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Quote:

Originally Posted by jyl (Post 6670076)

It would rent at a loss (negative cash flow), BIL is not interested in managing a rental, and it is not a vibrant/recovering RE market (podunk Eastern WA). We (both couples) would like to be rid of the condo as soon as possible with as much of our down pymt back as possible. It was bought as part of taking care of MIL - so that she wouldn't get kicked out of what she'd come to consider her home - don't want to it to become a crap "investment". I'll "invest" whatever I get back into my own house . . . Which needs to be painted.

why would you rent it at a loss? since you are no longer helping out a family member why not rent at your costs or a profit? get a management company to take care of the services maybe the building management has someone you can use.

That's what BIL and SIL say, they are the ones local to the area and know the rental market. Makes sense to me, from what I know of the area. Gotta include management fees, insurance, repairs, depreciation. MIL remodeled and took care of the place like it was her own and had a cleaning service in weekly so the place is spotless and in perfect condition. Tenant won't do that . . .

Rika
That is wise
A closed mouth
Gathers no feet

Quote:

Originally Posted by Gogar (Post 6670044)

You can't rent out the condo? I don't understand.

If it is in a "senior development," you have to be old to live there. Lot of elderly folks can't afford $1500 each month, and that is your only potential tenants.

Yup, that is the situation.