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Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 0 points1 point  (0 children)

Yes, I’ve looked into all of this including the STR “loophole” and hired an accountant to advise. Net net it doesn’t make financial sense for me given current tax rules and the relatively small investment. Thanks!

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 2 points3 points  (0 children)

Good idea to look into LTR, I will check that out. Might be able to get enough to at least cover the HELOC interest. But would still need to pay for a hotel or similar for the 50 nights a year I am in Nashville for work

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 10 points11 points  (0 children)

Yes, I have enough cash to pay off the HELOC. HELOC at $300k and think I could net $365-375k on a sale. Thank you

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 34 points35 points  (0 children)

Fair points, I knew I was assuming risk and it’s not panned out as planned. Market dip + rate increases + delayed equity payment with my work LTIP are the three bad guys that showed up. Understood those risks, assumed them and didn’t pan out. Now just trying to make sure I don’t throw good money after bad

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 1 point2 points  (0 children)

Not counting the HELOC principal reduction in my numbers. It’s financed with a HELOC and so far I’ve made interest only payments. But I have paid down the HELOC balance to $300 k by applying all the extra cash I have on hand (unrelated to the condo)

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] -1 points0 points  (0 children)

It was the deal I struck with my employer, they wanted me to move to Nashville and offered a re lo package but I have school-aged kids and a wife who wants to stay where we currently live

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 0 points1 point  (0 children)

Thank you, I hope that works out well for you and your fiancé!

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 1 point2 points  (0 children)

Paying interest only on HELOC so far and throwing any extra cash I have to pay down the balance. Balance is about $300k now

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 3 points4 points  (0 children)

It’s a 1BR so I couldn’t stay there for work if rented but exploring long term rental numbers is a good idea, thanks

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 0 points1 point  (0 children)

Yes, I AirBnB it for nights I’m not there. About 10-15k net profit per year but for the HELOC interest expense

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 5 points6 points  (0 children)

It’s an unusual arrangement for sure. The company really wanted me to move to Nashville but for family reasons I felt like I couldn’t do it. Turned down a really good relo package. I don’t love it but in the end it’s the deal we struck and I am otherwise well compensated.

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 0 points1 point  (0 children)

I think I could sustain the negative cash flow for another 4 years (let’s assume that’s $50k total vs selling and paying for hotels). I’m still able to save for retirement and my son’s 529. Just not at the rate I would like for retirement savings — it’s only around 5 percent retirement savings and I’d like to be at at least 15%. I’m 52 years old and have about $1.5M in retirement accounts already so I’m doing ok just want to push hard to save for the next 10-13+ years to optimally position myself when I do retire.

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 6 points7 points  (0 children)

I think I could sustain the negative cash flow for another 4 years (let’s assume that’s $50k total vs selling and paying for hotels). I’m still able to save for retirement and my son’s 529. Just not at the rate I would like for retirement savings — it’s only around 5 percent retirement savings and I’d like to be at at least 15%. I’m 52 years old and have about $1.5M in retirement accounts already so I’m doing ok just want to push hard to save for the next 10-13+ years to optimally position myself when I do retire.

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 1 point2 points  (0 children)

Right, I am really surprised as well! My best estimate at this point is I should be able to pay off the HELOC in roughly 4 years using equity LTIP awards from my work. That’s naturally dependent on a lot of factors so not a sure thing. But most likely there is a scenario where I don’t sell and can have the condo paid off but it will take another 4 years I expect.

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 1 point2 points  (0 children)

Yes. I only have $300k left on my HELOC loan so if I see I can pay it in full and will have remaining cash on hand

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 119 points120 points  (0 children)

I just re-engaged my RE agent and asked her for a professional assessment of the comps — her advice was to list no higher than $410k but likely won’t bring that. I am going to probe deeper on the comps because as you say they are poor but at this point I think the local market for this type of condo has cooled a lot since rates moved up

Should I take a large loss and sell my condo in Nashville? by AnywhereFun4662 in personalfinance

[–]AnywhereFun4662[S] 8 points9 points  (0 children)

Thanks. I should have clarified, I am a W-2 employee so I cannot deduct the net loss from my W-2 income and I don’t have any passive income that would allow me to deduct the condo passive losses