About BayArea

BayArea


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60 threads
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Oakland, CA
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In United States
Registered Oct 24, 2011

BayArea's most recent comments:

  • On 23 Dec 2014 in Should I keep this property or sell?, BayArea said:

    Strategist,

    Thank you for sharing and that is my point.

    I'm taking a small loss right now ($178/mo) but soon I will be raising the rent and/or refinancing.

    At the current market value, if I walk away now, I really have nothing to show for it after realtor expenses. If I keep it, I'm more than likely going to go into green soon.

    And that's really the final point... The longer I hold it, the more likely I am to come out on top given that it's a 30yr fixed loan.

    I'm still hoping that someone can confirm my numbers above to make sure I'm not missing anything.

  • On 23 Dec 2014 in Should I keep this property or sell?, BayArea said:

    Ok guys,

    I’ve included a summary below of what the numbers look like. Please let me know if I am making any mistakes or overlooking anything:

    INCOME:
    - Rental Income: ($1950*12) = $23,400

    EXPENSES/DEDUCTIONS:
    - Mortgage Interest: $16,098
    - HOA: $4,800
    - Property Tax: $4,134
    - Repairs/transportation: $500
    - Depreciation: ($198,000/27.5) = $7,200

    All the annual expenses add up to $32,732, but as I understand it, my wife and I have a combined MAGI that exceeds $150K so we can't take advantage of the fact that our loss exceeds our passive rental income?

    So what’s the bottom line? In terms of what I am getting back, that’s $23,400 – ($16,098 + $4,800 + $4,134 + 500) = -$2,132. This $2,132 is my annual out of pocket loss, or $178 I’m losing per month…

    Do you agree with the numbers or am I missing something?

    Thanks a lot guys!

  • On 23 Dec 2014 in Should I keep this property or sell?, BayArea said:

    lostand confused says

    Wow-the huge run up in prices in CA didn't lift all boats?/ I thought most places exceeded the last peak???

    Unfortunately no.

    The latest data I've seen shows that nationally we are still 10% away from 2006-2007 peak, on average. I'm not sure how the bay area compares as a whole, but from what I've seen (at least in the East Bay), that number is higher than 10%.

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