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aandjgreen · Joined: 25 Apr 2009 Posts: 1 1.00 Dollars($)

I purchased a condo in 2004 (Sacramento, CA). It is a 1 bedroom/1 bathroom condo. The condo is in my name. I got married one year later. A year after that we had a baby. We have lived in the small condo for 2+ years. We are now expecting another baby in July. We can stay here any longer.

We determined that we would rent out the condo, and just go rent a larger house. At this point we are having a very difficult time renting out the condo. Our total payments are approximately 1200-1300 (first, second, HOAs, taxes, insurances). We are attempting to rent it out for 800-900 per month. We have also been told that rent is falling in our area. With us having to rent something larger which will cost us about 1300-1400 month. We are going to be taking a large loss. This will be a large monthly loss of up to $500 month. We aren't sure we can afford the loss.

We have never been late with our payment. What should we do with this place? It is a ball and chain. We need to move soon. We can't have two little ones in 670 sq. feet. Any thoughts?

smithsussane · Posted: Sun Apr 26, 2009 9:30 pm Post subject:

Hi aandjgreen!

Welcome to forums!

Renting off the property is not a bad idea in my opinion. However, you will have to bear the monthly loss. However, you can try selling off the property. You should contact a real estate broker and list the property in the market and check out if you can get buyers for the property. But you should remember that once you sell off the property, you'll have to clear off the mortgage dues immediately.

Sussane

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