Should I Sell Or Rent Out My Condo In Long Beach, Ca?
I bought my home for 255,000 last February. The city says it is worth 330,000, but that’s not true now…with the bad market.
I know that it probably won’t sell for 269,000.
The place probably won’t sell.
I pay 1, 741.00 in HOA and mortgage.
I am thinking about holding onto property and renting out…but I would lose money each month.
Rents in this area seem to be around 1,000.00
I am desparate to leave Los Angeles and move out of state!
Any creative solutions?
newwave7 on Sun, 22nd Nov 2009 1:05 am
Interest rates are very low right now. You could probably refinance and get lower payments. This would allow you to rent it out and at least break even each month. Don’t forget to plan ahead for your property taxes, too.
I think that in the next year or two, LA-area property values will go up again (LA is a market that is a great investment over the long run). Keep the property and sell it when property values go up again. That way, you’ll make money.
J on Sun, 22nd Nov 2009 1:32 am
I think you could rent the place out for 1700 in long beach if you furnished it you would have to spend in the short run but you could cover the cost and you could get creative with furnishes like get cheap stuff that looks great on cragslist and stuff spruce it up maybe get Friend to help then rent it out
serviced on Sun, 22nd Nov 2009 2:30 am
well if it won’t sell, it won’t sell, either way.
i’m no expert but personally, I would rent it out while you’re figureing out they best solution. that way, at least you’re not losing as much money. You can do month to month or shorter (like 6 month) leases
jane j on Sun, 22nd Nov 2009 3:09 am
It is a poor time to sell right now in CA, but a great time to buy. You need to weigh the difference between the gain of getting into a home out of state for cheaper, and the potential loss of selling the CA home now rather than in a few years when the market finally recovers. There is a way to creatively sell the CA home using a Trust and do seller financing which can produce a full market sale price for you because the buyer may be willing to pay more for not having to get bank financing.