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re: Should I sell my condo or not?
Posted on 1/21/13 at 5:48 pm to boosiebadazz
Posted on 1/21/13 at 5:48 pm to boosiebadazz
6 percent interest (i think) but she only wants her principle back. her and i have a great relationship and this isnt a strain or anything. if i wanted to hold onto it and pay it back over time, she would be ok with that. that money is not pressing to her. i just dont think i'd make enough if i held onto it. condo is also in BR and i am in lafayette and i dont want to play landlord from another city. i also hit my first patch of vacancy and that shite sucks, too. i think the clear move is to get rid of it but i just wanted to get other opinions
This post was edited on 1/21/13 at 5:48 pm
1
Posted on 1/21/13 at 6:05 pm to boosiebadazz
quote:
i dont want to play landlord from another city
That can be a good reason to get out right there. If your mom lives in BR it sounds like you can work something out with her if she wants to run the property.
But run the numbers, if renting it out makes sense a refi may be in order to get a lower cost of ownership, but I'd still involve mom heavily in this decision. Although there can be traps involved in borrowing from family it can be good if everything is done the right way.
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