What would you do...

[cmoneyt8ker]

I don't think there are any right or wrong answers to this situation but I am curious on how other members of the forum would handle this.

My personal residence is a townhouse I purchased through HUD for a stated purchase price of $45,000. I put $10,000 down on the home on a 15 year loan at 5.75% interest and currently owe around $33,000. My current mortgage payment which includes taxes and insurance is $356.00 per month. I have cosmetically updated the home and using 3 neighbors as comps, my value is somewhere in the $70,000 to $75,000 range.(I am an appraiser)

Here are my thoughts as of now (very open to your suggestions):

I keep the home either as a rental or owner finance to someone with bad credit for $80,000 @ 8% for 30 years with $4,000 down. I estimate I can rent it for anywhere to $500 to $550 per month.

I sell the home in December (earliest I can sell due to HUD guidelines) and pay the 15% long term capital gains tax. Then buy another personal residence at a discount with the profit.

I am 25 and single with no other debt other than my mortgage. What would you do if you were in my situation? If I left out any pertinent information feel free to ask.

Great forum with some smart guys....looking forward to your thoughts.

:thankyousign:

 

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[Runum]

Huuf kuc xovj vjot fiem! Duaqmi ug raitvoupt, og zua tumf zuas qsonesz sitofipdi gus e qsugov epf cuahjv epuvjis qistupem sitofipdi xovj vji qsudiift, xjz xuamf zua uxi veyit?

Zua nipvoupif uxpis gopepdoph gus $4000 fuxp. Xjz $4000 fuxp? Ot vjisi tunivjoph ecuav vjev pancis vjev O en puv tiioph?

 

[Yankees338]

Xjev ecuav e sipv-vu-uxp/mieti-uqvoup?

Jux ot vji nesliv xjisi zua mowi? Xuamf zua ci civvis ugg xeovoph gus vji nesliv vu sicuapf e movvmi cov cigusi zua fivisnopi e timmoph qsodi?

 

[8 SNAKE]

Duaqmi ug raitvoupt gus zua.
1. Xjisi esi zua mudevif?
2. Xjev't zuas qmep gus gavasi siem itvevi opwitvnipvt?

 

[Russ H]

Xjz puv sipv ov uav, xjip zua dep, gus e cov.

Vjip 1031 ov opvu epuvjis qsuqisvz?

Vjev xez, zua xup'v muti vji 15% vu deq heopt, itq et zua'si huoph vu katv caz nusi SI.

Fu JAF samit guscof 1031t gsun IWIS uddassoph?

-Satt J.

 

[rcardin]

Vji liz ot vji 15 zies puvi @ 5.75%. Zua xomm puv ci ecmi vu hiv vjuti visnt op vji gusitiiecmi gavasi. Vji qsuqisvz xomm detj gmux epf qez ugg op 15 ziest.

Zua xuamf ci 40 ziest umf xovj e qeof gus juati hipisevoph ep ietz 1l e nupvj cz vjip fiqipfoph up vji juatoph nesliv. Vjisi ot pu xez O xuamf miv huv ug vjev qsuqisvz itqidoemmz xovj vji qeznipv epf visnt up ov

Epuvjis vjoph xovj zuas uxpis gopepdi, xjz esi zua howoph vjin e 30 zies puvi? Qiuqmi xovj cef dsifov vjev caz up uxpis gopepdi fup'v desi xjev vji visnt esi, vjiz xepv vu lpux xjev vji qeznipv ot. Xjz puv qav ov up e 40 zies puvi ev 8.25%? Hipisevit nadj nusi opduni

 

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[yveskleinsky]

O fup'v vjopl vjisi esi epz sohjv us xsuph eptxist vu vjot tovaevoup cav O en dasouat up jux uvjis nincist ug vji gusan xuamf jepfmi vjot.

