>be me
>Making $175k
>buy house
>house is $170k
>Here for like 6 months
>Get laid off
>Still Owe $150k on it
>Get Job offer
>Job pays $170k in distant city 3 hours away
>City is notoriously expensive

What should I do with my house?

Do I rent it out? If so, I won't have time to manage it. I'd need to hire a property management company, which might cut into so much of the profit that it's not even worth doing.

Do I just sell it? I feel like I going to lose money on the house if I have such a short turn around.

Do I just live in a crappy apartment and keep paying it off? I feel like between rent, a mortgage, and bills, I'm going to hurt my ability to invest.

>>60526411 (OP)
Lol rekt

>>60526411 (OP)
you should just forget about paying it off and squat in it until the bank forgets about you and keep posting shit on 4chan because your life obviously sucks so bad you'd be better off dead or on prison

>>60526425
Not really. It happens all the time to high income earners. Especially in high demand fields.

Worst case scenario I sell the house and break close to even. It just doesn't seem like an ideal situation.

>>60526445
>Make 170k a year
>"Your life obviously sucks"

Tell me you're broke without telling me you're broke.

>>60526446
Be happy, a house sale is 100k in Germany. We are confined to one location for life.

>>60526411 (OP)
whats the interest rate on the house and whats the ratio of the mortggage payment to your net income?

>>60526474

So my situation is a little weird (in a good way).

The interest rate is like 6.5% and the mortgage payment is like $1100 a month. It's next to nothing.

Making $170k I bring home over $8,000 a month.

What that means is I invest like $6000 a month.

The problem is, if I move and keep the house, imagine I'm throwing away $2500 a month on an apartment. Then I'm paying a mortgage plus bills on a house I'm not even living in.

So then it comes out to me only investing like $4,000 a month.


The idea is that the house is supposed to be an asset that appreciates, but if you're burning money renting I feel like I'd be better off dumping the house, throwing the money in the market, and then buying something else in like 4 years.

>>60526411 (OP)
It seems you take the job and live in a diversity pod. If you can find potty trained rent slaves, abuse them, if not, leave it empty.
You are getting 170k a year, so obviously, you are unskilled & unemployed forever in the coming 24 months, so grab whatever you can get before they start the final reset.

>>60526469
Wow that sucks. Why is it so expensive?

>>60526491
You’re such a fucking retard I can’t believe somebody is paying you 170k. Rent it out. Suck it up, you’re gaining equity and you’re in an envious position that 95% of Americans going forward will never even see that type of opportunity. Someone’s literally paying your fuckin mortgage who cares if you’re turning a “profit” in the short term. It’s worth even having to pay a couple hundred a month to keep the house and have property managers handle it.

>>60526512
100% of Americans. And keep investing buddy, you got maybe 5 years left before life as you know it is over. Unless you’re one of the drooling room temp IQ retards that will be lining up for a brain chip.

>>60526517
ID switched (verification not required)

>>60526411 (OP)
I think keep it if you can and rent the cheapest shittiest apt in the city. I would try pretty hard to avoid letting the house go. Especially for the price you got it for. Think about it like this: if you really embrace the suck and live like shit for some years you could have a paid off house and then roll that payment into your make it stack or use it to cover the cost of another home closer.

>>60526491
buy another house and rent out your current primary.

make sure you tell the lender you are going to rent ur primary, that way the money spent on the mortgage wont be factored as spent in calculating your risk to a lender.

hardest part is over. if you dont fuck it up yhou will eventually WAGMI.

>>60526446
You bought a house 6 months before layoffs, it blew up in your face, and your first instinct is to worry about putting even more money into the market.

>>60526446
Probably just sell it dude.

>>60526512
>"YOU'RE SUCH A FUCKING RETARD"
>who cares if you're turning a "profit"

It's funny that the people who know the least are often the loudest. Since I'm feeling charitable today, I'll break this down Barney style for you since the syphilis has obviously progressed to your brain.


