Rent my apartment (still paying mortgage!)

Asked by Anne, Brooklyn, OH Fri Oct 23, 2009

Hello experts!
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.
Please advise!!!!

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Joseph Runfo…, Agent, Staten Island, NY
Sat Oct 31, 2009
Hello Anne, I think you may have mis-classified this question to Brooklyn NY, I see you are in Brooklyn, Ohio I think you would be much more successful with an Ohio agent.
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Rhonda Holt, Agent, New York, NY
Thu Oct 29, 2009
I'm a little confused because your question is all over the place. I think you want to rent where you own because it's to far from work and rent somewhere else where it's closer to work.

Many people rent where they own and live somewhere else. But I have a problem with this scenario because you bought property to invest and to build equity to hopefully make a profit in the end. I feel you are throwing away money renting and owning at the same time.

If you get into a lease with one apartment and say the new tenant doesn't pay the rent, has to move out for whatever reason, how will you manage financially? Hold on to your investment as long as you can afford it, it's not good to add on to the problem by renting from someone else.

If anything, I would suggest that you go and live with your parents for awhile if they are close by and then rent out your condo. This way, you can save on one end and gain on the other, that's how you manage an investment.

If the above isn't an option then you may want to sell take the loss and rent somewhere cheap until you can build up your savings to buy another time.

You're in a tricky situation but if you do the numbers you will have your answer.
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, ,
Sun Oct 25, 2009
Stay put!!!!!!!!!!!!! Pay the mortgage and deal with the little bit than longer commute.....
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Pascual Paul…, Agent, Bronx, NY
Sat Oct 24, 2009
There is a another worst case scenario which you have not given thought to. What if you rented the unit out, and someone stopped paying the rent. A deadbeat. You would have to shoulder a whole lot more then lost rent, included court cost, and lawers fee's. Without a cushion, I would not venture into the 'Rental World'
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