Has anyone out there successfully rented-out their underwater condo and bought a single family home

After 8 years, I'm looking for an exit strategy without walking away from my underwater condo. I'm thinking of renting it out and buying a single family house. Any tips?
  • July 03 2012 - Canoga Park
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Best Answer

Hi William,
I have worked with owners to lease their condo's until the market corrects, however they have not purchased but are waiting.
If you can buy now and lease and keep your current condo, that is a good strategy. We do expect the market to rebound (slowly) in 2013
  • July 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Dear Culver City Realtor, Thanks for the free advice. I've been researching this and have concluded that I should rent out my condo for about a year to establish myself as a landlord before any lender will consider not counting current mortgage against me. That's my current plan, my move to an apartment will happen in approx. April or May of 2013. There's more info, but, I don't want to take much of your time. Thanks again. Bill.
  • July 19 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.