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carrying 2 mortgages

Discussion in 'Business, Careers & Education' started by thekunk07, Sep 21, 2010.

  1. thekunk07

    thekunk07 Senior member

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    i don't want to do it but i think i am going to have to. found our dream house and cannot pass it up but i think mine will be sit for a bit. how fucked am i?
     


  2. CDFS

    CDFS Senior member

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    Thought you sold the company and was rich as fuck.
     


  3. thekunk07

    thekunk07 Senior member

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    comfortable, but not 9k a month in mortgages rich for sure.
     


  4. Harold falcon

    Harold falcon Senior member

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    Buy Dream home.
    Rent out first home.
     


  5. Manton

    Manton RINO Dubiously Honored

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    I never would. I'm timid that way.

    Can't you rent the current house?
     


  6. thekunk07

    thekunk07 Senior member

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    ^ i probably could/can, but have an obnoxious pre-conceived idea that most renters will screw me.
     


  7. jgold47

    jgold47 Senior member

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    ^ i probably could/can, but have an obnoxious pre-conceived idea that most renters will screw me.

    Possible, but its worth the try. Two mortages/rents sucks!
     


  8. gdl203

    gdl203 Affiliate Vendor Dubiously Honored Affiliate Vendor

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    As long as you are realistic about the value of the house you're selling and not wasting 6 or 9 months taking cut after cut on the price while still paying the mortgages, you should be fine. Wasting months to get to the same point but having also paid 6 months of mortgage in the mean time is the wrong approach.
     


  9. Thomas

    Thomas Senior member

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    i don't want to do it but i think i am going to have to. found our dream house and cannot pass it up but i think mine will be sit for a bit. how fucked am i?

    depends on the house you're selling. I'm in that boat at the moment and am not happy.

    That said, I had good renters for the past two years, so the house isn't a shambles - but I still spent the better part of a day replacing light bulbs, tightening doorknobs, and other minor crap.
     


  10. thekunk07

    thekunk07 Senior member

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    ^the assumed listing agent for my current house is a good family friend and said given what a charming little house it is, it should move fast "” just have to price it right. my head is just spinning between the kids being upset about the prospect of moving and the sell/buy challenges.
     


  11. Harold falcon

    Harold falcon Senior member

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    ^ i probably could/can, but have an obnoxious pre-conceived idea that most renters will screw me.

    Most renters will screw you, that's why they are renters in the first place.

    But it can be fun. Get insurance for the property, charge them a bundle in a security deposit, and that way even if they do destroy it you'll be covered.

    A small part of my business is evictions for a couple of landlords here in the area. It's always good fun evicting some poor single mother from the pseudo-trailer park. About a year ago I had to file papers to evict a single mother with two mentally handicapped children. I drank heavily that night to soothe my conscience, I assure you.
     


  12. Manton

    Manton RINO Dubiously Honored

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    ^the assumed listing agent for my current house is a good family friend and said given what a charming little house it is, it should move fast "” just have to price it right. my head is just spinning between the kids being upset about the prospect of moving and the sell/buy challenges.

    Aren't you moving like ten feet?
     


  13. thekunk07

    thekunk07 Senior member

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    ^nope, change of plans. moving to the north shore, a small out of the way area.
     


  14. Dedalus

    Dedalus Senior member

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    Renting only delays the carrying of 2 mortgages. Very hard to sell with people living in there. Renting is also a headache, worrying about the property and the tenants and the like. Why give yourself that extra headache? I think renting is only something you do if you can't sell.
     


  15. Manton

    Manton RINO Dubiously Honored

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    ^nope, change of plans. moving to the north shore, a small out of the way area.

    East Egg or West Egg?
     


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