[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[trying2balance]

Analyst – thanks so much for the tax info, I’ll have to read it a few times to fully digest (our accountant is a friend of a friend who just dous our annual tax filing, we’ll have to get more info on this once we decide what to do).

Do wish we could buy the house we’re renting – owner paid $900,000 cash for it in 2004 and I don’t know that they would sell for $500,000 even though one up the street with 600 more sq ft sold a few months ago for $550 — but I’m going to ask the property mgr to inquire as we’re set to go month to month.

Threadkiller – how does our being the lender work? We pay the $120k or so we owe off, and then sell for say $90k and manage the “mortgage” at 5 percent for years? Sounds like way too much risk — especially for my husband — to take with like 80 percent of our life savings. But I guess the risk is not terrible as if like you say they put a good amt down and we just consider that it’s as if we were renting it out the whole time, should they default.

Still, I smell attorney fees and more trips to heatsville wouls be involved in that option – which is pretty unappealing (it was SO hot when we were there last week, nothing like loving our cool and expensive San Diego air once we got back home!)

By the way, our “property manager” has not returned our calls in 5 days, would not meet with us while we were there, did not put up the signs we asked him to and he said his staff had to advertise in the condo window… So I have to terminate that contract tomorrow unless there is some very good reason for the lapses and we’ll keep the unit empty I guess as we try to short sale or just straight sale at a loss…

Whoever said this is a learning moment was right — I’m happy to serve as the example for all of you of the mess that can happen when you buy a rental out of state, argh!!

[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.

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[trying2balance]

I read the link JustReader1 posted (below) and it looks like effective Sept 30 Arizona has changed its law to not allow walk-aways. So no matter what the money that we worked hard to save for our future ins going to end up in the hands of the banks. Who already have our tax money to help them weather their mistakes and keep home prices from correcting. I don’t know if I’m more depressed or angry…

http://marcmccain.com/current-events/arizonas-anti-deficiency-laws-are-changing/81/

[Author]

Posts