Hi all,
I haven't posted for awhile but really need some opinions here on what you would do.
We bought an investment property that we are living in and now we are moving to another state.
Things happened over the past 2 years to where we have not been able to make the needed repairs to the house.
We are trying to decide if we should sell or hang on to the place and rent it out.
Factors are I can barely make the mortgage payments on it. My husband lost his job back in November and hasn't found work.
I am looking for work in another state that pays more. he is in school and has 2 months to finish.
We owe about 323k on the mortgage. The house needs repairs as the roof is leaking and the gardens and lawn need done and new flooring in the main areas of the house as the carpet is from the 70s and it is worn and has holes in it.
We have already painted the interior and are trying to scrape up enough money to tile the main areas. It is a small house 4 x 1.
If we rent it out I don't think we can get more than around $360 a week rent on it and our mortgage payments are $550. Add that to the cost of renting in the new city.
I feel that we are stuck either way as the repairs would have to be done before selling or renting it out and I just can't come up with the money to do it.
I think if we sold it we would take a loss on it meaning unrepaired it might go for around 320k. Houses in the same area that are in ok condition are going for around $340k to $360k.
I can't borrow any money as the major problem that happened has my credit card maxed out and i am trying to pay that down.
Any advice would be appreciated.
I haven't posted for awhile but really need some opinions here on what you would do.
We bought an investment property that we are living in and now we are moving to another state.
Things happened over the past 2 years to where we have not been able to make the needed repairs to the house.
We are trying to decide if we should sell or hang on to the place and rent it out.
Factors are I can barely make the mortgage payments on it. My husband lost his job back in November and hasn't found work.
I am looking for work in another state that pays more. he is in school and has 2 months to finish.
We owe about 323k on the mortgage. The house needs repairs as the roof is leaking and the gardens and lawn need done and new flooring in the main areas of the house as the carpet is from the 70s and it is worn and has holes in it.
We have already painted the interior and are trying to scrape up enough money to tile the main areas. It is a small house 4 x 1.
If we rent it out I don't think we can get more than around $360 a week rent on it and our mortgage payments are $550. Add that to the cost of renting in the new city.
I feel that we are stuck either way as the repairs would have to be done before selling or renting it out and I just can't come up with the money to do it.
I think if we sold it we would take a loss on it meaning unrepaired it might go for around 320k. Houses in the same area that are in ok condition are going for around $340k to $360k.
I can't borrow any money as the major problem that happened has my credit card maxed out and i am trying to pay that down.
Any advice would be appreciated.