Profile picture for mlopez3335

Bought too soon?

I graduated in 2011 with my bachlors, worked for a year and felt I was ready to buy a home for myself and school aged daughter. My mom helped me with the down payment, I bought a 4 BR and 3 full bath- with the hopes of expanding my family. I have been here since 4/1/13 until present.

My mortgage takes half of my income and the rest pays for all other home expenses, leaving me about 200.00 "extra" monthly. Is it too early to call it quits and down size? Should I wait to be able to rent the place? Can I rent a home with an exsisting mortgage?  Lost.

Looking back, I think this is a mistake. A very costly mistake.
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January 02 - Kansas City
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Answers (7)

Profile picture for Pasadenan
4/1/13?  Is this an "April Fools joke"?

So, you are paying about $640 per month, and getting EBT SNAP assistance for your daughter's meals?

Zillow's Rent-Zestimate indicates it would rent somewhere between about $730 to $1.1k per month.  Or about $450 to $540 for 1 bedroom, 1 bathroom.

So, what is wrong with your original intention of marrying someone to "increase your family size" to help with raising the child and help pay the mortgage and expenses?

Where are you meeting potential spouses?  At work only?  I'm assuming the girl's father is completely out of the picture now?

If it sold last Spring, why doesn't it show up in the recently sold searches on Zillow?
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January 02
Profile picture for SoCal_Engr
a consumer perspective...

Before you make any other decision, map out where you think you are going (5-10 years). From there, work backwards to determine what you need to do to get there. That will help you to decide how best to deal with your current situation.

As part of assessing your current situation...
1 -- Get an estimate of what your house's current value is (i.e., solidify the $130K).
2 -- Compare this to the market and cost-of-selling.
3 -- Get an idea of current rental prices for houses similar to yours.
4 -- Compare the rental price to your mortgage/insurance/taxes.

Good luck.
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January 02
Don't spend any money upgrading - that's not going to help.

Well, m, my guess is that you're kind of stuck for the moment. You "could" try a short sale, which would take between six and twelve months and blow a big hole in your credit AND lose your mom's down payment. You could move out, but I'm guessing that a new renter won't be able to cover the mortgage, so whatever you save by renting a smaller place will be eaten up by your mortgage.

4 BRs, 3 BAs, I think I'd try to rent out a room.

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January 02
Profile picture for mlopez3335
130,000- around there. Doing small upgrades to help increase value also.
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January 02
Yes, you can rent it. How much is this house worth?
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January 02
Any answer given is going to be dependent on what your current market is like:

I agree with wetdawgs.

1. Sell, this may be an option depending on the market. Much of the country saw growth since earlier this year. This might be a beneficial option if you have equity in your home.

2. Roomates are a great option as they can help offset costs of your mortgage and utilities. This is a great option if you haven't accrued enough equity in your home yet.

Yes, you can rent with an existing mortgage.

Bottom line, I would locate a local agent that knows your market. They can assist you in deciding what is the best option for you.
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January 02
Profile picture for wetdawgs
I'm sorry to hear this sad tale. 

There are many options:

1.  Sell.   It is possible you will have to bring money to closing.

2.  Rent the house.   No one knows your rental market and your monthly payments. You need more than just mortgage payments in rent as maintenance is important.

3.  Take in a roommate or two.   It sounds like you have plenty of space.    Recognize you have to declare rent as income and it will complicate your taxes.   



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January 02
 
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