Triton TH
- Thread starter simply1
- Start date
It'll turn eventually. Maybe not soon. My other house has been sitting for a little over two years. Had a buddy rent it out for the first year, put it on the market for a year, then just leased it for the next year. Sucks, but what can you do?
They shut down operations. I suppose it's possible that they gear back up at some point, but nothing right now.
Yeah, you're competing with foreclosures and probably with some of the remaining units being dumped below market value.
Probably will have to rent it out, there was a foreclosure a week or 2 ago and tons of for sale signs with prices dropping and not selling.
Not blaming it on triton necessarily, they have a new dev that they built 1 building and then ceased. we got in 5 years ago and now want to have babies and such, thought I was being smart.
Not blaming it on triton necessarily, they have a new dev that they built 1 building and then ceased. we got in 5 years ago and now want to have babies and such, thought I was being smart.
I know those well, my old employer financed a boat load of those properties, now a bunch of them are in foreclosure, or the people are upside down in them.
A few things to remember if you decide to rent it out - you will have to qualify for the new mortgage making the payment (PITI + HOA dues) on your Triton TH + the new house. You won't be able to use the rental income as income for a year IIRC. You need to be below 41% debt to income on the new mortgage, meaning less than 41% of your income is paying on debt. If you have credit card debt, or any other debt you can get paid off do it before trying to buy another place.
The biggest problem with the Tritons are many of the people who got into them originally did 100% financing, and now many of those people are in foreclosure. Because of the foreclosures, the value of those things have dropped like a rock. If you decide to stay, and can afford it, start paying extra on the principal balance of the loan. When you make you payment request the extra be applied to the principal. My boss sold a Triton in April and took a huge loss, she was in the same situation you are in, small children and not enough space.
Thanks three4cy, it is depressing to have that reinforced, haha.
We've got 20% down for a new home, however I haven't taken the step to find out whether we'd qualify for the second mortgage with this place included as we don't have the money to pump in to sell it off for as low as they're not going, and I'm not sure about trying to rent it out.
I'm finishing up some projects that hopefully will make it stand out compared to the other available, sweat equity type stuff like tile floors, etc, but I see other places that are nicely done selling 20% below the original values and still sitting there.
We've got 20% down for a new home, however I haven't taken the step to find out whether we'd qualify for the second mortgage with this place included as we don't have the money to pump in to sell it off for as low as they're not going, and I'm not sure about trying to rent it out.
I'm finishing up some projects that hopefully will make it stand out compared to the other available, sweat equity type stuff like tile floors, etc, but I see other places that are nicely done selling 20% below the original values and still sitting there.
Unfortunately, Triton didn't know when to stop, and overbuilt that product. Good for you in saving the 20% down, that will help tremendously if you decide to move forward with a second mortgage since you won't have the proceeds from the sale of the townhouse. You never know in selling, the right buyer could walk in and love your home and buy it or it could sit on the market.
I agree with you on renting, it can be risky because you don't know what you're going to get. You could get someone who takes really good care of the place, or someone who trashes the place, and you're left with a bunch of repairs. It's a crapshoot what to do.
Hang in there, and keep doing what you're doing, it sounds like you have a good plan in place that makes financial sense for your family.
When I got married, both my wife and I owned townhomes. Her's was bigger, so we moved into hers with the idea I'd sell mine. However, the market wasn't good for selling mine at the time (i.e...the development was still being built out, so it was hard to compete with brand new units being sold w/ incentives and I'd only put 5% down when purchased just two years prior so I would have been lucky to break even). I decided to rent it out. That was 2001 and it turned out to be the right decision for me but I didn't going into the landlord business without reading a couple books first to get an idea how to handle this successfully.
Almost 10 years later, I've keep the place rented the entire time with the exception of one month where I purposely left it open so I could go in and repaint and do a couple very minor repairs. In the meantime, I've had a favorable tax benefit while building up what I'd estimate (based on current sales of units in the development and what remains on my mortgage) as approximately $30 - $40K in equity.
I realize variables are different for many, but I think it is at least worth considering renting the unit out.
Almost 10 years later, I've keep the place rented the entire time with the exception of one month where I purposely left it open so I could go in and repaint and do a couple very minor repairs. In the meantime, I've had a favorable tax benefit while building up what I'd estimate (based on current sales of units in the development and what remains on my mortgage) as approximately $30 - $40K in equity.
I realize variables are different for many, but I think it is at least worth considering renting the unit out.
1) Sell, eat the money, and move. As is noted earlier though, in talking with a neighbor who has been trying to sell for 2 years, he's lost a sale because the bank wouldn't finance in this development.
2) Buy somewhere else and rent this out. Most likely option, however with the number of people buying new homes and then letting their old home be foreclosed, it's more difficult.
Noticed a new foreclosure notice up, place was just foreclosed and auctioned like 2 years ago, it's nuts.
2) Buy somewhere else and rent this out. Most likely option, however with the number of people buying new homes and then letting their old home be foreclosed, it's more difficult.
Noticed a new foreclosure notice up, place was just foreclosed and auctioned like 2 years ago, it's nuts.
