All Forum Posts by: Christopher Harn

Originally posted by "Heathen":

As with most of these types of decisions, it is left to you as the responses here are all over the field.

True I see both sell and keep, but is that not representative of the 2 different schools of thought? Some people landlord for cash and some to build a "portfolio"

Originally posted by "Heathen":

We have given some points to ponder that you may not of heretofore thought through.

Most definately, the dont rent to family and friends was very wise indeed! :)

Originally posted by "Heathen":

After reading ours, what are your current thoughts?

I'm leaning towards attempting to sell and hopefully getting the 5-15k that I can out of the property, to save in bank or to apply toward purchase of our new home. Keeping the property, has me kinda close in my debt to income ratio (well on paper at least not in reality but that's a whole other story), and with the storm coming that is probably not were I want to be.

The only rush we have is the fact that we have a newborn coming, and no nursury, but the reality is that the baby is gonna be in mothers arms non stop for the next 6 months, I spent the first year with our firstborn sleeping on the couch! I may end up there again :)

I sincerely appreciate everyone's response, this definately seems like a great resource for Landlords.

Originally posted by "all_cash":

Why is your ITI (interest, taxes, insurnace) dropping?

In reality this is about a $350 month loser.

all cash

I appreciate your response.

the "ITI" (not sure there really is such a thing) is "dropping" because for each monthly mortgage payment more is applied to prinicipal. The cost of servicing the loan (interest amount in an amoritized loan) lowers over time.

And perhaps I was unclear, this is property that I already own, currently it is my primary residence, finaced 30 yrs at 6%, have maybe 15% equity in. I need to either sell this, or rent it out. I will be purchasing a larger home for my new primary residence.

It is unreasonable for me expect cash flow out of this property (The numbers just dont work out). Maybe in a year or 3 I can refinace this and possibly get some cash out of renting it. Currently I can either sell it and get my equity out. Or rent it out and hope to gain equity over time via the principle payments and hopefully appreciation.

Please continue to let me know your thoughts!

We are currently living in a townhome, my wife is due to have our second child in a month or two. Hence we need a larger place.

I'm torn on weither I can rent out our current townhome or if I should just sell it. I really dont feel like showing our home... It's clean, but keeping the place in show condition is a pain in the @55...

I'm completely new to this so please bear with me :)

Our PITA on the townhome is about 815 / month
Our ITA (is there such a thing?) is currently 698.84 and dropping

I have seen other properties for rent in my community at 750

I may have a good renter (friend of the family, who happens to be a home painter) lined up for somewhere between 700-800, so lets assume 750 for the discussion. She wants to buy the place but her financing is not in line. She does have 2000 cash saved, I may ask for the 2k and sell her an option to buy.

Would you rent out the property, under the conditions?

I realize the deal is upside down about 75 bucks a month, but it seems as though that 75 a month just goes straight to prinicple. Also I would be speculating that the property value would at least stay above what I originally purchased at 3 years ago. Lexington Kentucky.

I realize it is contigent on the property not sitting vacant, as well...

Slap some sense in to me someone! I'm a computer programmer, not a landlord, but this seems like a semi decent opportunity. What am I missing?