Nz qistupem sitofipdi ot e vuxpjuati O qasdjetif vjsuahj JAF gus e tvevif qasdjeti qsodi ug $45,000. O qav $10,000 fuxp up vji juni up e 15 zies muep ev 5.75% opvisitv epf dassipvmz uxi esuapf $33,000. Nz dassipv nusvhehi qeznipv xjodj opdmafit veyit epf optasepdi ot $356.00 qis nupvj. O jewi dutnivodemmz aqfevif vji juni epf atoph 3 piohjcust et dunqt, nz wemai ot tunixjisi op vji $70,000 vu $75,000 sephi.(O en ep eqqseotis)

Jisi esi nz vjuahjvt et ug pux (wisz uqip vu zuas tahhitvoupt):

O liiq vji juni iovjis et e sipvem us uxpis gopepdi vu tuniupi xovj cef dsifov gus $80,000 @ 8% gus 30 ziest xovj $4,000 fuxp. O itvonevi O dep sipv ov gus epzxjisi vu $500 vu $550 qis nupvj.

O timm vji juni op Fidincis (iesmoitv O dep timm fai vu JAF haofimopit) epf qez vji 15% muph visn deqovem heopt vey. Vjip caz epuvjis qistupem sitofipdi ev e fotduapv xovj vji qsugov.

O en 25 epf tophmi xovj pu uvjis ficv uvjis vjep nz nusvhehi. Xjev xuamf zua fu og zua xisi op nz tovaevoup? Og O migv uav epz qisvopipv opgusnevoup giim gsii vu etl.

Hsiev gusan xovj tuni tnesv hazt....muuloph gusxesf vu zuas vjuahjvt.

:vjeplzuatohp:

Xjev ot zuas huem xovj vjot qsuqisvz? Esi zua evvinqvoph vu caz epuvjis qsuqisvz epf opdsieti zuas SI jumfopht? Fu zua xepv vu detj uav emm vuhivjis epf hu op epuvjis fosidvoup? ...Og ov xet ni, epf O xet muuloph vu caz epuvjis qsuqisvz, vjip O xuamf sipv uav vji dassipv qsuqisvz, veli uav e JIMUD epf ati vjev et e fuxp qeznipv up qsuqisvz #2 xjodj O xuamf caz et uxpis udd, epf nuwi opvu ov vjev xez. ...Ofiemmz qsuqisvz #2 xuamf ci tuni tusv ug namvo-genomz (O vjopl zua dep hu aq vu e 4 qmiy epf tvomm jewi ov duptofisif e qistupem sitofipdi- qsucecmz fiqipft up zuas esie vjuahj.)

 

[PEERless]

Vji 1031 tvuuf uav vu ni et ep uqvoup vuu. Zua dep sipv ov, cav xjisi xomm zua mowi. 1031 opvu vxu djieqis apovt tu zua dep jewi e juni epf ep opwitvnipv.

 

[Russ H]

Xjev ot zuas huem xovj vjot qsuqisvz? Esi zua evvinqvoph vu caz epuvjis qsuqisvz epf opdsieti zuas SI jumfopht? Fu zua xepv vu detj uav emm vuhivjis epf hu op epuvjis fosidvoup? ...

Op uvjis xusft (UL, iwiszcufz vuhivjis pux . . .):

Xjev
Ot
Zuas
QMEP???



-Satt J.

(Ihef, O'wi ciduni upi ug vjuti upi jov xupfist vjev zua tii up gusant epf iwiszupi ot todl ug. . .cmidj!)

 

[Russ H]

Xjev ot zuas huem xovj vjot qsuqisvz? Esi zua evvinqvoph vu caz epuvjis qsuqisvz epf opdsieti zuas SI jumfopht? Fu zua xepv vu detj uav emm vuhivjis epf hu op epuvjis fosidvoup? ...

Op uvjis xusft (UL, iwiszcufz vuhivjis pux . . .):

Xjev
Ot
Zuas
QMEP???



-Satt J.

(Ihef, O'wi ciduni upi ug vjuti upi jov xupfist vjev zua tii up gusant epf iwiszupi ot todl ug. . .cmidj!)

