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If you can find a place you love to move now and rent out your current place for 800/mo more than you're paying on your mortgage, that kind of sounds like a great investment!
Agreed. If you can make $800 more than you pay for it, I'd keep it regardless of how much they sucked. Thats a really good investment property.
Move and rent! As the PPs have said, making $800 a month over the mortgage is an awesome investment.
The problem with renting this unit out is that you are still going to have the headaches with the building owners that you do now. Even though you are renting it out for $800 more, will you really be making that much money after all the extra expenses and headaches that come with renting?
I personally would not want to be alone and have to deal with a rental unit. If my husband was around that would maybe be one thing. Since your husband is going to be gone, I think you should just try to sell.
I know it seems like it would be one of the worst headaches, but making an extra $800/month is pretty awesome! And though all the expenses associated with the condo are considered a tax write off, just be sure you're putting money away to pay the taxes on your extra income each month. B/c whatever you receive in rent is considered taxable income for you.
Hmm... this is a toughie! I would say to look for another place for yourself. The amount of time it takes you to find one, use the same amount of time to sell the condo. If you find a place you like, but condo hasn't sold, then rent it out.
Being a landlord comes with many headaches, but being a tenant in that building right now is a headache of its own that you obviously don't want. Selling it is a good option too but in your particular case, renting sounds better.
Tenants should not be THAT difficult either, especially if it's a nice 'hood.
I'm in the minority, but I'd sell it/buy a new place right now.
There's a place down the street from us that is historic and hard to keep up. Condo management basically ran it into the ground with poor upkeep/high association fees, and now they're broke. All the owners are trying to sell, and no one's buying because it's falling into disrepair. $800/month is nice, but if you think there's even a possibility of not being able to sell it if things get worse, I'd list it now.
Ugh we're in the same boat! I hate our condo :( I think it would be easier on you to buy later/sell later though. If you can put up with the headache for a little while longer you'll be able to have your down payment AND get rid of the place! I wouldn't want to be a unit owner for a sucky management company any longer than I'd have to.
This is a great time to buy a home especially when you don't need to worry too much about selling your current home. Because you want out of the poorly run condo, I'd start the selling process now to at least see how it goes!
Is it $800 more than your mortgage alone, or $800 more than your mortgage + all your condo fees? Because if it's just the mortgage, that isn't worth it to me. Just because it is a write off doesn't mean that it's free. You're only getting, at most, around 35% of that money used for condo issues back in saved taxes. You have to spend money (a LOT of it) to get some back. Not worth the hassle, IMO.
Hi all - thanks for the input.
with my mortgage and fees, for what we could rent it out for (based on other rental units without balconies), we could earn a lot (I can charge $2400-$2500, and our mortgage plus dues is under $1500). I'm not worried about selling my condo because all but oen unit that has been put on the market has sold. In fact, my neighbor I keep in touch with who sold her unit right above mine, without any improvements or a walk in closet, got more for her unit than I paid for and put in to mine. So I'm not worried about THAT.
The bigger issue is that my fiance is not employed right now - he's a reserve Marine, in school for a few more weeks, and has an offer to start another defense contract. I don't think he has enough of a salary history for most mortgage companies.
If I rented the property out, I would use a management company in order to not have to deal with it. I also wouldn't charge so much that I'd have to pay that much in taxes.
Ugh - I still don't know. I definitely don't want to look at a home while he's in Afghanistan because he needs to be in the decision, too, and also the logistics are bad. DC, the best time to sell is spring or fall because the summers in DC are pretty empty. So we'd either have to commit to selling now to prepare for a spring sale, or commit to just waiting it out.
Sorry for the long posts, all - I'm confused and unhappy and it's a exhausting. Part of me just wants to say 'F it" and stop caring about the logistics of my building, stop going to meetings, etc and ride it out. Knowing that our mortgage/fees are so low, we are able to put a lot away. But we might also miss out on insanely low interest rates. It's never easy - but I know for sure that I will NEVER EVER EVER buy a condo again.
PS: the president of the board is psycho. my fiance used to think "ah, she's just weird" until she started blatently hitting on him. My FH is a pretty clueless guy, so for him to notice, you KNOW it's a bit overt. She's a crazy control freak and would say such inappropriate things to him I wanted to kick her.
I agree about renting it, but you can always just put it on the market and see what happens. It sounds like you want out regardless because of the mismanagement and you never know, it's in a desirable location and you've put $ into the unit, so maybe it will sell.
Thanks, ladies.
I really do want out - I think we'll do the math, and see what the timing will be for us to have the down payment we want. Even though future hubby can get a VA and lower-down payment mortage, I'd rather put a good bit down. Right now, it's a shortgage but maybe if we take some austerity measures we can handle it.
I'll also have a good talk with my parents about this. I own the condo, and was able to buy it with their help (accounts they set up for me when I was a baby grew to my down payment).
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To try to make a long story short, I hate my condo building. The Board, and every aspect of management suck - they terrible at what they do, aren't fiscally responsible (for example, redid the entire lobby/first floor while we have basically no reserves then assessed us all basically $3500 in order to redo the elevators...priorities fail). I described it to a former neighbor as it no longer feels like a home, it feels like a poorly managed dorm building.
I do like our unit - we put a lot of work and money in to it - and I like our neighborhood (if you know DC, we live between Dupont and U Street).
Anyway - my fiance is slated to mobilize and deploy to Afghanistan a few months after our March 2011 wedding. Our original plan was to use his deployment money and added equity in the condo and move when he gets back (probably spring 2012). We can afford a new mortgage and there are some great places for sale that are what we're looking for, but we don't have a big enough down payment for now unless we sell my place, which we need to assume in this market might take time (and I don't want 2 mortgages!).
Our condo can be rented out for probably $800 more than we pay for it every month - and renting it out means everything associated with it is a write off.
So, should we start casually looking for a house and if we find out, rent out our unit until we want to sell even though we don't have a big enough down payment...look to move and sell at the same time, or just wait until my fiance comes back from Afghanistan even though condo living is driving me insane....? (We've considered keeping the condo as a rental property when we do move, but I really can't even fathom being tied to the building in any way).
I'm so frustrated!