So we know we screwed up…

[temeculaguy]

Or look at it this way, you made 80k from one transaction, put that against the loan in tempe, then you will only owe 40k, you should always be able to rent it for positive cash flow, at the end of the day, when the balance sheet is settled, you kinda win, you have an asset that produces cash, probably will for some time, and in 15 or 20 years you can sell it and send the kids to college with it or send them to school in tempe and let them live in it.

If you could buy it for 40k you would probably do it today, so if you stop considering the 80k as your hard earned money and think of it as a gift from the san diego r/e gods, it will make the sacrifice of it to the tempe r/e gods that much easier.

[trying2balance]

The RE Bubble gods giving and taking – fair enough 🙂

TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:

#1 – Try a short sale immediately

#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose

#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.

If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)

How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.

[trying2balance]

The RE Bubble gods giving and taking – fair enough 🙂

TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:

#1 – Try a short sale immediately

#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose

#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.

If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)

How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.

[trying2balance]

The RE Bubble gods giving and taking – fair enough 🙂

TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:

#1 – Try a short sale immediately

#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose

#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.

If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)

How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.

[trying2balance]

The RE Bubble gods giving and taking – fair enough 🙂

TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:

#1 – Try a short sale immediately

#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose

#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.

If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)

How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.

[trying2balance]

The RE Bubble gods giving and taking – fair enough 🙂

TemeculaGuy, you said at first not to listen to your advice but now you’re kinda making sense… I’m thinking our options now should be:

#1 – Try a short sale immediately

#2 – If short sale is no go but we can sell on our own for no more than $20k added loss, just sell/lose

#3 If we’re going to lose more than $20k just “sink” that money to pay down the loan and get it neutral or at least back to what we could stomach losing per month.

If we’re going to lose $40k of our cash to this condo wouldn’t it make sense to just use that money to pay the place off or down to neutral… Only scenario that would not work is if truly we cannot rent the place EVER and it goes down even more (both likely I guess but maybe another risk worth taking…)

How did I just go from the least appealing option looking like it makes sense now?? I’m back to what got us in trouble in the first place, thinking RE will go up, and once you own property you should never sell, use it for income or only sell high.

[patb]

how about do none of the above.

let your credit take a hit, keep renting, work out a lease to purchse with your
landlord so you get rent credit and buy the place in 5 years

[patb]

how about do none of the above.

let your credit take a hit, keep renting, work out a lease to purchse with your
landlord so you get rent credit and buy the place in 5 years

[patb]

how about do none of the above.

let your credit take a hit, keep renting, work out a lease to purchse with your
landlord so you get rent credit and buy the place in 5 years

[patb]

how about do none of the above.

let your credit take a hit, keep renting, work out a lease to purchse with your
landlord so you get rent credit and buy the place in 5 years

[patb]

how about do none of the above.

let your credit take a hit, keep renting, work out a lease to purchse with your
landlord so you get rent credit and buy the place in 5 years

[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

[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

[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

[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

[Author]

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