Should we Sell? Rent? Lease/option? Home southern california. Population grow = highly developed price or more poverty?
The house is surrounded by Rosemead, Ca. (los angeles area) There is loans in the total amount of 160k. Payment of about 1050 per month. Saw posts where on earth people say rent it out and continue it out for a few years. But what will be the the force that will drive the market back up to unmarked highs? Will banks forget that at a rate of knots and start giving out easy loans like crazy (subprime, stated income, interest individual, fog a mirror type ). Easy money and low standards brought a bunch of buyers into the market But Now credit is getting tighter. Will it really turn around or is it simply my wishful thinking that says hold on and endow with it a few years? 2 years ago 440k now maybe 375k, 2 years from immediately ? (320K) or lower bcoz more frclsrs? What would you do if it was your property? P.S. this is not a question as to the ownership or probate. The prop is very soon ours.
Where is the best place to apply
Where can I make a purchase of
Answers: I would rent it out for now. Even if you put it on the market to get rid of it right now , it could take 6 months to a year to put on the market unless you want to drop the price to try to sell it quicker.
Try to lease the home for a year. See what happens next to the market. You could do both. lease it for a year and put it on the market . Just as long as potential buyers know you enjoy a lease with the tenants that you hold to uphold for the year. They could still buy it and take over the lease, if they buy as an investment property.They could wait to occupy at the wrap up of the lease, but that depends on the loan that they are getting. You could also offer the renters money to end the lease if you did gain the house sold at an acceptable price.
You don't want that house empty when you are making payments on it. Rent it immediately. That will make the payment for you until you can desire whats best.
You may want to live in the house or at least show it as any you or your brothers permanent residence if you can for at least 2 years surrounded by a row or 2 out of the next 5. Otherwise it is an investment property and you are an out of state investor on top of that and will salary taxes on capital gains through the antenna on any profit you make on the home.
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