How much could we lose?

Question

I purchased a house in April, we have invested about $10,000 into the home so far. We are potentially now in the situation we may have to relocate about 1300 miles away from the current home for a job. Understand the market is brutal, how much do you think we are looking to lose? I know it can vary but the home is in the Minneapolis/St. Paul area. Would it be a smart situation to maybe rent it out?? Considering the market is so crappy now. I am just looking for some insight from someone who may have gone through this. Thanks!!

Answer 1

You could rent it out, but if the market drops further then you would lose more when trying to sell.  Becoming a landlord has it's challenges too, like how are you going to check on the place or fix minor problems if you are out of town?

Perhaps you can ask your employer for relocation assistance?  Maybe they can help with your selling costs.

Answer 2

absolutely; rent it out, and pay 1/2 the mortgage and get the

tenant to pay 1/2 of the mortgage; and under some circumstances,

let the tenant gain equity with a lease option.

Answer 3

You need to provide a little more information on your house for someone to figure out how much money it is worth

How much did you pay for it

How many square feet

How many rooms

How many bedrooms

How many bathrooms

What zipcode

That said, do not rent a property 1300 miles away from you unless you hire a property manager to run it for you.  Distance and first time landlord does not work well together.