Long time lurker, first time poster. I just want to say, this blog is outstanding, I’ve enjoyed reading commentary on here for months, but have been shy to post. I’m only 25, and new to the real estate game, this site has taught me so much.
I am in a similar situation. My wife and I bought a condo in Carmel Mountain Ranch about 2 1/2 yrs ago. Wish I had discovered piggington before then, but thats in the past! We bought a 1 BR condo for 275k. We got a govt CHFA loan which is 30yr fixed at 4.5%. We put 20% down also. The place seemed like a great deal at the time, but now Im seeing an identical unit listed for short sale at 235k….ugh
My wife and I would like to start a family at some point, and dont know what to do with our condo. After reading this site, I think its best that we rent a house and rent our condo for several years until the market improves. I dont know if its even possible to rent a place with a CHFA loan, so we may have to refi. Our combined income now is about 95k with great credit. Our mortgage with $200 HOA is about 1600. So most likely looking at a 500 or 600 dollar expense to rent out
We are looking to move sometime summer/fall 2008. What do you guys think?
PS: sorry to hijack your thread 2008, I just dont want to post a new topic thats similar.
