we recently lost jobs, my husband will loose his in October.
I have some money in a IRA. About 13k
I own a condo rental in another state. It's in a killer location in Dallas. Rents for $900/mo. Old building near new stuff. Makes about $250/month after taxes, insurence, HOA, and saving $2500 a year for inevitable repairs. (Spent 2500 already).
We own it 100% no mortgage. I don't want to sell...but it's just getting too hard.
Kept it because we hoped the location real estate prices would go up. Right now, after fees it may break even.
Technically it has gone up, but I inherited it and the price associated was inflated about $8k. (Mom didn't hire the right person).
Anyway. We are both smart and educated, we will find jobs but not quickly. With bills piling up, I see the we worst. We live in SF, the most impossible city and will be forced to vacate by November if I did my calculations right.
So, sell home or be homeless is what I see as my future. I wasted a lot of time thinking things would get better soon. But with a month till poverty or giving up my savings, this condo feels like dead weight.
Asked hubby if he would move to Dallas and look for work. He said no because he would have to leave his kids so that feels out of the question as well.
Advice is needed.
I think this is in the wrong forum. Let me know thank you. :)
why not refinance and take cash out if you owe it free and clear?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.