SD R: Thanks for the reminder of the rent being taxable income – I had forgot about that when considering different scenarios.
You were remembering my post back in May when we were thinking about getting out of our mistake of buying a home in this market and cutting our losses sooner than later. After a lot (and I mean A LOT) of discussion my husband and I had decided to just stay put in our home and ride out the market. We looked at the numbers (with his handy dandy spreadsheet) and it seemed to make the most sense if homes went down another 35% (which I am sure they will). But after all the stressors of relocating, his new “big shot job”, and some medical issues we as a family have been dealing with, we decided that the added stress of trying to sell at a loss was just too much. But now with my mom’s issues creeping up on us, we are reconsidering the idea of waiting out the market and selling now. I’m still at a loss about what we should do with her. Some people have asked what’s up with her – basically she has many small medical issues related to her weight that makes it difficult for her to work all day, but the medical issues probably don’t qualify as a disability. Plus she has very little skills so getting a job is really hard for her, and then for some reason she keeps getting fired. (Argh!) Someone asked if she was trailer trash, and because she’s my mom I don’t want to rip on her too much, but I’ll just say she makes Rosanne (remember the Rosanne Show) look articulate and well mannered. Get the picture?