>Houses will always be affordable to me at my salary
>I have more money in investments / savings than the median yearly income
>I have no debt besides my mortgage on this home

>OMG JUST RENT SO EASY

It sounds like you don't have any friends who own anything. Renting comes with risks. Namely:

> You're going to have to pay a property management company to handle dealing with tenants, and they're going to cut very heavily into your profit margins
> Getting tenants isn't a guaranteed thing
> Tenants can and will fuck up your house. Someone's cat will piss on the floor. Roy the truck driver will get mad and punch holes in your wall.
> Tenants don't always pay. And Good tenants don't always stay good.
> There's liability. You have to pay for repairs, water heaters blowing out, electrical going out, plumbing, septic, etc. You're still on the hook for those things.

When you start thinking about it as an actual investment and not like a petulant child, the profit margins or value of the asset may be negligible to risk.

>>60526517
Jesus fucking christ poor people are stupid

>>60526533
This is solid input, ty.

>>60526537
Solid advice. TY

>>60526533
>>60526537
These might be the winning move.

>>60526540
No offense but you suck with money. Investments in the most basic index funds doubled your money in like 2 years during covid. There's a reason I own a home and have options after a layoff while most Americans are living paycheck to paycheck.

>>60526551
The main reason I'm thinking this is that I might be able to walk away with like an extra $10k ~ $30k in pocket when everything is said and done. I also don't have to worry about the headache of managing the asset. Renting really can be a pain in the ass.

>>60526600
Go ahead and crank up that leverage, big boy. Nothing bad can possibly happen…

>>60526491

>>60527006
retards detected

>>60527018
...your point?

Not surprising that you're getting shite replies. /biz/ is full of people who don't have any money and are just shilling shitcoins.

>>60527024
Sounds like you got this all figured out. Bye now.

>>60526411 (OP)
sell it, the amount of money you will "lose" is insignificant, at most 10k in realtor commissions, transfer taxes, title insurance

95%+ of renters are fine, but at 175k you're renting to poor people which substantially increases the risk of getting a bad one

not worth the headache, and carrying the debt will hamper your ability to purchase things in the future

>>60527024
> Not surprising that you're getting shite replies

Why are you samefagging yourself? We can see you are OP. You went into biz to ask a question and now you are complaining that biz is always stupid? Who’s the real idiot here?

Sweet jeebus what a retard.

>>60527336
"samefagging"

I never said I wasn't OP.

>You went into biz to ask a question and now you are complaining that biz is always stupid?

Close. I'm complaining biz is mostly stupid. Some of the feedback here


>Who’s the real idiot here?

The people who have no money throwing a tantrum about brainchips and the imminent collapse of everything that we've been hearing since the 1990s.

>>60527153
Basically. Have fun playing with shitcoins for pennies

>>60526411 (OP)
>be me
>>Making $175k
>>buy house
>>house is $170k
>>Here for like 6 months
>>Get laid off
>>Still Owe $150k on it
i don't understand you retards. getting a mortgage is not buying a house. it's getting a mortgage.

you should have said

> be me
>signed a 20 years mortgage contract

not "bought a house"
fucking retard.

>>60526411 (OP)
Just rent it out and have the person staying there pay your mortgage or most of it. You can live in an 1b1b apartment in the city. After all is said and done, you’ll have the house paid off and can either sell it or continue renting it out. The cost of a housing manager is negligible relative to the rent you’ll be able to charge.

>>60527722

Right. So Zuckerberg doesn't own facebook because the company is in debt.


You're a know-nothing retard who clearly knows nothing about property ownership and that's why you own nothing.

So

>>60527722
Off topic but a few months ago I saw somebody making fun of somebody else for using the
>be me
Format, and he refused to elaborate when asked why. Is this based on something or was that guy just an overconfident tourist? I’ve seen people format posts this way for like 15 years at this point, and it’s hard to separate general trends on this site from the vapid cynicism zoomers are exude towards quite literally everything.