Tell me what to do

[NeetaT]

It just means that your next home purchase will be at a depressed price, which is good for you the buyer.

[paramount]

From the street level, I would say rent in and around Temecula is falling sharply.

[paramount]

From the street level, I would say rent in and around Temecula is falling sharply.

[paramount]

From the street level, I would say rent in and around Temecula is falling sharply.

[paramount]

From the street level, I would say rent in and around Temecula is falling sharply.

[paramount]

From the street level, I would say rent in and around Temecula is falling sharply.

[sc_alum]

“From the street level, I would say rent in and around Temecula is falling sharply.”

It does look like that, yeah…

Silly question, but rental income is taxable income AFTER you’ve deducted mortgage costs, right? It’s net, not gross?

So I either walk away with about 50/60k (equity) now (+ closing cost considerations, though that’s not cash in hand, just cash not spent)…

Or in a sense “buy” my house for 50/60k… assuming rent more or less balances mortgage. Maybe it ends up costing us a couple grand a year, but not a huge deal…

*Sigh* I am thoroughly engrossed in all the replies, but I honestly can’t say I’m any closer to a decision. The poster that said that I’m going to end up regretting whichever option I choose is probably right on the money. Grass is always greener…

If rent and real estate stay flat for 5+ years, I look ahead to that time… I’m about 35k-ish more paid down in my equity, so that 50/60k is now maybe closer to 100k… but now I’ve got closing costs to pay, so subtract +-22k… So 5ish years out and I’m maybe 10k up, net… assuming nobody trashes the place and that I’ve got decent occupancy… big if’s.

So short term it makes no sense… but then if we get modest appreciation and modest rent appreciation beyond that time frame, it starts to look like a brighter picture…

The decision boils down to whether I want to be a long term landlord of a big house from far away, I guess. We may at some point come back to So Cal, though to San Diego, if we did, so then it wouldn’t be so long distance…

Sorry, just using this as a blank space to do some musing – back to your regularly scheduled programming.

[sc_alum]

“From the street level, I would say rent in and around Temecula is falling sharply.”

It does look like that, yeah…

Silly question, but rental income is taxable income AFTER you’ve deducted mortgage costs, right? It’s net, not gross?

So I either walk away with about 50/60k (equity) now (+ closing cost considerations, though that’s not cash in hand, just cash not spent)…

Or in a sense “buy” my house for 50/60k… assuming rent more or less balances mortgage. Maybe it ends up costing us a couple grand a year, but not a huge deal…

*Sigh* I am thoroughly engrossed in all the replies, but I honestly can’t say I’m any closer to a decision. The poster that said that I’m going to end up regretting whichever option I choose is probably right on the money. Grass is always greener…

If rent and real estate stay flat for 5+ years, I look ahead to that time… I’m about 35k-ish more paid down in my equity, so that 50/60k is now maybe closer to 100k… but now I’ve got closing costs to pay, so subtract +-22k… So 5ish years out and I’m maybe 10k up, net… assuming nobody trashes the place and that I’ve got decent occupancy… big if’s.

So short term it makes no sense… but then if we get modest appreciation and modest rent appreciation beyond that time frame, it starts to look like a brighter picture…

The decision boils down to whether I want to be a long term landlord of a big house from far away, I guess. We may at some point come back to So Cal, though to San Diego, if we did, so then it wouldn’t be so long distance…

Sorry, just using this as a blank space to do some musing – back to your regularly scheduled programming.

[sc_alum]

“From the street level, I would say rent in and around Temecula is falling sharply.”

It does look like that, yeah…

Silly question, but rental income is taxable income AFTER you’ve deducted mortgage costs, right? It’s net, not gross?

So I either walk away with about 50/60k (equity) now (+ closing cost considerations, though that’s not cash in hand, just cash not spent)…

Or in a sense “buy” my house for 50/60k… assuming rent more or less balances mortgage. Maybe it ends up costing us a couple grand a year, but not a huge deal…

*Sigh* I am thoroughly engrossed in all the replies, but I honestly can’t say I’m any closer to a decision. The poster that said that I’m going to end up regretting whichever option I choose is probably right on the money. Grass is always greener…

If rent and real estate stay flat for 5+ years, I look ahead to that time… I’m about 35k-ish more paid down in my equity, so that 50/60k is now maybe closer to 100k… but now I’ve got closing costs to pay, so subtract +-22k… So 5ish years out and I’m maybe 10k up, net… assuming nobody trashes the place and that I’ve got decent occupancy… big if’s.

