All Forum Posts by: Andy Yoon

Great point - we have friends who moved into a cheap month-to-month apt for a few months right after they sold their townhome. I imagine we would do that or stay with our parents (if they'll have us) during that 2-3 month period.

I agree - but making a better return is not our first priority here. We want to be closer to family first.

Also, the condo is unlikely to be sold right now...so renting it out seems to be the best option even if we take on some incremental expense.

For the condo, only about 25% goes toward principal paydown. Our reserves are ok...to be conservative, we plan to wait on purchasing until we secure a one-year rental agreement for the condo.

Wow, triple the space and it's new? Man, I know our income is good compared to national averages and such, but living in California, you can hardly notice it! =(

Thanks guys - I should probably mention a few things:

Our intention is to eventually sell the condo once the market recovers over the next few years. We looked at refinancing thru HARP, while our mortgage is owned by Freddie/Fannie, we bought a few months after the cutoff date, doh! If we wanted to refi, we would have to cover a difference of around $30k between the likely appraised value vs loan.

With that said, my thought process is that renting out the place while we wait for the market to recover would cost us about $200/mo (essentially insurance + maintenance). Not ideal, but not unbearable...not sure if that warrants a short sale or not. My main issue with a short sale is related to not wanting to damage our credit when we will likely try to buy-up within the next 10 years.

Lastly, we're looking at the SFR ($325k target) as something we would live in for five years before renting out as a long term buy and hold - we think we can secure a good 15 year loan that aligns with rental rates in the area. And by the time we're 50, we would own it free and clear (and before the kid goes off to $$$ college).

Hi all, this is my first post since signing up recently, yay!

So, we're expecting later this year with our first and would like to move closer to our parents.

We currently own a condo ($240k balance on loan) and believe we can rent it out to cover nearly all of PITI + HOA. Unfortunately, selling the unit is not an option as it is underwater.

In turn, we could rent or buy a modest SFR for around $325-350k (with 20% down). Our household income is between $160k - $175k annually and our credit is good. I haven't talked to a mortgage broker yet, but was hoping to get tips or advice on whether this is a good idea before I do. Thanks!