I feel trapped

Specialties Travel

Published

I bought a condo in my hometown recently. With my mortgage + assessment + taxes, I am still paying less money than if I were renting. I love my condo and I look forward to having my nephews and sister over this summer to lounge around the pool. But here is why I feel trapped. I am in love with the city that I'm on assignment in, I love the hospital, I love everything about this assignment. I hope to get extended out for a year, but then what?? I'll be so sad to leave. If I didn't have my condo, I would buy a place here, get a new specialty under my belt over the next 2 years and then travel but keep this city as my tax home. I would also cut my traveling down to winter/spring and stay here during the summer/fall if this was my tax home. I could easily get on permanetely here and get experience in a new specialty, but I will not be able to affird paying rent here + condo mortgage on non-traveler., staff salary. I cannot rent my condo out per bylaws until 2 years. I can't sell my condo b/c I will take a hit with a Realtors commission being 7 percent. And ideally, I would buy a condo here, not rent. I should have waited before making the purchase. Hindsight is 20/20!

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What about renting your condo? Especially if it is cash flow positive, in that condo fees plus taxes (if separate) plus mortgage plus property manager (if you use one) are less than the rent. If what you say is true that owning costs you less than renting, this might well be true. And that is the holy nirvana for getting rich investing in property.

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Mortgage + assessment + taxes are just under 600/month. It's that low bc I put 20% down. I could probably rent this out for 900/month. The thing is, the renters will do damage that I will end up repairing, and the repairs will likely eat my extra income.

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Renting out a place always comes with unwelcome costs unless you get the rare excellent tenant. Put the hometown condo in the realm of "awaiting disposition", or you will be very upset the first time you observe tenant damages. It looks as if you will be stuck with it until you reach the time you can sell. Meanwhile set yourself up as best you can in your new locale. Perhaps you could find a condo where you could rent with option to buy? Then once you have finalized the sale of your old condo, you can devote your resources to your new home?

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BTW, I rented a room in someone's home one time and paid almost $700 a month for shared bathroom privileges and a room only big enough for a twin sized bed. I envy you having something decent for only $600/month!

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Specializes in Psych.

Sell without a realtor? I did and we saved $$$$ on the commission fees. Or maybe negotiate a lower commission. If you're in an area with lots of Realtors looking for work that may be the ticket. Also try Redfin. They are a different kind of realty group that I believe charges a set fee. Good luck.

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Damage? That is what those big damage deposits are for. Most renters are fine. Have you ever damaged a rental? Usually the crooks are the landlords who withhold deposits with damage. Do what you like of course but a large number of "small" millionaires are full time landlords. Something must be OK, especially when the situation is as fortunate as yours. The biggest hassle is usually getting rents paid on time.

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Specializes in Psych.

Rent only to travel nurses. I have a friend who does that. Offers month to month rental of fully furnished places to travel nurses. We are a clean and responsible bunch for the most part. Plus how will your condo association know unless you tell them.

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Well thank you for the advice. This is not something that I ever expected to happen. I'm going to enjoy my time here while I'm still here. If I keep getting extended, I have 9 months left. I currently have enough savings to put 10 percent down on a condo here. But in 9 months, I should have 20 percent. Not sure if I should put that money towards a condo here, and then rent out my current condo. Or, keep saving, do some assignments in Cali and then come back, buy a condo at that point, become staff and get some ED experience and rent out the condo in my hometown. Decisions, decisions!

I cannot rent out the condo now, it's technically my tax home.

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