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re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 11:04 am to Oenophile Brah
Posted on 3/11/16 at 11:04 am to Oenophile Brah
Classic case really - wife and I had jobs at 23. Parents said we should be buy a house. Exact quote from my dad - "You'll either make money on it or at worst break even." Bought the house at $179k in 2008. I think you know what happened next.
I think k could get $170k for it. Principal is at $161k now. Zillow estimate is $181k.
I'm hoping my current tenants buy it.
I think k could get $170k for it. Principal is at $161k now. Zillow estimate is $181k.
I'm hoping my current tenants buy it.
This post was edited on 3/11/16 at 11:11 am
1
Posted on 3/11/16 at 11:09 am to StringedInstruments
I would agree that you need to look at selling this property. Only getting that amount of rent for a property valued at $170K and having to pay PMI, makes this a pretty crappy deal for you. Just imagine if you had a HVAC, plumbing issue, etc. that ended up costing you $3-4K. If you owe $161K and can get $170K today, I would try and get out from under that asap.
ETA: Just my opinion but if you have to pay PMI on a rental property, you should own it. Not to say that it is impossible or anything but that is too much money to be spending on something that is not necessary.
ETA: Just my opinion but if you have to pay PMI on a rental property, you should own it. Not to say that it is impossible or anything but that is too much money to be spending on something that is not necessary.
This post was edited on 3/11/16 at 11:13 am
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