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House question
Jan. 10th, 2008 01:58 pmHas anyone in my fl ever rented out a property or do any of you have other experience about renting and tax returns.
We still have not managed to sell the old house. The mortgage payment is about $1000/month and we can only keep it up for so long. There has not been a single offer on the house yet. In addition we're still paying home insurance, etc on it. Our realtor believes that it probably will not sell at least until after the elections in November *sigh*. So we have 3 options that I can think of right now:
1) Let the bank foreclose and be glad to be out of it. This will mess up J's credit but not mine.
2)Leave it on the market and hope like heck it sells. This costs us the mortgage , but leaves our credit unaffected.
3) Try and rent it out for at least the mortgage payment amount, which could or could not include a lease/purchase agreement. This would get us out of the mortgage payment, but would cost us A) a small management fee B) more than likely the cost of replacing the carpet C)taxes on the rental income, which from what I can figure out would be the rent coming in minus the mortgage interest and the management fee.
What do y'all think? Anyone have any experience in this area?
We still have not managed to sell the old house. The mortgage payment is about $1000/month and we can only keep it up for so long. There has not been a single offer on the house yet. In addition we're still paying home insurance, etc on it. Our realtor believes that it probably will not sell at least until after the elections in November *sigh*. So we have 3 options that I can think of right now:
1) Let the bank foreclose and be glad to be out of it. This will mess up J's credit but not mine.
2)Leave it on the market and hope like heck it sells. This costs us the mortgage , but leaves our credit unaffected.
3) Try and rent it out for at least the mortgage payment amount, which could or could not include a lease/purchase agreement. This would get us out of the mortgage payment, but would cost us A) a small management fee B) more than likely the cost of replacing the carpet C)taxes on the rental income, which from what I can figure out would be the rent coming in minus the mortgage interest and the management fee.
What do y'all think? Anyone have any experience in this area?
