Asked by Anne, Brooklyn, OH • Fri Oct 23, 2009
Here is the situation.
I bought a condo in 2007 and I would like to sell it but the market is very very bad and I will end up loosing money.
I will move closer to my job and I was considering renting out my apartment and rent a small place near my work.
Am I crazy to move from the apartment I own (still paying morgatge) and rent some other place?
The renter will cover all my expenses and me I will have to pay a rent ( this will allow me to have the same expenses but it would be more convenient for me). Have you ever heard of a person renting his first house and renting somewhere else.
I am also concerned about the taxes I will have to pay for the profit I will make renting out.
Please advise me if I should stay in my place (and have a long commute) or rent out.
I also considered the worst case scenario of not finding a tenant and having on my shoulder mortgage rent but the solution would be to lower the rent and loose around $100 per month.
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