Rent or Sell

[patb]

I want to get some advice on renting or selling.

I own a 4 BR 3 Bath SFR of 2300 SF located in an executive neighborhood
of Oklahoma City OK. (It’s a commutable distance away actually).

MY PITI is running 1250, I suspect i could rent it for 1500, i have a 4.875
mortgage with 12 years left to run.

My Domestic partner hates the neighborhood and wants to move anyways
to something closer into town.

My company is making sounds like it’s going to transfer me to DC.

as a guy who’se busy with life, renting a property far from home seems
“Unattractive” althogh my office mate has pulled it off for 5 years so it
can’t be impossible.

the house is from 1973, i’ve replaced all the mechanicals in the last 5 years
and updated the plumbing so it should be in good shape

What do you folks at piggington think?

[temeculaguy]

I have a couple of questions:
1. What is the market value if you chose to sell?
2. What is the loan balance roughly?
3. How did you come up with $1500 as fair rent?
4. What the heck are you doing in Oklahoma, it must be brutal living in the bible belt and being gay (I’m only assuming that becuase domestic partner is rarely used in lieu of girlfriend/boyfriend).
5. Do you have the cash and income to qualify for a second purchase down the road and being able to carry both houses with reserves if there is a gap in renters.

My advice without knowing the answers, live where you and your partner are happy, have a management company handle the rental and just rent somewhere because you have a job that is subject to moving you great distances. Get to one of the coasts where nobody cares what your orientation or living situation is.

[temeculaguy]

I have a couple of questions:
1. What is the market value if you chose to sell?
2. What is the loan balance roughly?
3. How did you come up with $1500 as fair rent?
4. What the heck are you doing in Oklahoma, it must be brutal living in the bible belt and being gay (I’m only assuming that becuase domestic partner is rarely used in lieu of girlfriend/boyfriend).
5. Do you have the cash and income to qualify for a second purchase down the road and being able to carry both houses with reserves if there is a gap in renters.

My advice without knowing the answers, live where you and your partner are happy, have a management company handle the rental and just rent somewhere because you have a job that is subject to moving you great distances. Get to one of the coasts where nobody cares what your orientation or living situation is.

[temeculaguy]

I have a couple of questions:
1. What is the market value if you chose to sell?
2. What is the loan balance roughly?
3. How did you come up with $1500 as fair rent?
4. What the heck are you doing in Oklahoma, it must be brutal living in the bible belt and being gay (I’m only assuming that becuase domestic partner is rarely used in lieu of girlfriend/boyfriend).
5. Do you have the cash and income to qualify for a second purchase down the road and being able to carry both houses with reserves if there is a gap in renters.

My advice without knowing the answers, live where you and your partner are happy, have a management company handle the rental and just rent somewhere because you have a job that is subject to moving you great distances. Get to one of the coasts where nobody cares what your orientation or living situation is.

[temeculaguy]

I have a couple of questions:
1. What is the market value if you chose to sell?
2. What is the loan balance roughly?
3. How did you come up with $1500 as fair rent?
4. What the heck are you doing in Oklahoma, it must be brutal living in the bible belt and being gay (I’m only assuming that becuase domestic partner is rarely used in lieu of girlfriend/boyfriend).
5. Do you have the cash and income to qualify for a second purchase down the road and being able to carry both houses with reserves if there is a gap in renters.

My advice without knowing the answers, live where you and your partner are happy, have a management company handle the rental and just rent somewhere because you have a job that is subject to moving you great distances. Get to one of the coasts where nobody cares what your orientation or living situation is.

[temeculaguy]

I have a couple of questions:
1. What is the market value if you chose to sell?
2. What is the loan balance roughly?
3. How did you come up with $1500 as fair rent?
4. What the heck are you doing in Oklahoma, it must be brutal living in the bible belt and being gay (I’m only assuming that becuase domestic partner is rarely used in lieu of girlfriend/boyfriend).
5. Do you have the cash and income to qualify for a second purchase down the road and being able to carry both houses with reserves if there is a gap in renters.

My advice without knowing the answers, live where you and your partner are happy, have a management company handle the rental and just rent somewhere because you have a job that is subject to moving you great distances. Get to one of the coasts where nobody cares what your orientation or living situation is.

[svelte]

Lets see…the least intrusive way to do it would be to turn it over to a prop mgt company. That would probably put you with negative monthly cash flow, maybe $200-300 a month? Let’s say $250.

If you kept it 12 yrs, you’d shell out $3k/year x 12 years = $36K.

That home is probably worth about $250K I would assume +/- $50K. And it probably won’t be worth much more or less in 12 years.

If you instead sell the house now and put that $250/mo neg cash flow into the bank instead, you’d end up with at most about $50K in 12 years.

If you can afford a few hundred neg cash flow, I’d probably keep the house and evaluate it again in 12 yrs…at that time you’d have no mortgage and get $1000K/mo free money forever!

And I agree with TG – OKC is no place to live even for a straight guy (I’ve spent chunks of time in the area at various pts in my life – long story). If his suspicions are right, you most definitely will love the coasts.

Take care

[svelte]

Lets see…the least intrusive way to do it would be to turn it over to a prop mgt company. That would probably put you with negative monthly cash flow, maybe $200-300 a month? Let’s say $250.

If you kept it 12 yrs, you’d shell out $3k/year x 12 years = $36K.

That home is probably worth about $250K I would assume +/- $50K. And it probably won’t be worth much more or less in 12 years.

