Keep a rental property and my home? Help!

[tobee43]

i very much agree with jst4f and angelinacat on this.

the tax ramifications can be substantial and it's seems with that much debt hopefully you shouldn't be able to work with your creditors.


again, i personally believe rental incomes will continue to rise in value as less and less people are qualifying for mortgages. if you just hold out you will be in a great position some years down the road. sounds like you have a plan and i with go with it. i know about a year and 1/2 ago when a couple places we had got hit in MO from a tornado many people just left. we rebuilt and lowered all the rents. do we make a ton of money NO, but the tax deductions help. one just sometimes has to sit tight. as jst4f suggests.

best of luck! i know you can do this!

[rivvercoon]

i personally believe rental incomes will continue to rise in value as less and less people are qualifying for mortgages.

I would have to agree with this as well. I'm pretty sure I'll be able to raise rents next year. When I rented the top portion of my duplex this summer, the first people to come look at it signed right away...had me thinking maybe I had too good of price on it! It also helped that we did quite a bit of updates to it the summer of 2012.

Thanks for the words of encouragement tobee!

[tobee43]

I would have to agree with this as well. I'm pretty sure I'll be able to raise rents next year. When I rented the top portion of my duplex this summer, the first people to come look at it signed right away...had me thinking maybe I had too good of price on it! It also helped that we did quite a bit of updates to it the summer of 2012.

Thanks for the words of encouragement tobee!

you're most welcome! please keep us posted as to how you are doing! i have a feeling you are going to make it through this just fine