fishfinder333
New member
Need some advice guys. So the current situation is im 30k-40k under what i paid on my current place. Bank will not help me refinance and definitely need to move out because we?ve outgrown the place. I have 2 options.
Option one, I can sell the place and lose my entire down payment and breakeven.
Option 2, rent the place out, but monthly rental income will not cover mortgage, prop tax and hoa dues. With rental income I would still have to pay about $850 out of my own pocket to cover monthly expenses. We can cover the additional $850 per month on the rental, but I?m not sure if it makes financial sense. The only benefit of renting out would be tax benefits and rental income slowly paying down loan and hoping home prices recover with time.
What do you guys think I should do?
Option one, I can sell the place and lose my entire down payment and breakeven.
Option 2, rent the place out, but monthly rental income will not cover mortgage, prop tax and hoa dues. With rental income I would still have to pay about $850 out of my own pocket to cover monthly expenses. We can cover the additional $850 per month on the rental, but I?m not sure if it makes financial sense. The only benefit of renting out would be tax benefits and rental income slowly paying down loan and hoping home prices recover with time.
What do you guys think I should do?