FB turned landlord

[lonestar2000]

Tavo,

Perform a little calculation and choose the best option.

Calculate how much you’d lose by selling, versus ‘sticking it out’ for the next several years. Add in the extra pain of being a landlord for the duration, time is money after all and being a landlord can be extremely time consuming.
If, on the other hand, the condo is near the beach, it may be worth keeping to have a place to vacation at (in between tenants).

Assign values to the pros and cons and adjust your calculation accordingly. It should not be too difficult to see which option is best for your situation.

[Tavo]

Sandi Egan,

I agree, I doubt the banks will negotiate with a “good” borrower until they fall behind and are forced to. Maybe the housing crisis will encourage banks to do this at some point, but I’m not holding my breath.

In regards to credit, I guess it’s really just a matter of self-respect. At this point, I I’ve come to the realization that anything I buy will be in cash for the next few years.

PW,

Thanks for the dire outlook. I just gave my tenant a call to make sure he is comfy and enjoying San Diego.

[Tavo]

Sandi Egan,

I agree, I doubt the banks will negotiate with a “good” borrower until they fall behind and are forced to. Maybe the housing crisis will encourage banks to do this at some point, but I’m not holding my breath.

In regards to credit, I guess it’s really just a matter of self-respect. At this point, I I’ve come to the realization that anything I buy will be in cash for the next few years.

PW,

Thanks for the dire outlook. I just gave my tenant a call to make sure he is comfy and enjoying San Diego.

[Tavo]

Sandi Egan,

I agree, I doubt the banks will negotiate with a “good” borrower until they fall behind and are forced to. Maybe the housing crisis will encourage banks to do this at some point, but I’m not holding my breath.

In regards to credit, I guess it’s really just a matter of self-respect. At this point, I I’ve come to the realization that anything I buy will be in cash for the next few years.

PW,

Thanks for the dire outlook. I just gave my tenant a call to make sure he is comfy and enjoying San Diego.

[Tavo]

Sandi Egan,

I agree, I doubt the banks will negotiate with a “good” borrower until they fall behind and are forced to. Maybe the housing crisis will encourage banks to do this at some point, but I’m not holding my breath.

In regards to credit, I guess it’s really just a matter of self-respect. At this point, I I’ve come to the realization that anything I buy will be in cash for the next few years.

PW,

Thanks for the dire outlook. I just gave my tenant a call to make sure he is comfy and enjoying San Diego.

[Tavo]

Sandi Egan,

I agree, I doubt the banks will negotiate with a “good” borrower until they fall behind and are forced to. Maybe the housing crisis will encourage banks to do this at some point, but I’m not holding my breath.

In regards to credit, I guess it’s really just a matter of self-respect. At this point, I I’ve come to the realization that anything I buy will be in cash for the next few years.

PW,

Thanks for the dire outlook. I just gave my tenant a call to make sure he is comfy and enjoying San Diego.

[Tavo]

Lonestar,

That is the question. What exactly is “the next several years.” I need an exact number to calculate this hold vs sell analysis. Is it 2, 5, 10??? Will rents increase/ decrease in next “several years”? Your guess is as good as mine. Mix our predictions with with the Fed’s plans and who knows.

The good thing about being a landlord is that I don’t mind dealing with my tenant (but, he’s pretty great) and I married into a family of contractors, so repair work can get completed fairly cheaply. If I decide to keep it, I will almost certainly get my RE license and work the required hours to write off as many losses as possible. This may help some…

[Tavo]

Lonestar,

That is the question. What exactly is “the next several years.” I need an exact number to calculate this hold vs sell analysis. Is it 2, 5, 10??? Will rents increase/ decrease in next “several years”? Your guess is as good as mine. Mix our predictions with with the Fed’s plans and who knows.

The good thing about being a landlord is that I don’t mind dealing with my tenant (but, he’s pretty great) and I married into a family of contractors, so repair work can get completed fairly cheaply. If I decide to keep it, I will almost certainly get my RE license and work the required hours to write off as many losses as possible. This may help some…

[Tavo]

Lonestar,

That is the question. What exactly is “the next several years.” I need an exact number to calculate this hold vs sell analysis. Is it 2, 5, 10??? Will rents increase/ decrease in next “several years”? Your guess is as good as mine. Mix our predictions with with the Fed’s plans and who knows.

The good thing about being a landlord is that I don’t mind dealing with my tenant (but, he’s pretty great) and I married into a family of contractors, so repair work can get completed fairly cheaply. If I decide to keep it, I will almost certainly get my RE license and work the required hours to write off as many losses as possible. This may help some…

[Tavo]

Lonestar,

That is the question. What exactly is “the next several years.” I need an exact number to calculate this hold vs sell analysis. Is it 2, 5, 10??? Will rents increase/ decrease in next “several years”? Your guess is as good as mine. Mix our predictions with with the Fed’s plans and who knows.

The good thing about being a landlord is that I don’t mind dealing with my tenant (but, he’s pretty great) and I married into a family of contractors, so repair work can get completed fairly cheaply. If I decide to keep it, I will almost certainly get my RE license and work the required hours to write off as many losses as possible. This may help some…

[Tavo]

Lonestar,

That is the question. What exactly is “the next several years.” I need an exact number to calculate this hold vs sell analysis. Is it 2, 5, 10??? Will rents increase/ decrease in next “several years”? Your guess is as good as mine. Mix our predictions with with the Fed’s plans and who knows.

The good thing about being a landlord is that I don’t mind dealing with my tenant (but, he’s pretty great) and I married into a family of contractors, so repair work can get completed fairly cheaply. If I decide to keep it, I will almost certainly get my RE license and work the required hours to write off as many losses as possible. This may help some…

[La Jolla Renter]

Why do you really need good credit if you like your house and plan to stay there for 5+ years?

In seven years you have your good credit back and over a 100k in savings from not having negative cash flow of 1k a month.

Lots of filthy rich people out there with shitty credit, and lots of poor people with good credit.

I am not promoting any particular course of action for you, just playing a little devils advocate.

If I were in a home I planned on staying in for several years, I would gladly sell my 800 score for a 100k.

[La Jolla Renter]

Why do you really need good credit if you like your house and plan to stay there for 5+ years?

In seven years you have your good credit back and over a 100k in savings from not having negative cash flow of 1k a month.

Lots of filthy rich people out there with shitty credit, and lots of poor people with good credit.

I am not promoting any particular course of action for you, just playing a little devils advocate.

If I were in a home I planned on staying in for several years, I would gladly sell my 800 score for a 100k.

[La Jolla Renter]

Why do you really need good credit if you like your house and plan to stay there for 5+ years?

In seven years you have your good credit back and over a 100k in savings from not having negative cash flow of 1k a month.

Lots of filthy rich people out there with shitty credit, and lots of poor people with good credit.

I am not promoting any particular course of action for you, just playing a little devils advocate.

If I were in a home I planned on staying in for several years, I would gladly sell my 800 score for a 100k.

[La Jolla Renter]

Why do you really need good credit if you like your house and plan to stay there for 5+ years?

In seven years you have your good credit back and over a 100k in savings from not having negative cash flow of 1k a month.

Lots of filthy rich people out there with shitty credit, and lots of poor people with good credit.

I am not promoting any particular course of action for you, just playing a little devils advocate.

If I were in a home I planned on staying in for several years, I would gladly sell my 800 score for a 100k.

[Author]

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