Sari, Good idea! In this market if you are able to rent and not sell that is a good thing. However, not having all the facts to work with and giving suggestions might not give you the right answer, but just to point you in the right direction, before you rent, make sure you can secure a mortgage first because, you are going to be pre-qualified with both mortgages. At least you will know up front if this is a viable option for you. If you need help in working some preliminary numbers, please feel free to give me a call. Good luck!
Angela Jensen
Coldwell Banker
(954) 465-1388
email: jensenatj@aol.com

Hi Sari, thanks for that great post.

I have been in a similar situation and have a couple of suggestions:
- meet with a Realtor that knows three things:
- your local market values and trends
- your home
- your personal situation

You own the condo, it might be possible to keep it as a rental. You are going to want to check the HOA rules about non-owner occupied units.
You also should talk with your CPA regarding the tax implications. We had a home we could not afford to sell, it ended up we kept it for 18 years, it tripled in value, and became a great source of income.

I would be honored to refer you to a Top Realtor in your area, no cost or obligation, that could analyze your situation and help you develop options, pros and cons of each, then you can decide the best course of action to take.

Good luck!

Hi Sari: As long as you're not looking to sell short on your condo, you should be fine, as it is doubtful your lender would forgive a portion of the mortgage on the condo and then see you buy another property.

I'd be very happy to help you with both the condo and the house purchase. We're based in Pembroke Pines and know this area extremely well. Give me a call, 954-816-7996, and we can talk some more.

Best wishes,

Angela
Villa G Realty, Inc.