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(former)FormerSanDiegan
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
This isn’t a great investment. But if you did not have a partner, it might be worth the effort to keep it (your paying down the note and getting a tax break for a modest outlay).
But, it sounds like the real problem is that you put more into it than your partner and that deferred maintenance is limiting the property performance.I would get out , You’ll likely net less than 10K each (or less, assuming your price is in the right ballpark) after sale expenses/taxes.
If your partner doesn’t want to sell, ask them to buy you out. They can get a property manager and realize the value you added.
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).In other words it eats up all your profits (and then some).
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).In other words it eats up all your profits (and then some).
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).In other words it eats up all your profits (and then some).
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).In other words it eats up all your profits (and then some).
Participant[quote=Ricechex]Monthly rent = $1200
Monthly mortgage = $1015 (impound acct. includes PITI)
Gardener = $50 month
Yearly maintenance varies, some years it has been up to $5000, other years $1000.
House needs new roof, new exterior paint, and likely the water heater is gonna go soon too.
It would sell for $160K, we owe $128K.What is an alligator property?[/quote]
Alligator Property:
When the cost of mortgage, property taxes, insurance and maintenance on a rental property is greater than the income it brings in. (negative cash flow).In other words it eats up all your profits (and then some).
October 3, 2010 at 10:12 PM in reply to: Surprise to to me, “State’s cheapest county for business? San Diego, report says #612182ParticipantHave you ever lived/worked in LA or the Bay area ?
For those of us who have, this is no surprise.October 3, 2010 at 10:12 PM in reply to: Surprise to to me, “State’s cheapest county for business? San Diego, report says #612268ParticipantHave you ever lived/worked in LA or the Bay area ?
For those of us who have, this is no surprise.October 3, 2010 at 10:12 PM in reply to: Surprise to to me, “State’s cheapest county for business? San Diego, report says #612818ParticipantHave you ever lived/worked in LA or the Bay area ?
For those of us who have, this is no surprise.October 3, 2010 at 10:12 PM in reply to: Surprise to to me, “State’s cheapest county for business? San Diego, report says #612934ParticipantHave you ever lived/worked in LA or the Bay area ?
For those of us who have, this is no surprise.October 3, 2010 at 10:12 PM in reply to: Surprise to to me, “State’s cheapest county for business? San Diego, report says #613250ParticipantHave you ever lived/worked in LA or the Bay area ?
For those of us who have, this is no surprise.ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
ParticipantOn the surface it sounds like an alligator property, but something at 2001 prices should cash flow reasonably well.
My advice would depend on the following:How much is the monthly rent ?
What would it sell for ?
How much is your monthly PITI ?
How much do you spend in maintenance/upkeep annually.
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