Tell me what to do

[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 😉

[Diego Mamani]

You spent a lot of money in down payment and upgrades. Why? Where you planning on staying there for many many years?

If so, do you see yourself ever coming back to this area? Would you consider retiring and living in this house? If the answers are yes, then I’d consider renting.

OTOH, if you’ll never be back to the area, then take your losses now and sell. If you rent, there are ways to minimize the likelihood of bad tenants: charge a below-market rent, but be super aggressive and picky when checking credit scores and references; only rent to people with high FICO scores, spotless references, etc.

[Diego Mamani]

You spent a lot of money in down payment and upgrades. Why? Where you planning on staying there for many many years?

If so, do you see yourself ever coming back to this area? Would you consider retiring and living in this house? If the answers are yes, then I’d consider renting.

OTOH, if you’ll never be back to the area, then take your losses now and sell. If you rent, there are ways to minimize the likelihood of bad tenants: charge a below-market rent, but be super aggressive and picky when checking credit scores and references; only rent to people with high FICO scores, spotless references, etc.

[Diego Mamani]

You spent a lot of money in down payment and upgrades. Why? Where you planning on staying there for many many years?

If so, do you see yourself ever coming back to this area? Would you consider retiring and living in this house? If the answers are yes, then I’d consider renting.

OTOH, if you’ll never be back to the area, then take your losses now and sell. If you rent, there are ways to minimize the likelihood of bad tenants: charge a below-market rent, but be super aggressive and picky when checking credit scores and references; only rent to people with high FICO scores, spotless references, etc.

[Diego Mamani]

You spent a lot of money in down payment and upgrades. Why? Where you planning on staying there for many many years?

If so, do you see yourself ever coming back to this area? Would you consider retiring and living in this house? If the answers are yes, then I’d consider renting.

OTOH, if you’ll never be back to the area, then take your losses now and sell. If you rent, there are ways to minimize the likelihood of bad tenants: charge a below-market rent, but be super aggressive and picky when checking credit scores and references; only rent to people with high FICO scores, spotless references, etc.

[Diego Mamani]

You spent a lot of money in down payment and upgrades. Why? Where you planning on staying there for many many years?

If so, do you see yourself ever coming back to this area? Would you consider retiring and living in this house? If the answers are yes, then I’d consider renting.

OTOH, if you’ll never be back to the area, then take your losses now and sell. If you rent, there are ways to minimize the likelihood of bad tenants: charge a below-market rent, but be super aggressive and picky when checking credit scores and references; only rent to people with high FICO scores, spotless references, etc.

[temeculaguy]

The rest of the financial picture would be helpful but I understand it’s your life and you probably don’t want to publish it. If a few hundred a month wont kill you, i’d rent it out as long as you can qualify for another purchase if/when you decide to buy. There are a number of families who bought at peak and have lost their home but want to stay and rent, it is a 150x rent multiplier, while there are better deals to be had in some condos or smaller homes as far as the multiplier goes, yours doesn’t need any work and has some appealing features. Those people who lost their 600k no down toxic loan specials didn’t all vanish. They can afford 2k, they just couldn’t cut it when it jumped to 5k and they cant buy for a few years. If you can afford it and you think it is near bottom, place your bet and wait and see. I sold a property about a mile from you in 1997 and did exactly what you did, walked away with about nothing, lost my down and upgrades but I couldn’t handle the fear of the unknown. My mortgage was close to what the rent would have been but I was fearful of qualifying for the next one and dealing with months without a renter. Eleven years have passed, I would have been cash positive about $500 a month for the last 8 years and could have sold at a profit anywhere between 50k and 350k in that time, I’m still kinda mad at myself for being a wuss. What is worse is that it would have been paid off by now, I’m an idiot, you don’t have to be one. Excuse me, I’m still kinda reeling from the realization that it would have been paid off already, I hadn’t thought about it for a while. That would be about 1500 free money a month, dammit!! I need to go find a nice solid door to bang my head into.

[temeculaguy]

The rest of the financial picture would be helpful but I understand it’s your life and you probably don’t want to publish it. If a few hundred a month wont kill you, i’d rent it out as long as you can qualify for another purchase if/when you decide to buy. There are a number of families who bought at peak and have lost their home but want to stay and rent, it is a 150x rent multiplier, while there are better deals to be had in some condos or smaller homes as far as the multiplier goes, yours doesn’t need any work and has some appealing features. Those people who lost their 600k no down toxic loan specials didn’t all vanish. They can afford 2k, they just couldn’t cut it when it jumped to 5k and they cant buy for a few years. If you can afford it and you think it is near bottom, place your bet and wait and see. I sold a property about a mile from you in 1997 and did exactly what you did, walked away with about nothing, lost my down and upgrades but I couldn’t handle the fear of the unknown. My mortgage was close to what the rent would have been but I was fearful of qualifying for the next one and dealing with months without a renter. Eleven years have passed, I would have been cash positive about $500 a month for the last 8 years and could have sold at a profit anywhere between 50k and 350k in that time, I’m still kinda mad at myself for being a wuss. What is worse is that it would have been paid off by now, I’m an idiot, you don’t have to be one. Excuse me, I’m still kinda reeling from the realization that it would have been paid off already, I hadn’t thought about it for a while. That would be about 1500 free money a month, dammit!! I need to go find a nice solid door to bang my head into.

