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Posted: 2/26/2006 5:21:31 PM EDT
I will be relocating this summer. Same state, different city. I have a house I am trying to figure out what to do with. Do I sell it or rent it out? I just bought the house last July and probably have about $10,000 in equity. The way property values are going up in Florida I would like to hang onto it for 5 to 10 years and sell then. I am a little unsure how to go about renting. Have any of you done it? Is it worth it? I am not looking at making big bucks off it. I just want to cover my mortgage, insurance, taxes, and whatever maintenance may come up.
Link Posted: 2/26/2006 5:24:23 PM EDT
If you aren't going to live in the same city as your property, sell it.
Link Posted: 2/26/2006 5:26:17 PM EDT
I'll be 9 hours away.
Link Posted: 2/26/2006 5:27:00 PM EDT

Originally Posted By Midnight-Sniper:
If you aren't going to live in the same city as your property, sell it.



+1. Unless you have someone who can be at the place of rent within 1hr
Link Posted: 2/26/2006 5:28:36 PM EDT
Link Posted: 2/26/2006 5:30:15 PM EDT
Nice hat. I just noticed it.
Link Posted: 2/26/2006 5:32:02 PM EDT

Originally Posted By Offspring:
I'll be 9 hours away.



To far away, sell it.
Link Posted: 2/26/2006 5:37:40 PM EDT
I've got several rentals in the Perdido Key area. After Ivan w/all the out of state contractors in town, rentals were very good. Lots of turn-around but they always rent out in a day or too. Now it's slowed way down and theres alot for rent right now. Hard to find renters. It's also hard to manage a property from a great distance and a management company cost to much. I live close and manage everything and do repairs. If you do decide to sell, give me a shout. I'm currently looking for more property. Good luck!
Link Posted: 2/26/2006 5:57:30 PM EDT
Too far away , sell it!
Link Posted: 2/26/2006 6:00:11 PM EDT
Link Posted: 2/26/2006 7:44:30 PM EDT
[Last Edit: 2/26/2006 7:45:31 PM EDT by Octopus5alive]
What town is it in? What type of house is it?

My parents have 2 houses in Port Charlotte. The first one they bought to live in from April till Sept, and they rent it out to snowbirds during the winter. The second one they bought because it was newer and bigger. So they rent the old one out full time, and the other one in the winter only. All of this is done while they are in Texas. The key is a good prop mang company that you can trust. I think the company charges 10% of the rent for the service...they just jacked up the rent 12% to cover it. The management company screens, collects, etc. It is working well for them. Especially since the market is so strong...
Link Posted: 2/26/2006 7:48:48 PM EDT

Originally Posted By Octopus5alive:
What town is it in? What type of house is it?

My parents have 2 houses in Port Charlotte. The first one they bought to live in from April till Sept, and they rent it out to snowbirds during the winter. The second one they bought because it was newer and bigger. So they rent the old one out full time, and the other one in the winter only. All of this is done while they are in Texas. The key is a good prop mang company that you can trust. I think the company charges 10% of the rent for the service...they just jacked up the rent 12% to cover it. The management company screens, collects, etc. It is working well for them. Especially since the market is so strong...



Can a property management company know what is going on in the property? If you live in the same town as your rental property, you will be going in the house to fix leaking faucets, etc., and can see if the tenants are taking care of the place. Like I said before, sell it.
Link Posted: 2/27/2006 4:55:40 AM EDT
Something's to also consider...How much do you owe on it (or can it be bought for)? How much equity do you have (or how much can you have...is the area going up in value?) What is rent going for in the area? Is it a desirable area to rent? Remember passive income is your friend. If someone else can cover ALL your cost plus a little for the effort then it is a good deal. After all it is your asset that is being paid for. These are some of the questions we (My wire and I) ask ourselves prior to a purchase.
-Mav

You can PM me if you ahve any additional questions.
Link Posted: 2/27/2006 11:53:52 AM EDT
Every time my family members have tried the landlord business, they have ended up with tenants who destroyed their houses. This was even the case with a "Christian" family who, after losing their own house to a fire, were allowed to live rent-free in a spare condominium that my uncle bought for his retirement. The place looked like it had been inhabited by one of Slumlord's tenants by the time they moved out, four months after they'd promised to.

I don't know why people are such assholes when they rent places. Worst I ever did was accidentally spill some Windex on a carpet, staining it blue.
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