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Currently I have around $300,000 on my first loan and $50,000 on my second (HELOC). I have been paying my mortgages properly and have no financial distress. If I try to sell the home now, it may go for $280,000. We are thinking of moving to a different country and my salary maybe cut down by as much as 50%. I am guessing these will be my average monthly expenses if I rent out the home:1. Both loans together - $1,6502. Property taxes and Mello Roos - $4503. Rental property manager - $1004. Insurance - $505. income Tax on rent - $200I should probably be able to get a deductible of around $200 per month for all the property tax I pay. That means, my total out of pocket expense per month will be around $2250. My guess is that I can try to rent the home for at least $1750. I will have to pay $500 out of pocket per month and I may be able to afford it even if I leave the country and take up a job elsewhere.I now have three specific questions:1. Not sure when we will have housing upturn. But, will it make more sense to short sale or rent the home given my circumstances? What are the pros and cons on each, for my specific case?2. Am I missing anything in my rental expense list above?3. Will banks entertain short sale based on the fact that I am planning to move to a different country and my salary will be lower? Note that I am current on all my payments until now.Thanks you so much for all the help.
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You are missing water/garbage collection charges - 100pminsurance on rental is 90 not 50pmmaintainence is100pmcost of replacing a tentant is100pm assuming 2yr cycle
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