FB turned landlord

[vagabondo]

Why is good credit important? Set aside all the financial and self work implication – there are other, more meaningful ramifications.

The fact is, employers are increasingly using credit scores to filter prospective candidates. As we head deeper into this recession, the pool of qualified candidates will grow for each open position. If your credit history is sub par, you may be at a disadvantage when compared to your competition.

[Tavo]

“The other question is how much more is it gonna depreciate AND how how long will you have to sink 1k into it. It could be longer than 3 years.”

Absolutely, those are the million dollar questions – no crystal balls on this site, but again, the most bearish forecast I’ve seen.

Another idea I had to minimize my loss was to get my RE license (work the required hours for free if necessary) and write down more losses on my condo. I work in commercial real estate and am pretty confident I won’t have a problem getting my license. I just got my taxes done and there’s really minimal losses I can take because of my income. Does anyone know if I am looking at this incorrectly? I know, not asking for legal or financial advice…just advice.

[Tavo]

“The other question is how much more is it gonna depreciate AND how how long will you have to sink 1k into it. It could be longer than 3 years.”

Absolutely, those are the million dollar questions – no crystal balls on this site, but again, the most bearish forecast I’ve seen.

Another idea I had to minimize my loss was to get my RE license (work the required hours for free if necessary) and write down more losses on my condo. I work in commercial real estate and am pretty confident I won’t have a problem getting my license. I just got my taxes done and there’s really minimal losses I can take because of my income. Does anyone know if I am looking at this incorrectly? I know, not asking for legal or financial advice…just advice.

[Tavo]

“The other question is how much more is it gonna depreciate AND how how long will you have to sink 1k into it. It could be longer than 3 years.”

Absolutely, those are the million dollar questions – no crystal balls on this site, but again, the most bearish forecast I’ve seen.

Another idea I had to minimize my loss was to get my RE license (work the required hours for free if necessary) and write down more losses on my condo. I work in commercial real estate and am pretty confident I won’t have a problem getting my license. I just got my taxes done and there’s really minimal losses I can take because of my income. Does anyone know if I am looking at this incorrectly? I know, not asking for legal or financial advice…just advice.

[Tavo]

“The other question is how much more is it gonna depreciate AND how how long will you have to sink 1k into it. It could be longer than 3 years.”

Absolutely, those are the million dollar questions – no crystal balls on this site, but again, the most bearish forecast I’ve seen.

Another idea I had to minimize my loss was to get my RE license (work the required hours for free if necessary) and write down more losses on my condo. I work in commercial real estate and am pretty confident I won’t have a problem getting my license. I just got my taxes done and there’s really minimal losses I can take because of my income. Does anyone know if I am looking at this incorrectly? I know, not asking for legal or financial advice…just advice.

[Tavo]

“The other question is how much more is it gonna depreciate AND how how long will you have to sink 1k into it. It could be longer than 3 years.”

Absolutely, those are the million dollar questions – no crystal balls on this site, but again, the most bearish forecast I’ve seen.

Another idea I had to minimize my loss was to get my RE license (work the required hours for free if necessary) and write down more losses on my condo. I work in commercial real estate and am pretty confident I won’t have a problem getting my license. I just got my taxes done and there’s really minimal losses I can take because of my income. Does anyone know if I am looking at this incorrectly? I know, not asking for legal or financial advice…just advice.

[sdnerd]

Previous poster asked it, but I’ll repeat – what are the current comps on the condo & the house? And what were the prices at the peak?

It would be beneficial to have a rough idea just how far prices have already fallen.

[sdnerd]

Previous poster asked it, but I’ll repeat – what are the current comps on the condo & the house? And what were the prices at the peak?

It would be beneficial to have a rough idea just how far prices have already fallen.

[sdnerd]

Previous poster asked it, but I’ll repeat – what are the current comps on the condo & the house? And what were the prices at the peak?

It would be beneficial to have a rough idea just how far prices have already fallen.

[sdnerd]

Previous poster asked it, but I’ll repeat – what are the current comps on the condo & the house? And what were the prices at the peak?

It would be beneficial to have a rough idea just how far prices have already fallen.

[sdnerd]

Previous poster asked it, but I’ll repeat – what are the current comps on the condo & the house? And what were the prices at the peak?

It would be beneficial to have a rough idea just how far prices have already fallen.

[Tavo]

“what are the current comps on the condo & the house? And what were the prices at the peak”

Condo – originally purcashed “at the peak” for $350,000 now “valued” at $280,000

Home – Previous owner purchased “at the peak” for $780k. I purchased in a short sale for $550,00. Now “valued” at $610,000

I took comparable recent sales (w/in last 3 months) listd on zillow and estimated a value. I did not take the zestimate, but it was not far off…

I am not a novice at this as I review commercial property appraisals for a living. I am pretty confident that those are current values of my properties. Future values, obviously, are harder to predict.

What say you, Sdnerd?

[Tavo]

“what are the current comps on the condo & the house? And what were the prices at the peak”

Condo – originally purcashed “at the peak” for $350,000 now “valued” at $280,000

Home – Previous owner purchased “at the peak” for $780k. I purchased in a short sale for $550,00. Now “valued” at $610,000

I took comparable recent sales (w/in last 3 months) listd on zillow and estimated a value. I did not take the zestimate, but it was not far off…

I am not a novice at this as I review commercial property appraisals for a living. I am pretty confident that those are current values of my properties. Future values, obviously, are harder to predict.

What say you, Sdnerd?

[Tavo]

“what are the current comps on the condo & the house? And what were the prices at the peak”

Condo – originally purcashed “at the peak” for $350,000 now “valued” at $280,000

Home – Previous owner purchased “at the peak” for $780k. I purchased in a short sale for $550,00. Now “valued” at $610,000

I took comparable recent sales (w/in last 3 months) listd on zillow and estimated a value. I did not take the zestimate, but it was not far off…

I am not a novice at this as I review commercial property appraisals for a living. I am pretty confident that those are current values of my properties. Future values, obviously, are harder to predict.

What say you, Sdnerd?

[Tavo]

“what are the current comps on the condo & the house? And what were the prices at the peak”

Condo – originally purcashed “at the peak” for $350,000 now “valued” at $280,000

Home – Previous owner purchased “at the peak” for $780k. I purchased in a short sale for $550,00. Now “valued” at $610,000

I took comparable recent sales (w/in last 3 months) listd on zillow and estimated a value. I did not take the zestimate, but it was not far off…

I am not a novice at this as I review commercial property appraisals for a living. I am pretty confident that those are current values of my properties. Future values, obviously, are harder to predict.

What say you, Sdnerd?

[Author]

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