I am military with orders to the other side of the country. I purchase my house in 2006 at the peak of the real estate market for this area. I was outbid on 5 other houses before I purchased this one. Anyhow, my wife and I have been one of a handful of homeowners in our development who have paid our mortgage and not walked away from our house. Out of the 5 houses that are directly connected to us, 3 have foreclosed (one twice).
Anyhow, our value is $133K and we owe $138K. I'm not ready to sell yet. I am currently looking to rent it.
Based on the market, I can rent it for about $50-100 more than my payment.
What kind of insurance must I carry?
What is my tax liability being that it's a rental?
Should I go through a Realtor or rental agency? If so, what do they normally charge?
Any input would be appreciated. Thanks!
Anyhow, our value is $133K and we owe $138K. I'm not ready to sell yet. I am currently looking to rent it.
Based on the market, I can rent it for about $50-100 more than my payment.
What kind of insurance must I carry?
What is my tax liability being that it's a rental?
Should I go through a Realtor or rental agency? If so, what do they normally charge?
Any input would be appreciated. Thanks!