einsatz

So I've been offered an awesome opportunity at work to go on a 9-12 month rotation in New Mexico. I'm still thinking about it, but the job would be sweet and it's pretty much mine if I decide by the end of the month. The catch is I don't know what to do with my condo for that time. I'd have to leave the DC area before the end of July.

Given the state of the market, I'm sure I won't be able to sell the condo and all my possessions before the end of the month. How's the rental market? Before I call my realtor, I was wondering if anyone here has been in a similar situation. I wouldn't know if it's best to put all my stuff in storage or rent it as furnished and only store personal items. Can I just have the realtor take care of everything, or does the homeowner need to be present for a tenant to start renting?

I'd probably rent a furnished apt. in NM for a year. So I'd hate to pay my mortgage/condo fee in DC and rent in NM, but moneywise, it is an option to just leave the condo in DC empty - but I really want to avoid that since I'd basically have no money going into savings for a year.

mrdeeno

If i was in that situation, I would rent the furnished apartment to someone I knew and trusted rather than just any joe schmo that qualifies to rent it. And if you can't find anyone you know who wants to rent it, just leave it empty.

I would not risk being an absentee landlord to strangers in a condo that you intend to reoccupy again, unless you have someone who can manage it for you while you are away, but even then I would worry.

dallison

whiskers

spdy0001

Is he looking for a bachelor pad?

einsatz

Good point... I may be able to find someone at work, too. I think that's another option I hadn't considered, and is preferable to renting it through my realtor.

moeronn

For a 9-12 month assignment, I would expect the company to pay your living expenses in NM.

That aside, it really comes down to what you want out of the property when you come back. If you plan on living in it, then I would be tempted to leave it empty unless I could find a known, reliable person to rent it out. If you plan on turning it into a rental property, then definitely rent it out using a realtor or proprety manager. If you're thinking of selling it anyway, then put it on the market now.

FWIW - We had originally planned on selling my wife's condo, but after nearly a year on the market and prices plumeting, we finally ended up renting it out. We had to revise our plans of when we'd buy a house because of it, but now we have a long term income property. The current plan is to save up for a house and then turn my condo into a rental, too.

RaviNJCLs

iTrader: (4)

Like these guys said. Either rent to someone you already know, or leave it empty.

There are times when I wished I rented my place in Jersey as opposed to taking the hit on selling it.

Street Spirit

For what it's worth (not much).... A co-worker of mine moved into her newly built condo (building). She decided a few months later that she wanted to work in Mexico the following year for 12 months. She'd be leaving only 10 months after she moved in. When the time came, she moved all of her furniture and belongings into her father's house and rented out her unit. She didn't know the renter prior, but her dad lived in town, and he could be available, if need be. She also planned to move back into her condo once she returned from Mexico.

I think what you really need to decide is whether or not you plan on living there once you're finished your 9-12 month project. If you're going to sell it upon your return, you might just want to consider doing it now and not having the responsibility of your condo (either vacant or with tenants) while you're away. Or, hang onto it, and hope you'll get a higher return if you sell it next year (better economy?). I don't know about letting it sit dormant. Seems like a waste.

And I'm curious too -- your employer isn't paying your relocation costs (eg: rent/mortgage in New Mexico)?

einsatz

I appreciate the insights... I will probably return to the DC area for at least another year after the rotation. I'll read up on renting places out to see if it's something I really want to do.

And no, my employer won't pay for it. This is a voluntary TDY, so, unlike when they moved me into DC, they're not paying for this one.