So we know we screwed up…

[moneymaker]

I would do #2, or even better yet sell the condo to somebody that has a decent down as a 5 year interest only loan, then when they default down the road you can resell the condo for hopefully more dough. Isn’t this the really successful business that banks are in. Seriuosly though a condo is a no-no as an investment, buying it out of town makes it even worse. I personally would sell it,carry the paper on an i/o loan. It’s a win-win, you make good interest on the loan because the buyer has lousy credit or you resell it down the road (assuming the worst, that the buyer loses their job)when the market recovers. Third choice, move to Arizona, I hear the heat can be bearable if you have A/C. P.S.- I was born there but because of heatstroke I really don’t remember much.J/K

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[SD Realtor]

Tryingtobalance it is a tough spot. However I would not recommend making any purchase on a home especially if if means giving up your emergency money. It just makes no sense. I have been renting for the past 3 years and I can admit freely that it sucks 100% but that is just me. Others love it and have no problem. However if there is a question about employment then I just cannot promote purchasing a home.

I think that it is a tough spot you are in for the rental. Honestly if it were me I would consider short selling it or walking away and just take the hit on the credit. I know that will screw you for a few years but there are a whole lot of people in that boat. Also if you just put the pedal to the metal and save money like crazy, then perhaps your credit return will be coincident with a high rate environment where cash will be king. So maybe in 3 years you are riding high with 250k in cash and a return of acceptable credit.

Now the bitter part of me may say go ahead and buy now, then let the tempe home go into foreclosure. I know people who have done that… Yes you can do that. Also if your hubby lost his job you could depend on the govt or bank not to foreclose but that is a pretty big risk and one I would not take. So if you do go that route you should put as little cash down as you can.

Another possible route is to go to a bank and see if you can get a bridge loan… That is, if you don’t wanna see the 40k go out the door, you sell the Tempe condo, then get a loan to pay off the 40k. The loan would be unsecured and probably not be a great rate, but at least you would be morally culpable and not losing that extra 40k nut and keep your credit intact. Also that would be one less loan that my tax money doesn’t backstop but what the hell difference does one more make…

Anyways yes it is a tough tough choice. Getting a 400k home in RB is tough these days. Are you thinking Westwood? Prices have jumped there over the past 6 months. It may be best to sit tight, continue to rent, and let them come back to you in an undetermined amount of time.

[SD Realtor]

Tryingtobalance it is a tough spot. However I would not recommend making any purchase on a home especially if if means giving up your emergency money. It just makes no sense. I have been renting for the past 3 years and I can admit freely that it sucks 100% but that is just me. Others love it and have no problem. However if there is a question about employment then I just cannot promote purchasing a home.

I think that it is a tough spot you are in for the rental. Honestly if it were me I would consider short selling it or walking away and just take the hit on the credit. I know that will screw you for a few years but there are a whole lot of people in that boat. Also if you just put the pedal to the metal and save money like crazy, then perhaps your credit return will be coincident with a high rate environment where cash will be king. So maybe in 3 years you are riding high with 250k in cash and a return of acceptable credit.

Now the bitter part of me may say go ahead and buy now, then let the tempe home go into foreclosure. I know people who have done that… Yes you can do that. Also if your hubby lost his job you could depend on the govt or bank not to foreclose but that is a pretty big risk and one I would not take. So if you do go that route you should put as little cash down as you can.

Another possible route is to go to a bank and see if you can get a bridge loan… That is, if you don’t wanna see the 40k go out the door, you sell the Tempe condo, then get a loan to pay off the 40k. The loan would be unsecured and probably not be a great rate, but at least you would be morally culpable and not losing that extra 40k nut and keep your credit intact. Also that would be one less loan that my tax money doesn’t backstop but what the hell difference does one more make…

Anyways yes it is a tough tough choice. Getting a 400k home in RB is tough these days. Are you thinking Westwood? Prices have jumped there over the past 6 months. It may be best to sit tight, continue to rent, and let them come back to you in an undetermined amount of time.

[SD Realtor]

Tryingtobalance it is a tough spot. However I would not recommend making any purchase on a home especially if if means giving up your emergency money. It just makes no sense. I have been renting for the past 3 years and I can admit freely that it sucks 100% but that is just me. Others love it and have no problem. However if there is a question about employment then I just cannot promote purchasing a home.

I think that it is a tough spot you are in for the rental. Honestly if it were me I would consider short selling it or walking away and just take the hit on the credit. I know that will screw you for a few years but there are a whole lot of people in that boat. Also if you just put the pedal to the metal and save money like crazy, then perhaps your credit return will be coincident with a high rate environment where cash will be king. So maybe in 3 years you are riding high with 250k in cash and a return of acceptable credit.

