If you own a condo that's worth a lot less now than what you paid, Chicago Magazine's "Deal Estate" columnist Dennis Rodkin suggests you think about renting it.
Rodkin spoke on Chicago Public Radio's Eight Forty Eight this morning about why renting your condo might be a good idea, the number one reason being that it brings in money. Becoming a landlord may make sense if you bought your condo as a turn-around investment or have tried unsuccessfully to sell it.
Yes, you'll probably be making less in rent than your mortgage payment, but if your condo is uninhabited or you're planning to move and selling isn't possible, renting it is one way to lessen your monthly bills. Condos appeal to renters because they tend to have better appliances, fixtures, and amenities than most rentals.
If you don't want to take on the responsibilities of a landlord, services like Apartment Finders can lease your condo, maintain the tenant relationship, and collect rent checks on your behalf for a fee.
Although the Eight Forty Eight podcast hasn't yet been posted online, you can find more information, including tips for how to rent your condo, from this Deal Estate post.
• Renting Unsold Condos from Dennis Rodkin's Deal Estate