I bought my first house in June 2006-a beautiful, brand new 2200 square foot all brick home. I moved to another state(Georgia) with my employer(from San Francisco) at that time and was happy to be able to finally afford a house. But within 4 months my employer was announcing layoffs and I made the decision to start looking for other jobs rather than to come to work with a pink slip on my desk and a possibility of losing my brand new house. I was able to find a job back in San Francisco and I moved back. But my poor house is all empty. I fly back to check on it once a month. I even set up a camera system in it so I can go on the web and check on it. I cant sell it because I have a 10k pre-payment penalty. If I rent it I am afraid it will get destroyed by someone and the homeowners wont cover it because it isnt supposed to be a rental property. I dont know what to do and my girlfriend an I cant continue to pay rent and mortgage forever.
2007-02-19 10:39:24 · 6 answers · asked by indy_peru 1 in Business & Finance ➔ Renting & Real Estate
If you a silicone worker may be you want to hold on the the Georgia house.. I think a lot of business in the bay is praying for an earthquake so that will have a excuse to close the doors.
2007-02-19 12:05:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the prepayment penalty is just for a year, then you're getting close - you could probably put it up for sale around April and push closing off until the year was up. If it's for longer, you should probably put it on the market. You might be able to get enough from it to make up for the prepayment penalty - even if you don't, you don't have a lot of options. This early in a mortgage your payment is probably mostly interest, so you're not even building up much equity.
Good luck.
2007-02-19 10:48:26 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You answered your own question at the end.
You can not afford to keep it. So sell it at a loss or rent it and deal with the perils of being a landlord.
If you go to http://www.ljogroup.com they have a libray section that could help you. Also, you may want to contact a rep from http://www.gbdynamics.com they deal with many foreign executives who need a home for a short period in the United States. They tend to pay top rent and tend to take good care of properties.
2007-02-19 10:46:03 · answer #3 · answered by lsparamus 1 · 0⤊ 0⤋
Renting property is profitible.
Your homeowners policy can be endorsed for rentals.
Get a good security deposit.
2007-02-19 10:47:14 · answer #4 · answered by charlotte q 2 · 0⤊ 0⤋
Can you do a lease with option to buy on it?
2007-02-19 10:47:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
give it to me! I'll fix it up really nice for you
2007-02-19 10:47:35 · answer #6 · answered by lily 3 · 0⤊ 0⤋