All Forum Posts by: Joe D.

Thank you all for your suggestions! I think its best as Rick & Karen suggested to seek professional advice for my particular concerns. 

Karen, my wife and I spoke about this first and she's fine with whatever I decide. Thanks again for the help.

Thanks Paul. I would like to add she does work, but doen't make a ton of money, but she does have some debt as well. 

Hey all,

I'm about to buy a new home for my wife and I and am wondering about any benefits/cons to putting her name on the mortgage with mine. I was originally thinking it could benefit us to have just my name in the event something bad happened to my credit, at least one of us would still have good credit. I'm the main provider and don't need to have her on the mortgage to qualify.

Any thoughts on why this may be a good or bad idea? What about if something happened to out relationship and we split later down the road? Not that I ever expect that but just curious about all this.

Thanks for any suggestions!

Good call, I wasn't really thinking when I asked that question! I'm going to see what my realtor thinks about how qucikly she could move it and go from there. Thanks again for all the suggestions!

@Scott W. I never really considered that, I'd hate to ruin my high credit score. What if I bought a new home then short saled the property?

I'd imagine a short sale would be my last line of defense.

Thanks for your help Andrew, I am going to go this direction! 

 I really don't know, it's a good question. I saw one unit that has been for sale for over 2 years and they're asking $115k and it looks like a nice unit. I'm going to meet with my realtor this week and see what she thinks. My realtor is really good and I think she could move it pretty quick but then I have to pay that commission which will hurt. I don't think it'll move quickly if I did a For Sale By Owner.

 @Andrew S. 

The area we live in is a very nice desirable area with very high taxes, but it boarders a a not so nice area where there is crime. We're the only condo's in the whole area, otherwise there are nice single family homes.  I'm seeing a slow transition and I think it's because some of these units are being sold so cheapley lately and being rented out to lower income families. Besides that, I've been keeping an eye on comps and I don't see any improvement in the last year or so. Even Zillow predicts the prices to stay the same.

I could be totally wrong but I don't think these places are making a comeback, at least not anytime soon. 

@Pete T. Thanks for your advice, I think your right that I may be better off selling. My original thoughts were that if I rented it out, even if I didn't break even each month and had to shell out some money every month to make up the difference between the mortgage and what I received for rent, I would recoup later down the road after the home was paid in full (approx 13 years). Then it would be profit sometime thereafter. However, if I were to go through the numbers I think it may be a lousy investment.

I'm sorry, I thought I put that in there. From what I can see by researching on CraigsList and Zillow, I see them renting between 900 - 1150. They're more basic than mine but I'd say I should get between 1,100 - 1,200, 1250 tops.