GettingThere
New Contributor
My wife and I recently moved out of our first home into a second due to a career change for my wife. We occupied the first home for slightly more than one year, and have had it on the market for sale since August. Market is stagnant, so we are deciding to rent it for now. The issue for me is that we will only be able to get about 67% of our PITI monthly from a tenant, leaving the rest up to us. This amount (33%) right now is about 9% of our take-home income.
The question is, would you keep it on the market and try to sell it (at this point we would break even + about 1-3k if we're lucky)...or would you tough out the monthly hit, keep it until the market begins to take an up-swing and re-enter it into the market?
We are new at this, and it is scary thinking about having to fork out two full mortgage payments in the event that there is no tenant.
Any other options I'm missing?
Thanks in advance,
John
The question is, would you keep it on the market and try to sell it (at this point we would break even + about 1-3k if we're lucky)...or would you tough out the monthly hit, keep it until the market begins to take an up-swing and re-enter it into the market?
We are new at this, and it is scary thinking about having to fork out two full mortgage payments in the event that there is no tenant.
Any other options I'm missing?
Thanks in advance,
John
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.