- *Credit Card Transfer: $0
- Vegas Rental Property: $103,177.03
- Ohio Rental Property: $167,070.74
Total Debt: $270,247.77
This is a difference of -$569.22 owed since last month.
*The credit card transfer used to be our second mortgage for the Ohio rental. Back when the rental was still our primary residence.
- Vegas Rental Mortgage: $647.00
- Ohio Rental Mortgage: $1653.87
Total Monthly Payments: $2,300.87
($1,731.65 of those payments went toward interest alone.)
Since all of our debt is now for rental properties, our monthly debt payments are now directly tied to whether or not we have tenants in those properties.
Speaking of tenants, we had one move out just last month. From the Vegas house. Just as we reached a snowball milestone. *sigh* You win some, you lose some.
At least we can cash-flow that house. We just don’t like it.
And we’re having all kinds of headaches with the Ohio house and a roof replacement from a storm that hit five months ago. Five months ago.
In so many ways I think, how has it only been five months since we left Ohio? And in others… well. This roofing issue (a bunch of he-said she-said between our tenant and the roofing contractor) is making me feel like we’re trying to crack an egg on the moon with our eyes closed. And if that doesn’t make any sense and leaves you scratching your head then you sort of know how we feel.
Suffice to say, long-distance landlording is not for the faint of heart. (Where have I heard that before?) And this heart has had about all it can take.
We Did Look Into Selling Our Vegas House
I have contacted realtors in the Vegas house the last two times we had tenants move out. When the one realtor called me back this time, he greeted me with, “How pissed are you going to be when I tell you the numbers?”
I like that guy.
The property value of our Vegas house has plummeted even further than the number I sort of had in the back of my head when I contemplated just putting the house on the market instead of in the rental pool even if it meant selling at a loss just to be done with the whole dang thing.
But when I thought “loss,” I was thinking along the lines of $20,000 — not $35,000 and some change.
The problem is not so much that they’re not getting the offers: the problems come with the financing. According to this realtor, houses like ours are getting offers of $80,000 or even higher (the number I had in my mind) but the appraisals are coming in at $65,000 or less. Foreclosures and sales from the courthouse steps still inundate the market. As he put it, “You could buy one of these things with a credit card.” (Think $30,000 homes.)
Oh, and just when you thought the news couldn’t get less cheery, he regaled me with the latest criminal activity to sweep the Vegas Valley. Apparently, setting up shop in abandoned, foreclosed homes wasn’t enough — now people are renting out these empty homes to unsuspecting tenants as well. And you thought the degradation of American society couldn’t go any lower…
I hope you’re all still trekking along with your own debt snowball (or networth build-up!). Don’t forget to link to the post itself and not just your blog. As always, if you’re reading this by email, you’ll need to click through to view the links and to add your own.