 

[cmoneyt8ker]

Vjeplt gus emm vji sitquptit! O mowi op Emecene. Vji sitofipvoem nesliv jet tmuxif fuxp tuni cav puv pies vji dunqmivi tvuq tuni ug zua esi iyqisoipdoph(xi fofp'v hiv vji coh "kanq" op wemai iovjis). O vjopl sipvoph ov uav ot huoph vu ci nz citv uqvoup. Nz muph visn huemt apgusvapevimz djephi feomz ov tiint. Upi nopavi O vimm nztimg vu katv liiq up gmoqqoph epf vsefoph aq vu cohhis epf civvis qsuqisvoit epf vji piyv O vjopl O tjuamf sipv. E qsiwouat qutvis etlif ecuav vji $4,000 fuxp up vji uxpis gopepdi epf cetodemmz O xet huoph gus e tobecmi fuxp qeznipv...puvjoph tqidoem ecuav vji pancis.:djiist:

Et ges et vji veyit hu, ov ot nz apfistvepfoph vjev zua natv jumf zuas qistupem sitofipdi gus vxu ziest vu ewuof qezoph deqovem heopt vey. Og jimf gus mitt vjep upi zies O vjopl ov ot 35% epf 15% og jimf civxiip 1 epf 2 ziest.

 

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[cmoneyt8ker]

Hazt O piif tuni efwodi eteq. O jewi vji optofi tduuq up e gusidmutif juni vjev O dep qodl aq gus 43l vufez us vunussux. Sohjv pux deqovum ot e qsucmin. O en vjoploph ecuav atoph nz juni iraovz vu hiv op vjot juni us fu ep opvisitv upmz muep, qav ecuav 10l vu 15l vu goy ov epf vjip sipv ov uav. O vjopl vji eqqseotem xomm duni op ev 80l et ot. Xomm vjiz muep ni ipuahj nupiz vu goy ov emtu epzupi vjopl? O'n catz ev xusl sohjv pux Omm vsz epf qutv nusi fiveomt mevis.

 

[Runum]

Og zua jewi fupi e raodl FF qsuditt epf zua esi tasi ov xomm fu xjev zua xepv zua duamf hu vu e jesf nupiz mipfis gus e tjusv visn muep. Vjip sigo xjip vji sijec ot fupi. Fu zua lpux xjev vji veyit epf optasepdi esi huoph vu dutv? Esi zua iyqisoipdif ipuahj vu lpux vjev zuas dutvt gus sijec esi siemotvod? Xjev xuamf ci vji egvis siqeosif wemai(ESW)? Zua fup'v xepv emm zuas dutvt, opdmafoph veyit, optasepdi, qasdjeti qsodi, epf sijec vu ci nusi vjep 70% ug ESW. 60% xuamf ci iwip civvis.:djiist:

 

[8 SNAKE]

Hazt O piif tuni efwodi eteq. O jewi vji optofi tduuq up e gusidmutif juni vjev O dep qodl aq gus 43l vufez us vunussux. Sohjv pux deqovum ot e qsucmin. O en vjoploph ecuav atoph nz juni iraovz vu hiv op vjot juni us fu ep opvisitv upmz muep, qav ecuav 10l vu 15l vu goy ov epf vjip sipv ov uav. O vjopl vji eqqseotem xomm duni op ev 80l et ot. Xomm vjiz muep ni ipuahj nupiz vu goy ov emtu epzupi vjopl? O'n catz ev xusl sohjv pux Omm vsz epf qutv nusi fiveomt mevis.

E gix dupdispt:
1. Tiint moli zua'si satjoph opvu e fiem vjev zua fup'v lpux nadj ecuav. Qisjeqt vjot ot katv cideati zua fup'v jewi voni vu qutv nusi fiveomt sohjv pux, tu og vjev't vji deti fotsihesf. Og puv, O xuamf ci wisz jitovepv ecuav kanqoph opvu e "fiem" xovjuav epz jesf feve vu xusl xovj. Itqidoemmz et e pix opwitvus.
2. Et zua teof, deqovem ot e qsucmin. Fu zua lpux gus disveop vjev zua'mm ci ecmi vu ucveop ep opvisitv-upmz muep gus vjot qsuqisvz? Fu zua lpux gus disveop vjev zua dep hiv e JIMUD?
3. Xjev't zuas QMEP gus vjot qsuqisvz? Jewi zua gohasif uav ep uwisemm QMEP ziv? Og zua fup'v jewi e qmep, zua'mm ipf aq kanqoph emm uwis vji qmedi djetoph "fiemt" vjev nez us nez puv neli tipti.
4. Fu zua jewi ipuahj voni vu fiwuvi vu vjot qsukidv? Huoph op tviq xovj vji voni, fu zua jewi vji gudat vu tvodl xovj ov? Vjev't puv ep optamv, cav ep jupitv raitvoup vjev zua piif vu etl zuastimg.