OT: Keep or Sell. What would you do?

[Ricechex]

Thanks Everyone! I REALLY appreciate your feedback.

In response–I do not want to live there. The area is noisy and chaotic.

The tenant is great, pays rent on time, clean, responsible, etc. However, she is a little stuck because she has 2 dogs, and hard to find a place to move. Before her, we had a variety of big families in that TEENY space, and thus the house was somewhat beat upon.

Yes, the tenant in common pays nothing. We have to come up with the money together to pay for repairs. I don’t charge her for my services. (Which on a side note….she always gets angry with me, and I am tired of her aggravation as well)

[Coronita]

Your tone sounds like it’s more of a pain in the butt than what you’re willing to sacrifice in terms of your free time…So with that, I’d say sell it and if you really want to entertain being a landlord, go find another property.

[Coronita]

Your tone sounds like it’s more of a pain in the butt than what you’re willing to sacrifice in terms of your free time…So with that, I’d say sell it and if you really want to entertain being a landlord, go find another property.

[Coronita]

Your tone sounds like it’s more of a pain in the butt than what you’re willing to sacrifice in terms of your free time…So with that, I’d say sell it and if you really want to entertain being a landlord, go find another property.

[Coronita]

Your tone sounds like it’s more of a pain in the butt than what you’re willing to sacrifice in terms of your free time…So with that, I’d say sell it and if you really want to entertain being a landlord, go find another property.

[Coronita]

Your tone sounds like it’s more of a pain in the butt than what you’re willing to sacrifice in terms of your free time…So with that, I’d say sell it and if you really want to entertain being a landlord, go find another property.

[scaredyclassic]

being a landlord sounds like it kinda sucks without significant price appreciation.

[scaredyclassic]

being a landlord sounds like it kinda sucks without significant price appreciation.

[scaredyclassic]

being a landlord sounds like it kinda sucks without significant price appreciation.

[scaredyclassic]

being a landlord sounds like it kinda sucks without significant price appreciation.

[scaredyclassic]

being a landlord sounds like it kinda sucks without significant price appreciation.

[(former)FormerSanDiegan]

[quote=Ricechex]Monthly 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?[/quote]

Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).

In other words it eats up all your profits (and then some).

[(former)FormerSanDiegan]

[quote=Ricechex]Monthly 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?[/quote]

Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).

In other words it eats up all your profits (and then some).

[(former)FormerSanDiegan]

[quote=Ricechex]Monthly 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?[/quote]

Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).

In other words it eats up all your profits (and then some).

[(former)FormerSanDiegan]

[quote=Ricechex]Monthly 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?[/quote]

Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).

In other words it eats up all your profits (and then some).

[Author]

Posts