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Old 01-26-2011, 06:25 PM
 
Location: Maryland
4 posts, read 9,527 times
Reputation: 10

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We want to move in 2012. Our current situation is that we own a house in Bowie, Maryland that we bought it in 2005. We are about 50-70k upside down. We think one way we can do this is to rent our house and then we would rent a house in Columbia. I'm not sure buying another house while still owning this one will be an option, however we would eventually want to buy another house.

We've looked at what some of the rents are going for our type of house in our neighborhood and it looks like the rent we could charge could cover about 80-90% of our mortgage. We've also heard about some of the nightmares of renting your property.

We are seeking comments and suggestions on the "renting our house while we move and become renters ourselves" option. Does anyone know anyone else in this situation?
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Old 01-27-2011, 05:19 PM
 
80 posts, read 201,407 times
Reputation: 32
why would you move to Columbia just to lose money in rent, though?
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Old 01-27-2011, 06:07 PM
 
Location: Maryland
4 posts, read 9,527 times
Reputation: 10
Thanks for your response xtin! We want to move to Howard County and like the Columbia area. We really don't want to lose money in rent but don't see any other option except maybe a short sale. At least we could still get some sort of tax benefit if we kept the property. Also, we would be looking at renting a single family home (which maybe we would have the opportunity to buy at some point).
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Old 01-27-2011, 06:59 PM
 
309 posts, read 572,775 times
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Sorry, this has nothing to do with your inquiry, but how do you like Bowie? Any words of wisdom to those (me) who have somewhat of an interest in moving there?
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Old 01-28-2011, 01:30 PM
 
Location: Maryland - Howard County
195 posts, read 657,758 times
Reputation: 60
@ CreativeVibe - I've had clients in similar situations. They are not in a situation that they would be able to short sale (because they simply want to move to another city and do not have a financial hardship) but they want to be able to move, so they've considered renting out their current home and then rent in another location for the time being. This situation requires consideration and you have to be prepared for any situations...such as tenants on your property not paying their rent, therefore you are stuck with paying your mortgage + rent. The same thing could happen if you bought elsewhere and rented out your current place though. I've also seen it work out successfully as well. The key is that you aren't looking to do this for another year so I'd wait a little bit and see what the value of your home is as we approach September time frame and you can make a decision then.
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Old 01-28-2011, 05:58 PM
 
Location: Maryland
4 posts, read 9,527 times
Reputation: 10
Thanks for the responses!
@ tgs_bg, I will send you a direct message since it is off topic if that's ok.
@AlicynD, it's good to hear that others are in the same boat and are making it work. We are going to use the year + to save as much as we can for reserves for possible non tenant payments (worse nightmare) and repairs.
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Old 01-29-2011, 10:57 AM
 
Location: Maryland - Howard County
195 posts, read 657,758 times
Reputation: 60
@ CreativeVibe - that is a good idea. As long as you know all of the potential risk factors for your decisions then you are making an informed decision.
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Old 01-29-2011, 10:17 PM
 
Location: DMV
10,136 posts, read 11,245,519 times
Reputation: 3176
Quote:
Originally Posted by CreativeVibe View Post
We want to move in 2012. Our current situation is that we own a house in Bowie, Maryland that we bought it in 2005. We are about 50-70k upside down. We think one way we can do this is to rent our house and then we would rent a house in Columbia. I'm not sure buying another house while still owning this one will be an option, however we would eventually want to buy another house.

We've looked at what some of the rents are going for our type of house in our neighborhood and it looks like the rent we could charge could cover about 80-90% of our mortgage. We've also heard about some of the nightmares of renting your property.

We are seeking comments and suggestions on the "renting our house while we move and become renters ourselves" option. Does anyone know anyone else in this situation?
I certainly understand your desire to move to Columbia, it is a beautiful place, but my question to you, on a scale to 1 to 10, with 1 being a want and 10 being a need, how much do you want/need to move there? I think that should play a role in this decision as well. I know it may be hard but unless you have young kids that you want to send to better school or you want to cut your commute down, making a move like this might do more harm than good. Just a thought.
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Old 01-30-2011, 03:29 PM
 
Location: Maryland
4 posts, read 9,527 times
Reputation: 10
@meatkins: On a scale from 1 - 10, I suppose our desire to move is entirely "want" based right now. We do have a 1 year old so school considerations are in the future. However, we don't want to wait until it's pressing for us to move. Thanks for your thoughts.
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Old 02-10-2011, 06:50 PM
 
Location: Sometimes Maryland, sometimes NoVA. Depends on the day of the week
1,501 posts, read 10,560,981 times
Reputation: 1091
Quote:
Originally Posted by CreativeVibe View Post
Thanks for the responses!
@ tgs_bg, I will send you a direct message since it is off topic if that's ok.
@AlicynD, it's good to hear that others are in the same boat and are making it work. We are going to use the year + to save as much as we can for reserves for possible non tenant payments (worse nightmare) and repairs.
Not really that off-topic. Lots of folks read these forums and digressions can happen and be helpful. Like for me, who is searching for information on Bowie, and found this thread only to find nothing
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