Something to remember is that when you have a rental property (that you don't live in) any loss you take on it is a tax write off. So any repairs, building materials, paint, shortfalls in rent, etc, etc, are all a write off. This can make a pretty big impact on your bottom line come tax time.
Now take this with a grain of salt since my experience is from North of the border. However I suspect it's very similar where you live. On Mon, Aug 29, 2011 at 11:05 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:342111 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
