$6000 a year to own a house that's only $15k underwater? I'd keep it, unless you're in Detroit. Get a management company to run it for you, it's like an extra $100 a month that's used for repairs. Most rentals now come with a $100 + deductible on repairs meaning the tenant pays the first $100 for all repairs. That leaves them fixing all the minor crap.
If you live near by it's even better because you can keep an eye on it and supervise improvements. Important thing to watch is the landscape, if they let that go it'll kill the value. . 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:342130 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