If you instead sell the house now and put that $250/mo neg cash flow into the bank instead, you’d end up with at most about $50K in 12 years.

If you can afford a few hundred neg cash flow, I’d probably keep the house and evaluate it again in 12 yrs…at that time you’d have no mortgage and get $1000K/mo free money forever!

And I agree with TG – OKC is no place to live even for a straight guy (I’ve spent chunks of time in the area at various pts in my life – long story). If his suspicions are right, you most definitely will love the coasts.

Take care

[svelte]

Lets see…the least intrusive way to do it would be to turn it over to a prop mgt company. That would probably put you with negative monthly cash flow, maybe $200-300 a month? Let’s say $250.

If you kept it 12 yrs, you’d shell out $3k/year x 12 years = $36K.

That home is probably worth about $250K I would assume +/- $50K. And it probably won’t be worth much more or less in 12 years.

If you instead sell the house now and put that $250/mo neg cash flow into the bank instead, you’d end up with at most about $50K in 12 years.

If you can afford a few hundred neg cash flow, I’d probably keep the house and evaluate it again in 12 yrs…at that time you’d have no mortgage and get $1000K/mo free money forever!

And I agree with TG – OKC is no place to live even for a straight guy (I’ve spent chunks of time in the area at various pts in my life – long story). If his suspicions are right, you most definitely will love the coasts.

Take care

[svelte]

Lets see…the least intrusive way to do it would be to turn it over to a prop mgt company. That would probably put you with negative monthly cash flow, maybe $200-300 a month? Let’s say $250.

If you kept it 12 yrs, you’d shell out $3k/year x 12 years = $36K.

That home is probably worth about $250K I would assume +/- $50K. And it probably won’t be worth much more or less in 12 years.

If you instead sell the house now and put that $250/mo neg cash flow into the bank instead, you’d end up with at most about $50K in 12 years.

If you can afford a few hundred neg cash flow, I’d probably keep the house and evaluate it again in 12 yrs…at that time you’d have no mortgage and get $1000K/mo free money forever!

And I agree with TG – OKC is no place to live even for a straight guy (I’ve spent chunks of time in the area at various pts in my life – long story). If his suspicions are right, you most definitely will love the coasts.

Take care

[svelte]

Lets see…the least intrusive way to do it would be to turn it over to a prop mgt company. That would probably put you with negative monthly cash flow, maybe $200-300 a month? Let’s say $250.

If you kept it 12 yrs, you’d shell out $3k/year x 12 years = $36K.

That home is probably worth about $250K I would assume +/- $50K. And it probably won’t be worth much more or less in 12 years.

If you instead sell the house now and put that $250/mo neg cash flow into the bank instead, you’d end up with at most about $50K in 12 years.

If you can afford a few hundred neg cash flow, I’d probably keep the house and evaluate it again in 12 yrs…at that time you’d have no mortgage and get $1000K/mo free money forever!

And I agree with TG – OKC is no place to live even for a straight guy (I’ve spent chunks of time in the area at various pts in my life – long story). If his suspicions are right, you most definitely will love the coasts.

Take care

[MisterMark123]

There’s no reason to move to “the coasts” in order to live a happy existence as a gay person. Every medium to large city in the U.S. has an active gay community.

Take a look at the Union Tribune online sometime and read the comments that are made whenever there’s a story about gay issues. You’ll find lots of uneducated, mean-spirited opinions. Here’s a great example from the other day:

http://www.signonsandiego.com/news/state/20080411-1717-bn11gov.html

For the most part, the comments are no different from what you’d find in Oklahoma City.

San Diego is like most American cities: More liberal and diverse in the center of town; more conservative and less diverse as you get farther out of the city.

[MisterMark123]

There’s no reason to move to “the coasts” in order to live a happy existence as a gay person. Every medium to large city in the U.S. has an active gay community.

Take a look at the Union Tribune online sometime and read the comments that are made whenever there’s a story about gay issues. You’ll find lots of uneducated, mean-spirited opinions. Here’s a great example from the other day:

http://www.signonsandiego.com/news/state/20080411-1717-bn11gov.html

For the most part, the comments are no different from what you’d find in Oklahoma City.

San Diego is like most American cities: More liberal and diverse in the center of town; more conservative and less diverse as you get farther out of the city.

[MisterMark123]

There’s no reason to move to “the coasts” in order to live a happy existence as a gay person. Every medium to large city in the U.S. has an active gay community.

Take a look at the Union Tribune online sometime and read the comments that are made whenever there’s a story about gay issues. You’ll find lots of uneducated, mean-spirited opinions. Here’s a great example from the other day:

http://www.signonsandiego.com/news/state/20080411-1717-bn11gov.html

For the most part, the comments are no different from what you’d find in Oklahoma City.

San Diego is like most American cities: More liberal and diverse in the center of town; more conservative and less diverse as you get farther out of the city.

[MisterMark123]

There’s no reason to move to “the coasts” in order to live a happy existence as a gay person. Every medium to large city in the U.S. has an active gay community.

Take a look at the Union Tribune online sometime and read the comments that are made whenever there’s a story about gay issues. You’ll find lots of uneducated, mean-spirited opinions. Here’s a great example from the other day:

http://www.signonsandiego.com/news/state/20080411-1717-bn11gov.html

For the most part, the comments are no different from what you’d find in Oklahoma City.

San Diego is like most American cities: More liberal and diverse in the center of town; more conservative and less diverse as you get farther out of the city.

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