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Replies (7)
- Kale Realty, "kalerealty"
- Contributions:1383
Hi Ea
For selling the condo, It depends on a lot of factors. What neighborhood is your property in? Have you owned it for a while?
Nick
For selling the condo, It depends on a lot of factors. What neighborhood is your property in? Have you owned it for a while?
Nick
- eameyers
- Contributions:5
We bought in Jan 2006 and it's in Bucktown. I think it has at least held its value if not appreciated enough to cover selling costs.
- Matt Laricy, "Matt Laricy"
- Contributions:1620
eameyers,
If you have a good tenant, keep them. You would be surprised to see that your property didnt really appreciate that much, if at all. In fact, it has probably depreciated. Housing prices are continuing to go down. Pieces of property that sold from 04-06 are usually selling for less that what you paid for, and thats before all your closing costs. Anyone that tells you differently is down and out lying to you. You will not get the price you paid for in '06. I would keep the tenants you have now. Hold tight for a year or two. Let this market rebound and try to make a little more of a profit. I hope this helps. (and if need be, I can provide you with plenty of links regarding chicagos market conditions)
If you have a good tenant, keep them. You would be surprised to see that your property didnt really appreciate that much, if at all. In fact, it has probably depreciated. Housing prices are continuing to go down. Pieces of property that sold from 04-06 are usually selling for less that what you paid for, and thats before all your closing costs. Anyone that tells you differently is down and out lying to you. You will not get the price you paid for in '06. I would keep the tenants you have now. Hold tight for a year or two. Let this market rebound and try to make a little more of a profit. I hope this helps. (and if need be, I can provide you with plenty of links regarding chicagos market conditions)
- eameyers
- Contributions:5
Thanks for your input Matt! Unfortunately the market is so low that my tenants bought a place of their own so it's re-rent or sell. We have plenty of time to re-rent. I'm more curious about the tax write offs for a rental unit
vs writing off the property as a capital loss which I'm told I can do for a rental property. I relocated to a new area where I can get a lot more for my money even after taking a loss in Chicago so selling at a loss to get much more might make sense in my situation.
vs writing off the property as a capital loss which I'm told I can do for a rental property. I relocated to a new area where I can get a lot more for my money even after taking a loss in Chicago so selling at a loss to get much more might make sense in my situation.
- Joe Zekas, "NewHomeNotebook"
- Contributions:362
Telling you that your property is worth less than you paid in '06 is bad advice unless the person giving the advice knows a lot more about the property, and knows what you paid for it. You may have made a great deal in 2006 for all anyone knows. It's generally true that prices have been stable or fallen slightly since 2006, but general propositions mean nothing in the context of a specific property.
Read IRS Publication 527 (pdf file) for a guide to what you can deduct.
Read IRS Publication 527 (pdf file) for a guide to what you can deduct.
- Matt Laricy, "Matt Laricy"
- Contributions:1620
eameyers,
Well as newhomenotebook stated above, I may have jumped to a quick conclusion of saying that you will definitly take a loss. However, the majority of people I have come across are coming out with a loss. I am not sure as to what your situation is, and I would have to find out more in order to make a better judgment. But its like you said above, even if you take a small loss here, you may more than make up for it on the buying end.
Well as newhomenotebook stated above, I may have jumped to a quick conclusion of saying that you will definitly take a loss. However, the majority of people I have come across are coming out with a loss. I am not sure as to what your situation is, and I would have to find out more in order to make a better judgment. But its like you said above, even if you take a small loss here, you may more than make up for it on the buying end.
- Joe Zekas, "NewHomeNotebook"
- Contributions:362
eameyers,
Since the person who's so eager to give you advice offices out of the far southwest side of Chicago and has only been licensed for just over 2 years you might take those factors into account in weighing what import the advice has for your property.
Again, what's true of the majority of properties - if true - means nothing as to any individual property.
Look to a Realtor with in-depth experience in your specific area for advice, not to a random Realtor you encounter on the Internet.
Since the person who's so eager to give you advice offices out of the far southwest side of Chicago and has only been licensed for just over 2 years you might take those factors into account in weighing what import the advice has for your property.
Again, what's true of the majority of properties - if true - means nothing as to any individual property.
Look to a Realtor with in-depth experience in your specific area for advice, not to a random Realtor you encounter on the Internet.
I am renting our condo out in Chicago and it has been really easy (we have great tenants).
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