cash flow and keep the tax benefits, hoping for a rebound in prices.
Or, you could sell it before the end of the year. Cap gains taxes will hurt less now than when they go up to 20% federal from 15% now, or 39% if the Bush tax cuts are not extended. Since you’ve depreciated each year, cap gains taxes are a factor, and don’t forget California’s cap gains run about 60% of the Fed’s cap gain tax hit.October 2, 2010 at 7:18 PM #612625ParticipantThinking outside the box, you could move in yourself & refinance out of that awful loan into an owner-occupied new loan…then move out.
Dissecting your 1200/mo PITI, if your insurance is $50/mo, taxes under Proposition 13 about $150, your new loan at 5% (you might do better) is around $800 per month, you could then get a $400/mo cash flow and keep the tax benefits, hoping for a rebound in prices.
Or, you could sell it before the end of the year. Cap gains taxes will hurt less now than when they go up to 20% federal from 15% now, or 39% if the Bush tax cuts are not extended. Since you’ve depreciated each year, cap gains taxes are a factor, and don’t forget California’s cap gains run about 60% of the Fed’s cap gain tax hit.October 2, 2010 at 7:18 PM #612510ParticipantThinking outside the box, you could move in yourself & refinance out of that awful loan into an owner-occupied new loan…then move out.
Dissecting your 1200/mo PITI, if your insurance is $50/mo, taxes under Proposition 13 about $150, your new loan at 5% (you might do better) is around $800 per month, you could then get a $400/mo cash flow and keep the tax benefits, hoping for a rebound in prices.
Or, you could sell it before the end of the year. Cap gains taxes will hurt less now than when they go up to 20% federal from 15% now, or 39% if the Bush tax cuts are not extended. Since you’ve depreciated each year, cap gains taxes are a factor, and don’t forget California’s cap gains run about 60% of the Fed’s cap gain tax hit. -
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