Tell me what to do

[sc_alum]

Not a forced relo, but a very desirable one that we’re excited about. Executive level position in a major global company.

I ran the numbers, and could certainly make the argument to myself that we basically “rented” for 6 years, plus a tax write off benefit… that takes out some of the sting. And got to live in a house that we loved and that we had fun in, etc etc.

But now that it’s time to make the financial decision, I’m stuck as to whether to rent or to sell.

Sell pros: Don’t have to manage a rental property from 3k miles away, get SOME equity out of the deal, have no mortgage debt to count against us if we want to buy over there.

Sell cons: Lock in the “loss”, lose out on any re-appreciation of the market since it seems like we’re selling into the absolute worst market in my lifetime.

[sdnerd]

What would it rent for?

[sdnerd]

What would it rent for?

[sdnerd]

What would it rent for?

[sdnerd]

What would it rent for?

[sdnerd]

What would it rent for?

[UCGal]

We tried the long distance rental thing with my husbands pre-marriage house in Philly.

It sucked. Big time.

I’m not positive that Temecula/Murrietta will regain that $100k you lost anytime soon. If your horizon is more than 10 years… maybe. But how long do you want to hold onto something that is worth less than you paid for it… in hopes it comes back. How would you feel if renters trashed it?

I agree that you need to look at this from a strictly financial point of view. I don’t think it makes sense to hang onto it.

[UCGal]

We tried the long distance rental thing with my husbands pre-marriage house in Philly.

It sucked. Big time.

I’m not positive that Temecula/Murrietta will regain that $100k you lost anytime soon. If your horizon is more than 10 years… maybe. But how long do you want to hold onto something that is worth less than you paid for it… in hopes it comes back. How would you feel if renters trashed it?

I agree that you need to look at this from a strictly financial point of view. I don’t think it makes sense to hang onto it.

[UCGal]

We tried the long distance rental thing with my husbands pre-marriage house in Philly.

It sucked. Big time.

I’m not positive that Temecula/Murrietta will regain that $100k you lost anytime soon. If your horizon is more than 10 years… maybe. But how long do you want to hold onto something that is worth less than you paid for it… in hopes it comes back. How would you feel if renters trashed it?

I agree that you need to look at this from a strictly financial point of view. I don’t think it makes sense to hang onto it.

[UCGal]

We tried the long distance rental thing with my husbands pre-marriage house in Philly.

It sucked. Big time.

I’m not positive that Temecula/Murrietta will regain that $100k you lost anytime soon. If your horizon is more than 10 years… maybe. But how long do you want to hold onto something that is worth less than you paid for it… in hopes it comes back. How would you feel if renters trashed it?

I agree that you need to look at this from a strictly financial point of view. I don’t think it makes sense to hang onto it.

[UCGal]

We tried the long distance rental thing with my husbands pre-marriage house in Philly.

It sucked. Big time.

I’m not positive that Temecula/Murrietta will regain that $100k you lost anytime soon. If your horizon is more than 10 years… maybe. But how long do you want to hold onto something that is worth less than you paid for it… in hopes it comes back. How would you feel if renters trashed it?

I agree that you need to look at this from a strictly financial point of view. I don’t think it makes sense to hang onto it.

[sc_alum]

Rent is probably 2200/2300, something like that. Our neighbor is renting for 2300, in a slightly smaller house – but the lease started about 8 months ago so I’m factoring that rents have likely decreased.

UCGal – agreed, I’m not sure when/if it’s coming back… I ran the numbers and since they’re covering Realtor commission, it makes it even longer before we can “break even” in any sense of the term.

With renting, it seems to make sense if you have a small-ish house, because if somebody trashes it you can rip up carpet and repaint. You can’t just repaint and carpet a 3500 sq foot house in a weekend…

So I think you’re all validating what I was thinking, so far – that I should cut my losses and run. It hurts, but I wanted to see if someone was going to tell me how they saw a bounce in the valley’s future, etc, etc, and if I just hung on one year we’d have some mitigation of the loss… it was a nice pipe dream 😉

[sc_alum]

Rent is probably 2200/2300, something like that. Our neighbor is renting for 2300, in a slightly smaller house – but the lease started about 8 months ago so I’m factoring that rents have likely decreased.

UCGal – agreed, I’m not sure when/if it’s coming back… I ran the numbers and since they’re covering Realtor commission, it makes it even longer before we can “break even” in any sense of the term.

With renting, it seems to make sense if you have a small-ish house, because if somebody trashes it you can rip up carpet and repaint. You can’t just repaint and carpet a 3500 sq foot house in a weekend…

So I think you’re all validating what I was thinking, so far – that I should cut my losses and run. It hurts, but I wanted to see if someone was going to tell me how they saw a bounce in the valley’s future, etc, etc, and if I just hung on one year we’d have some mitigation of the loss… it was a nice pipe dream 😉

[sc_alum]

Rent is probably 2200/2300, something like that. Our neighbor is renting for 2300, in a slightly smaller house – but the lease started about 8 months ago so I’m factoring that rents have likely decreased.

UCGal – agreed, I’m not sure when/if it’s coming back… I ran the numbers and since they’re covering Realtor commission, it makes it even longer before we can “break even” in any sense of the term.

With renting, it seems to make sense if you have a small-ish house, because if somebody trashes it you can rip up carpet and repaint. You can’t just repaint and carpet a 3500 sq foot house in a weekend…

So I think you’re all validating what I was thinking, so far – that I should cut my losses and run. It hurts, but I wanted to see if someone was going to tell me how they saw a bounce in the valley’s future, etc, etc, and if I just hung on one year we’d have some mitigation of the loss… it was a nice pipe dream 😉

[sc_alum]

Rent is probably 2200/2300, something like that. Our neighbor is renting for 2300, in a slightly smaller house – but the lease started about 8 months ago so I’m factoring that rents have likely decreased.

UCGal – agreed, I’m not sure when/if it’s coming back… I ran the numbers and since they’re covering Realtor commission, it makes it even longer before we can “break even” in any sense of the term.

With renting, it seems to make sense if you have a small-ish house, because if somebody trashes it you can rip up carpet and repaint. You can’t just repaint and carpet a 3500 sq foot house in a weekend…

So I think you’re all validating what I was thinking, so far – that I should cut my losses and run. It hurts, but I wanted to see if someone was going to tell me how they saw a bounce in the valley’s future, etc, etc, and if I just hung on one year we’d have some mitigation of the loss… it was a nice pipe dream 😉

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