I'm not a landlord but I have been in the past. $500/mo = $6,000/yr, plus maintenance costs, liability, hassle factor, etc. If you want to save your credit, sell the house, eat the $15K and make a deal with the bank to pay it off at $500/mo. Same monthly cost to you, far less hassle than being a landlord, and you have a finite timeline when the debt will be re-paid. Your credit should be better than if you do a short sale, in both the short and long terms. You might even be able to wrap the $15K into a new mortgage. Software professionals are one of the few categories of workers who are still a decent bet to be gainfully employed into the foreseeable future, that's a strength you should use in negotiations.
On Mon, Aug 29, 2011 at 8:05 PM, Scott Stewart <[email protected]>wrote: > > We're debating what to do with our house in Raleigh. The mortgage is > upside down to the tune of about 15k. Our options are short selling and > blowing up our credit for about two years or becoming landlords and > renting the place until the economy imporves. > > If we rent, it'll cover the vast majority of the mortgage, leaving us on > the hook for about $500 a month, according to the rental agencies we'ev > talked to. > > Who's a landlord right now? What are the big gotchas, and were you able > to buy another house while renting the current one? > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:342108 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
