All Forum Posts by: Alison L.

we have reserves till Nov. 30th for sure. So we are OK. 

Thanks everybody so much. I feel like I got great advice and I was able to model each idea to see the outcomes. Keeping is good only if I put on $15k and I don't see a return for 4 years!  I hope to rejoin the renters again soon. 

We will make it. SF just got the the best of us like so many people.  You will see a lot more of people like me coming from there. 

Great advice.  Sell it is! I have a realtor and have done all the comparisons. I gotta tell my new renter. I know it will go up in value but it's been 10 years. Letting go!

Jobs is SF are great for hubby. Me, not so much. That's a long long story not for this forum. Needless to say I can't wait till kids are grown and can get out of that area. 3 years and counting!

ps. Dallas places in my neighborhood sell like hot cakes if under $100k. It will sell in less than 2 months. Someone that wants a first home and renovate would be in love with this location. It's Oaklawn, walkable to food and banks and Starbucks, and it's next to highland park/turtle creek. 

Great responses. Really glad I asked and joined. 

My current home in SF, which we will be leaving, is 2 bedrooms, is 800 sq. ft.rental and costs $4000. It was  $3200 when we started there 3 years ago. We share it with his two sons, and my spouse refuses to get a roommate. I have sincerely tried begging, but it means a storage unit and no place for kids to stay 3 nights a week. He won't give up his kids. Weird to me since he's willing to move to a studio which is basically the same thing.

I have been lean for 4 months now living on $1000/month. I can't get any leaner and it is not enough to cover living. I ran a startup and there is no unemployment.  He gets 1 month of salary when he leaves. 

And yes, this condo property has kind of sucked. It can't go higher in rent b/c newer properties ask for $1200 and up. $900 is top end in this building. Needs  $10k repair and still can't ask for much more. It's was valued at  $86k when I inherited it, I have to sell at $98k to get that back after closing costs. (I'm not in Dallas and must hire a realtor)  

For the person that asked about SF. It's 800,000 for a crappy 1 bedroom with people paying cash and making 20% downpaymwnts. I like the idea of buying, but haven't been able to run numbers that don't put us right back here. A 2 bedroom is minimum  $1.2M. 3 bedroom that would allow a renter ... well check it out online.  

Thanks for the vote of support. I never thought I would be here. I'm pretty strong person who likes risk and doing new things. Just didn't pan out. 

Alberto. Moving IRA funds is a good idea that I was not thinkin of recently. Thank you for that reminder.

I was told to get a HELOC, it had to be my main residence. But that was through one lender.

Who is a good company to call?

Thank you for the reply. BTW.

Can you refinance with 680 score, poverty income on a rental? Looked at loans and they are 21%! Not refinancing though. What will that do to my credit? What happens when we then owe another $500 on top of crazy insane SF rents? 

Oakland close to public transport is better, but still $3700 rent. BTW, If you own a rental in SF, I'm jealous and ticked  (I will leave that for another forum for greedy landlords). My apt shouldn't be $4,000/mo with linoleum. It is yotal Robbery. 

Anyways, we are talking about moving to a studio which means no kids allowed. 

More info: The property has been loosing me money. Needs new kitchen and bath. The copper pipe cracked in the wall and took 2 months to get HOA to fix it, which left the walls damaged. You get the idea. My ex was a real estate broker and we bought houses, so I am familiar with the trade.

Sorry I posted this twice. I put it in the wrong discussion forum before. 

I am out of work and my husband will loose his in October. 

I have some money in a IRA. About 13k

I own a condo rental in another state. It's in a killer location in Dallas. Rents for $900/mo. Old building near new stuff. Makes about $250/month after taxes, insurence, HOA, and saving $2500 a year for inevitable repairs. (Spent 2500 already).

We own it 100% no mortgage. I don't want to sell...but 

Kept it because we hoped the location real estate prices would go up.  Right now, after fees it may break even. 

Technically it has gone up, but I inherited it and the price associated was inflated about $8k. (Mom didn't hire the right person).

Anyway.  We are both smart and educated, we will find jobs but not quickly.  With bills piling up, I see the we worst. We live in SF, the most impossible city and will be forced to vacate by November if I did my calculations right. 

So, sell home or be homeless is what I see as my future. I wasted a lot of time thinking things would get better soon. But with a month till poverty or giving up my savings, this condo feels like dead weight. 

Asked hubby if he would move to Dallas and look for work. He said no because he would have to leave his kids so that feels out of the question as well. 

Advice is needed. Raising rent not an option in this place... already at top end for a 1968 building. 

Is there a way around selling or ways to get support? We are already paying off student and healthcare loans, so another loan may not be possible. 

Thank you so much to whomever answers. I've never been in this situation and I'm truly scared for my family.