Help! Any ideas, comments welcome.
My partner and I are in a mess with a brand new house in Las Vegas. Here are the details.
1. AUG 2004, we paid $445,000 for a Pulte model in the community of Aliante, North Las Vegas.
2. 100% financed and still owe roughly the same.
2. Payment is $3000/month.
3. Currently could only sell for about $360,000.
4. Finally found tenants to lease out for $1100/month in APR to reduce neg cash flow to $1900/month.
We are running out of cash quickly. We desperately need some ideas on how to get out of this house immediately.
My answer? Sell now, take the $85,000 loss, before things get worse. (Update – Oops, they’re out the $85,000 PLUS the closing costs from buying PLUS the costs of selling, which can be quite high — realtor commissions, appraisals, inspections, repairs, etc.)
(From a comment at The Housing Bubble – a great blog for scaring yourself.)