Quote:
Originally Posted by Plantman
On another note, a real estate management company I contacted believes they can rent it out rather quickly and I will "only" be losing 600 a month.
At least I can use that as write off in case I can't sell.
Thanks for all the replies.
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What would it cost you to be 'done' with it? $20K? $30K? $40K?
Depending on your answer - and truly how badly you want to be rid of the property, I would consider doing a short term lease (6 months) for renters, pull equity from my primary residence and drop the selling price drastically. You'll come to the closing table with a check.
You can check with your tax advisor, but the loss may be able to be deducted.
The alternative is to consider owner financing or continue to bleed $600/mo for the foreseeable future. Even so, losing $600/mo for 3 years is $21,600 - but spread over time instead of taking the instant bath on a quick sale.
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Me? I would hang onto it. Rent it for as much as you can get to lessen the monthly bleeding. The market will improve at some point and your options will be more plentiful at that juncture.
Change your lifestyle at home. Get your business debt-free....things will improve.
Good luck!