Now the bitter part of me may say go ahead and buy now, then let the tempe home go into foreclosure. I know people who have done that… Yes you can do that. Also if your hubby lost his job you could depend on the govt or bank not to foreclose but that is a pretty big risk and one I would not take. So if you do go that route you should put as little cash down as you can.

Another possible route is to go to a bank and see if you can get a bridge loan… That is, if you don’t wanna see the 40k go out the door, you sell the Tempe condo, then get a loan to pay off the 40k. The loan would be unsecured and probably not be a great rate, but at least you would be morally culpable and not losing that extra 40k nut and keep your credit intact. Also that would be one less loan that my tax money doesn’t backstop but what the hell difference does one more make…

Anyways yes it is a tough tough choice. Getting a 400k home in RB is tough these days. Are you thinking Westwood? Prices have jumped there over the past 6 months. It may be best to sit tight, continue to rent, and let them come back to you in an undetermined amount of time.

[SD Realtor]

Tryingtobalance it is a tough spot. However I would not recommend making any purchase on a home especially if if means giving up your emergency money. It just makes no sense. I have been renting for the past 3 years and I can admit freely that it sucks 100% but that is just me. Others love it and have no problem. However if there is a question about employment then I just cannot promote purchasing a home.

I think that it is a tough spot you are in for the rental. Honestly if it were me I would consider short selling it or walking away and just take the hit on the credit. I know that will screw you for a few years but there are a whole lot of people in that boat. Also if you just put the pedal to the metal and save money like crazy, then perhaps your credit return will be coincident with a high rate environment where cash will be king. So maybe in 3 years you are riding high with 250k in cash and a return of acceptable credit.

Now the bitter part of me may say go ahead and buy now, then let the tempe home go into foreclosure. I know people who have done that… Yes you can do that. Also if your hubby lost his job you could depend on the govt or bank not to foreclose but that is a pretty big risk and one I would not take. So if you do go that route you should put as little cash down as you can.

Another possible route is to go to a bank and see if you can get a bridge loan… That is, if you don’t wanna see the 40k go out the door, you sell the Tempe condo, then get a loan to pay off the 40k. The loan would be unsecured and probably not be a great rate, but at least you would be morally culpable and not losing that extra 40k nut and keep your credit intact. Also that would be one less loan that my tax money doesn’t backstop but what the hell difference does one more make…

Anyways yes it is a tough tough choice. Getting a 400k home in RB is tough these days. Are you thinking Westwood? Prices have jumped there over the past 6 months. It may be best to sit tight, continue to rent, and let them come back to you in an undetermined amount of time.

[SD Realtor]

Tryingtobalance it is a tough spot. However I would not recommend making any purchase on a home especially if if means giving up your emergency money. It just makes no sense. I have been renting for the past 3 years and I can admit freely that it sucks 100% but that is just me. Others love it and have no problem. However if there is a question about employment then I just cannot promote purchasing a home.

I think that it is a tough spot you are in for the rental. Honestly if it were me I would consider short selling it or walking away and just take the hit on the credit. I know that will screw you for a few years but there are a whole lot of people in that boat. Also if you just put the pedal to the metal and save money like crazy, then perhaps your credit return will be coincident with a high rate environment where cash will be king. So maybe in 3 years you are riding high with 250k in cash and a return of acceptable credit.

Now the bitter part of me may say go ahead and buy now, then let the tempe home go into foreclosure. I know people who have done that… Yes you can do that. Also if your hubby lost his job you could depend on the govt or bank not to foreclose but that is a pretty big risk and one I would not take. So if you do go that route you should put as little cash down as you can.

Another possible route is to go to a bank and see if you can get a bridge loan… That is, if you don’t wanna see the 40k go out the door, you sell the Tempe condo, then get a loan to pay off the 40k. The loan would be unsecured and probably not be a great rate, but at least you would be morally culpable and not losing that extra 40k nut and keep your credit intact. Also that would be one less loan that my tax money doesn’t backstop but what the hell difference does one more make…

Anyways yes it is a tough tough choice. Getting a 400k home in RB is tough these days. Are you thinking Westwood? Prices have jumped there over the past 6 months. It may be best to sit tight, continue to rent, and let them come back to you in an undetermined amount of time.

[temeculaguy]

I know I’m being a pest about something you aren’t really asking about but back to your point about wanting a big tribe because you and your husband were from large families isn’t sitting well with me. Just tell me that that you want what you want regardless of the cost and I’ll let it go, but your argument is flawed. My mother is one of 10 kids, yet none of those ten had more than 3 kids of their own, most had 2, I’ll bet others will report similar results, i only had one sibling and I don’t feel jipped. Don’t do it for them, if it’s for you, that’s fine, but understand that it has it’s costs and not all are financial. Also the rocking chair thing, of the ten that my grandmother had, only two actually spoke to her by the time she made it to that chair, but both my moms kids will be by her side when she gets that chair, so it really doesn’t improve the odds of happiness all that much, the law of diminishing returns comes into play. If it is a religion thing, then knock yourself out, my apologies for even questioning it.