So short term it makes no sense… but then if we get modest appreciation and modest rent appreciation beyond that time frame, it starts to look like a brighter picture…

The decision boils down to whether I want to be a long term landlord of a big house from far away, I guess. We may at some point come back to So Cal, though to San Diego, if we did, so then it wouldn’t be so long distance…

Sorry, just using this as a blank space to do some musing – back to your regularly scheduled programming.

[sc_alum]

“From the street level, I would say rent in and around Temecula is falling sharply.”

It does look like that, yeah…

Silly question, but rental income is taxable income AFTER you’ve deducted mortgage costs, right? It’s net, not gross?

So I either walk away with about 50/60k (equity) now (+ closing cost considerations, though that’s not cash in hand, just cash not spent)…

Or in a sense “buy” my house for 50/60k… assuming rent more or less balances mortgage. Maybe it ends up costing us a couple grand a year, but not a huge deal…

*Sigh* I am thoroughly engrossed in all the replies, but I honestly can’t say I’m any closer to a decision. The poster that said that I’m going to end up regretting whichever option I choose is probably right on the money. Grass is always greener…

If rent and real estate stay flat for 5+ years, I look ahead to that time… I’m about 35k-ish more paid down in my equity, so that 50/60k is now maybe closer to 100k… but now I’ve got closing costs to pay, so subtract +-22k… So 5ish years out and I’m maybe 10k up, net… assuming nobody trashes the place and that I’ve got decent occupancy… big if’s.

So short term it makes no sense… but then if we get modest appreciation and modest rent appreciation beyond that time frame, it starts to look like a brighter picture…

The decision boils down to whether I want to be a long term landlord of a big house from far away, I guess. We may at some point come back to So Cal, though to San Diego, if we did, so then it wouldn’t be so long distance…

Sorry, just using this as a blank space to do some musing – back to your regularly scheduled programming.

[sc_alum]

“From the street level, I would say rent in and around Temecula is falling sharply.”

It does look like that, yeah…

Silly question, but rental income is taxable income AFTER you’ve deducted mortgage costs, right? It’s net, not gross?

So I either walk away with about 50/60k (equity) now (+ closing cost considerations, though that’s not cash in hand, just cash not spent)…

Or in a sense “buy” my house for 50/60k… assuming rent more or less balances mortgage. Maybe it ends up costing us a couple grand a year, but not a huge deal…

*Sigh* I am thoroughly engrossed in all the replies, but I honestly can’t say I’m any closer to a decision. The poster that said that I’m going to end up regretting whichever option I choose is probably right on the money. Grass is always greener…

If rent and real estate stay flat for 5+ years, I look ahead to that time… I’m about 35k-ish more paid down in my equity, so that 50/60k is now maybe closer to 100k… but now I’ve got closing costs to pay, so subtract +-22k… So 5ish years out and I’m maybe 10k up, net… assuming nobody trashes the place and that I’ve got decent occupancy… big if’s.

So short term it makes no sense… but then if we get modest appreciation and modest rent appreciation beyond that time frame, it starts to look like a brighter picture…

The decision boils down to whether I want to be a long term landlord of a big house from far away, I guess. We may at some point come back to So Cal, though to San Diego, if we did, so then it wouldn’t be so long distance…

Sorry, just using this as a blank space to do some musing – back to your regularly scheduled programming.

[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

[92027_guy]

I’m kinda dealing with a similar situation but in reverse, I have a couple of outside CA rentals (one in TX and one in NC) and I’m on the edge of BK’ing them away. I think the downturn has been around long enough that people are starting to think of missed opportunities vs. getting out while you can. I can only imagine how pissed I’d be at myself for selling in 98 like the previous poster, but that is hindsight and the unknown future is really unknown. My NC house was bought for 137k in late 05, comps showed 150k in December 08 before the BofA layoffs. It’s a 250 a month neg. So far I’ve had no renter nighmares but there’s always that anxiety of getting a call about something expensive. Non money issues like Stress/complexity are also factors to consider.
I guess I’m trying to say it’s a gamble either way, and I have to agree with carlsbadworker whatever you choose hindsight will cleverly hide the bad and exaggerate the good so you will regret it. Not sure if that helped…

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