08-31-2007, 10:57 AM
If your rent can cover the mortgage plus the fee for a property manager, why not rent and then sell when the market gets hot again? The housing market is cyclical and will turn around. In a couple of years you might get 15-20 percent more than you would get today.
quote:
I understand your anxiety,I am waiting for my home here in maine to sell. The market is just terrible. We were debating whether to rent and let family take care of repairs and rent and just get a loan to do what we want since we dont have a mortgage but I think we have finally decided to just wait it out but if I had a job waiting in HI I would jump on it good jobs are not that easy to find most of the time. I just hate the idea of getting a loan and having a mortgage when you are thinking about retirement even when the rent would pay the mortgage.Maybe our resident realtors would offer some advice. Is it wise to get a loan to buy a property using a property that you own free and clear if you are going to use the rent to pay the mortgage? Thanks for all the advice you all contribute to the web