Jwodie LSU Fan New Orleans Member since Sep 2009 5867 posts
re: Condo in BR..Should I sell or rent?(Posted by Jwodie on 8/13/13 at 10:01 am to Roux-Roux)
I would list it on the market via 4salebyowner or something similar and rent it in the meantime. The problem, however, is the longer your condo goes unsold the more new condos and new developments pop up which will not only devalue your aging unit but perhaps cause you to sink some money into renovating the place down the line in order to even sell it for what you want.
My mom sold a condo in that same area a little over a year ago and took about a $2-3k loss on what she originally paid for it just to get rid of it. FYI she's doing a bond for deed contract which really is a great situation for both the owner and purchaser. Basically the purchaser didn't have the means to finance it fully outright so he made a down payment and agreed to pay monthly installments for 18 months with three intervening balloon payments. His final balloon payment is due in about a month and then she's out clean with plenty of equity returned to her. Best thing is, if the purchaser defaults at ANY point she keeps the monies paid AND the property. This may be an option for you...
LSU-MNCBABY USA Fan #3 Member since Jan 2004 15076 posts
re: Condo in BR..Should I sell or rent?(Posted by LSU-MNCBABY on 8/13/13 at 10:11 am to Fulwar)
nice tool, this should answer the OP's question.
I'm in the process of renovating a condo i have for a rental property currently, market is not good enough to justify getting rid of it, have someone else pay your note and hope it improves at a later date