Keep or sell Redmond condo

Microsoft FredMeyer
Nov 30, 2017 9 Comments

I own a condo in Redmond close to Microsoft campus which I have fully paid off before I got married. I have been renting it out for about one year so far. Monthly rent income minus (HOA/property tax) is about $1000. I have another house which I bought while I was unmarried too where I am currently living. That house is on 30-year loan. Monthly mortage is about $1600 and monthly property tax is $500. The current market price of the condo can just offset the remaining mortgage of the house.

I got married recently. Wife is homemaker. We might have to move back to India temporarily for a couple of years for family reason and then return to US. I get really nervous thinking about having to manage the condo rental remotely from another country and meanwhile figuring out a way to continue to pay for the mortgage. (My salary in India alone will not be enough to pay for existing mortgage.)

I cannot think of a better way to keep both properties for the time when I will be working abroad. Since my current condo value is roughly the same as my remaining house mortgage, is it a good idea to sell the condo to pay off my house mortgage to leave me a peace of mind?

A friend also reminded me Washington is community state. So is there any implication about whether my house will be considered separate or community property if I pay it off after marriage?

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TOP 9 Comments
  • BlackBerry 🤖Native👽
    It’s boring old Redmond. Ideally I would sell the place.
    If she hasn’t paid a dime towards something you got before marriage then you have a strong case to argue that she shouldn’t have a piece of it.
    I advise you to get a proper legal opinion
    Nov 30, 2017 0
  • Dell miUd57
    Rent both out. You can use a property manager for both properties. The rent will rise a bit next year. So will the property price. If you think your marriage is at risk. Don't sell because property acquired before marriage is not hers to keep however cash might be. Consult a lawyer in this regard. All of the economic assumptions go out the window once a downturn in economy happens
    Nov 30, 2017 1
    • BlackBerry 🤖Native👽
      OP, once you have consulted a lawyer, PM me and let me know what the lawyer says about community property law and property acquired before marriage
      Nov 30, 2017
  • Microsoft xian
    Just get a property manager. I wouldn't sell anything in this market. It's good diversification for you to have some wealth in different places.
    Dec 3, 2017 0
  • Google WTF??
    Sell your current house and pocket the difference. You don't have to pay tax on it, since you live in it (assuming 2+years?). Give the other condo to for management company to manage. They will handle everything, you just get the money.
    Nov 30, 2017 1
    • Microsoft FredMeyer
      OP
      the house is in a very good location and i do intend to return with family to US later. so i prefer to keep the house by all means. otherwise, based on market rise, by the time we return, we may not be able to buy any house then.
      Nov 30, 2017
  • Expedia pfender
    If you decide to sell the condo, please DM me.
    Dec 1, 2017 0
  • BlackBerry 🤖Native👽
    If you need a top notch property manager in the Seattle area, PM me. This is an individual who does it as a small business and not one of those corporate types. Very personalized, upfront, a good communicator and a good manager
    Nov 30, 2017 0
  • Splunk / Eng jASr70
    You said it yourseld ,peace of mind. Also the real estate market us at its highest , sell and make the profit
    Nov 30, 2017 0

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