[temeculaguy]

The rest of the financial picture would be helpful but I understand it’s your life and you probably don’t want to publish it. If a few hundred a month wont kill you, i’d rent it out as long as you can qualify for another purchase if/when you decide to buy. There are a number of families who bought at peak and have lost their home but want to stay and rent, it is a 150x rent multiplier, while there are better deals to be had in some condos or smaller homes as far as the multiplier goes, yours doesn’t need any work and has some appealing features. Those people who lost their 600k no down toxic loan specials didn’t all vanish. They can afford 2k, they just couldn’t cut it when it jumped to 5k and they cant buy for a few years. If you can afford it and you think it is near bottom, place your bet and wait and see. I sold a property about a mile from you in 1997 and did exactly what you did, walked away with about nothing, lost my down and upgrades but I couldn’t handle the fear of the unknown. My mortgage was close to what the rent would have been but I was fearful of qualifying for the next one and dealing with months without a renter. Eleven years have passed, I would have been cash positive about $500 a month for the last 8 years and could have sold at a profit anywhere between 50k and 350k in that time, I’m still kinda mad at myself for being a wuss. What is worse is that it would have been paid off by now, I’m an idiot, you don’t have to be one. Excuse me, I’m still kinda reeling from the realization that it would have been paid off already, I hadn’t thought about it for a while. That would be about 1500 free money a month, dammit!! I need to go find a nice solid door to bang my head into.

[temeculaguy]

The rest of the financial picture would be helpful but I understand it’s your life and you probably don’t want to publish it. If a few hundred a month wont kill you, i’d rent it out as long as you can qualify for another purchase if/when you decide to buy. There are a number of families who bought at peak and have lost their home but want to stay and rent, it is a 150x rent multiplier, while there are better deals to be had in some condos or smaller homes as far as the multiplier goes, yours doesn’t need any work and has some appealing features. Those people who lost their 600k no down toxic loan specials didn’t all vanish. They can afford 2k, they just couldn’t cut it when it jumped to 5k and they cant buy for a few years. If you can afford it and you think it is near bottom, place your bet and wait and see. I sold a property about a mile from you in 1997 and did exactly what you did, walked away with about nothing, lost my down and upgrades but I couldn’t handle the fear of the unknown. My mortgage was close to what the rent would have been but I was fearful of qualifying for the next one and dealing with months without a renter. Eleven years have passed, I would have been cash positive about $500 a month for the last 8 years and could have sold at a profit anywhere between 50k and 350k in that time, I’m still kinda mad at myself for being a wuss. What is worse is that it would have been paid off by now, I’m an idiot, you don’t have to be one. Excuse me, I’m still kinda reeling from the realization that it would have been paid off already, I hadn’t thought about it for a while. That would be about 1500 free money a month, dammit!! I need to go find a nice solid door to bang my head into.

[temeculaguy]

The rest of the financial picture would be helpful but I understand it’s your life and you probably don’t want to publish it. If a few hundred a month wont kill you, i’d rent it out as long as you can qualify for another purchase if/when you decide to buy. There are a number of families who bought at peak and have lost their home but want to stay and rent, it is a 150x rent multiplier, while there are better deals to be had in some condos or smaller homes as far as the multiplier goes, yours doesn’t need any work and has some appealing features. Those people who lost their 600k no down toxic loan specials didn’t all vanish. They can afford 2k, they just couldn’t cut it when it jumped to 5k and they cant buy for a few years. If you can afford it and you think it is near bottom, place your bet and wait and see. I sold a property about a mile from you in 1997 and did exactly what you did, walked away with about nothing, lost my down and upgrades but I couldn’t handle the fear of the unknown. My mortgage was close to what the rent would have been but I was fearful of qualifying for the next one and dealing with months without a renter. Eleven years have passed, I would have been cash positive about $500 a month for the last 8 years and could have sold at a profit anywhere between 50k and 350k in that time, I’m still kinda mad at myself for being a wuss. What is worse is that it would have been paid off by now, I’m an idiot, you don’t have to be one. Excuse me, I’m still kinda reeling from the realization that it would have been paid off already, I hadn’t thought about it for a while. That would be about 1500 free money a month, dammit!! I need to go find a nice solid door to bang my head into.

[DataAgent]

Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.

Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.

It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.

Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.

Good luck.

[DataAgent]

Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.

Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.

It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.

Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.

Good luck.

[DataAgent]

Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.

Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.

It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.

Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.

Good luck.

[DataAgent]

Please consider renting your place. Here’s why:
1. Losses on a personal residence are not tax deductible.
2. Losses from rental property are tax deductible.

Pay for some solid advice from a good tax accountant. Not H&R Block. Your situation is much more complicated than they can handle.

It may be possible to:
1. Convert your property to a rental for a few years.
2. Deduct the loss when you sell it.
3. Loss is defined as: original purchase price
PLUS all improvements MINUS selling price.

Your loss could make a nice tax deduction in a year when you get a big bonus from your new job.

Good luck.

[Author]

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