Back to the 215k per year with 25k rent someone mentioned, even if you paid off the condo, the income and your own savings potential, should put you into a great situation even if rates were to climb, you can buld a substantial downpayment in no time.

But if it were me, I’d call HLS, get his take in person, nobody knows financing and credit scores better. He’s handled many transactions for longtime piggy’s and we are no easy crowd to please, this is not where he makes his bread and butter, we are a pain in the a$$ crowd and not one person has complained so i feel totally comfortable telling you to call him, whichever way you go.

[temeculaguy]

I know I’m being a pest about something you aren’t really asking about but back to your point about wanting a big tribe because you and your husband were from large families isn’t sitting well with me. Just tell me that that you want what you want regardless of the cost and I’ll let it go, but your argument is flawed. My mother is one of 10 kids, yet none of those ten had more than 3 kids of their own, most had 2, I’ll bet others will report similar results, i only had one sibling and I don’t feel jipped. Don’t do it for them, if it’s for you, that’s fine, but understand that it has it’s costs and not all are financial. Also the rocking chair thing, of the ten that my grandmother had, only two actually spoke to her by the time she made it to that chair, but both my moms kids will be by her side when she gets that chair, so it really doesn’t improve the odds of happiness all that much, the law of diminishing returns comes into play. If it is a religion thing, then knock yourself out, my apologies for even questioning it.

Back to the 215k per year with 25k rent someone mentioned, even if you paid off the condo, the income and your own savings potential, should put you into a great situation even if rates were to climb, you can buld a substantial downpayment in no time.

But if it were me, I’d call HLS, get his take in person, nobody knows financing and credit scores better. He’s handled many transactions for longtime piggy’s and we are no easy crowd to please, this is not where he makes his bread and butter, we are a pain in the a$$ crowd and not one person has complained so i feel totally comfortable telling you to call him, whichever way you go.

[temeculaguy]

I know I’m being a pest about something you aren’t really asking about but back to your point about wanting a big tribe because you and your husband were from large families isn’t sitting well with me. Just tell me that that you want what you want regardless of the cost and I’ll let it go, but your argument is flawed. My mother is one of 10 kids, yet none of those ten had more than 3 kids of their own, most had 2, I’ll bet others will report similar results, i only had one sibling and I don’t feel jipped. Don’t do it for them, if it’s for you, that’s fine, but understand that it has it’s costs and not all are financial. Also the rocking chair thing, of the ten that my grandmother had, only two actually spoke to her by the time she made it to that chair, but both my moms kids will be by her side when she gets that chair, so it really doesn’t improve the odds of happiness all that much, the law of diminishing returns comes into play. If it is a religion thing, then knock yourself out, my apologies for even questioning it.

Back to the 215k per year with 25k rent someone mentioned, even if you paid off the condo, the income and your own savings potential, should put you into a great situation even if rates were to climb, you can buld a substantial downpayment in no time.

But if it were me, I’d call HLS, get his take in person, nobody knows financing and credit scores better. He’s handled many transactions for longtime piggy’s and we are no easy crowd to please, this is not where he makes his bread and butter, we are a pain in the a$$ crowd and not one person has complained so i feel totally comfortable telling you to call him, whichever way you go.

[temeculaguy]

I know I’m being a pest about something you aren’t really asking about but back to your point about wanting a big tribe because you and your husband were from large families isn’t sitting well with me. Just tell me that that you want what you want regardless of the cost and I’ll let it go, but your argument is flawed. My mother is one of 10 kids, yet none of those ten had more than 3 kids of their own, most had 2, I’ll bet others will report similar results, i only had one sibling and I don’t feel jipped. Don’t do it for them, if it’s for you, that’s fine, but understand that it has it’s costs and not all are financial. Also the rocking chair thing, of the ten that my grandmother had, only two actually spoke to her by the time she made it to that chair, but both my moms kids will be by her side when she gets that chair, so it really doesn’t improve the odds of happiness all that much, the law of diminishing returns comes into play. If it is a religion thing, then knock yourself out, my apologies for even questioning it.

Back to the 215k per year with 25k rent someone mentioned, even if you paid off the condo, the income and your own savings potential, should put you into a great situation even if rates were to climb, you can buld a substantial downpayment in no time.

But if it were me, I’d call HLS, get his take in person, nobody knows financing and credit scores better. He’s handled many transactions for longtime piggy’s and we are no easy crowd to please, this is not where he makes his bread and butter, we are a pain in the a$$ crowd and not one person has complained so i feel totally comfortable telling you to call him, whichever way you go.

[Author]

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