As many of you know who have read this blog since the start I paid about 84,000 dollars for a 1 bedroom condo that is now worth about 30,000 in the economically depressed Michigan Market.
Luckily my month payment on the 84,0000 (I put 20% down) even with a 6.5% interest rate is roughly equal to what month rents are in my area.
I found a renter who wants to sign a 2-year lease on my condo.
I have also found 3 bedroom houses for sale for $60,000 that at one time were selling for 120-150,000 dollars.
The new plan is to get a mortgage for one of these new places and let the renter rent my old condo at a "break even" rate. I am going in to sign the application papers today for a mortgage.
I will let you know how this fiasco works out.
Tuesday, April 3, 2012
Posted by Chris at 4:49 AM