I’m 38 and have a condo in the San Francisco Bay Area. My parents have a house here that they don’t live in.
They’ve been trying to convince me to move to their house and rent out my condo.
A little background info. My condo is worth $700k according to Zillow. According to Zillow as well I can rent it out for $2600/month. HOA increased quite a bit each year and currently at $450/month. Property tax little less than $5k/year.
My plan is to move into my parents house and house sit for an unknown number of years. Could be 2 years, could be forever.
My question is. Should I sell my condo or rent it out? I have no experience with managing rental property, wouldn’t mind trying it out. My condo is in a great school district (Cupertino, for those that’s familiar.), but it’s a tad old (built in 1970). The HOA is high but tax is low. I paid $265k when I brought it and if I can sell it at $700k, it seems if I sell and the economy tanks, I can buy another. But if property value continue to rise, then I may not be able to buy anything back in the good school district when I need to (currently married no kids). If I rent it out, I have some hassle, modest return (honestly I feel $2.6k/month rental income for a $700k condo is a bit of a loss), but if I need to then I can put my future kids into a high school that has a 99% college admission rate. That’s a big deal to me as well.
So what should I do? Ask me anything.
Submitted October 02, 2018 at 11:16PM by rawrlmfao https://ift.tt/2Nji0Ce
