We are considering renting our house out in Atlanta and then trying to buy in Greenville, SC where we are.
I know a few of you are doing the same thing....
Any tips? How does this effect your taxes? Are you going through an agency? Are there some banks to look at trying to get another loan from that are better than others?TIA! If you feel better emailing me it is daniellebryson at gmail dot com
The area we are in, Northlake, remained strong in this economy until about this past Summer and several foreclosures have killed our value (even though they are several miles away they come up in the comps). They just passed a tough new short sale and foreclosure law which will hopefully start to curb the amount we are having (the banks come back to the owners for the difference of sale versus loan price so it is not such an appealing option). At our current list price we stand to lose about $80k now, $8k of which we would have to bring to closing. That really stinks. So we are thinking about renting it out for a few years until the market turns back around and hopefully we could either lose less or break even. Our Elementary school is one of the highest ranking in Atlanta, 9 out of 10 on Good Schools and a Blue Ribbon winner and middle school was ranked the best in Atlanta. Close to Emory/CDC/85 and 285. It is this little nook that across one street is Chamblee, the other street is Decatur and down the road about two miles is Tucker. Our address is Atlanta but Doraville post office handles our mail so it can come up Doraville but it is not, it is Atlanta (but not city of).