http://www.trulia.com/voices/Home_Selling/Refi_and_rent_Rent_only_Put_it_on_the_market_-66647I have a home in Redford with a 125k mortgage at 5.5%, set to adjust in 2010 (capped at 2% increase). My house was appraised at 190k in 2005, but now it's at 140k. Just found out that my husband is relocating us to Los Angeles. I'm not sure what to do: refi the house and rent it? No refi and rent? Put it on the market? With housing prices in LA, I am sure we will be renting there. Redford taxes are high. I live in a desirable neighborhood, but nothing is moving. My neighbor's house has been up for 8 months, my other neighbor had their house listed for almost two years, and they gave up.en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-West_Islip_NY-241426/http://www.trulia.com/voices/profile/Real_Estate_Pro-West_Islip_NY-241426/short sell it - email me off line and I will provide you with information on the possibilities. If you have a great income and you can hold onto it and know up front that if you rent it - it will be for a loss and you're okay with that - then renting might be doable. If not - SELL IT FOR WHATEVER YOU CAN GET FOR IT. If that's less than what you owe on it - then - short sale. www.shortsales.tommcgiveron.comSun, 09 Nov 2008 10:09:41 -0800http://www.trulia.com/voices/profile/Real_Estate_Pro-Corona_CA-533199/http://www.trulia.com/voices/profile/Real_Estate_Pro-Corona_CA-533199/The best thing you can do is talk to a top agent in your marketplace. It is very hard to be a landlord when you are not in the area. Since you will not be in the area to check on a renter I would advice you to hire a property mangement company to handle the rental. If you can rent out the home and cover the mortgage payment and property mangement fee than renting can be a good option but don't skip the management company to save a few dollars. Getting a bad tenant can cost you thousands of dollars. Talk to a good agent and see what home sales are like in your area. I would sell the house now and move on if that is possible. I hope your husband can get his company to help with some of the selling expenses.Thu, 06 Nov 2008 12:23:56 -0800