Sell. I rented my house when I went to MI for work........ I made a big mistake. Fortunately no serious damage, but they were only in it a year. Sell it........
Sell or rent out house
- Thread starter greymouser7
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Sell,
I have rental property, and right now everything is good, I live close, and check on everything each day.
You must be able to drop everything and fix it right now, hot water tank, furnace etc.
I have good renters at the moment, but about 10 years ago, I had a couple tear one of my places up.
I sued the crap out of them and won, but it took me six months to get the money out of them.
My advice is the housing market is strong now, so sell, two years from now who knows, your place could be worth less.
If you do decide to rent, rent it way higher than similar places are going for, it tends to keep the un-desirables out.
I have rental property, and right now everything is good, I live close, and check on everything each day.
You must be able to drop everything and fix it right now, hot water tank, furnace etc.
I have good renters at the moment, but about 10 years ago, I had a couple tear one of my places up.
I sued the crap out of them and won, but it took me six months to get the money out of them.
My advice is the housing market is strong now, so sell, two years from now who knows, your place could be worth less.
If you do decide to rent, rent it way higher than similar places are going for, it tends to keep the un-desirables out.
Sell. Long distance landlord is not good.
I'm retired Air Force and bought nearly every time I PCS'd (every 3 years). At one time we had 3 rentals and lived in a house with a mortgage. Then we sold one, then another.
We're down to one rental now that will be paid off in 5 months. ...and my wife can't wait to sell it.
About 7 years ago our property manager called to say the tenant had a family emergency and had to move out (after 6 years of paying on time) and left the house in a "mess." That "mess" cost us $13,000. We contacted an attorney to see what are chances were of suing the property manager and we're told they have no liability. Just like the post above we paid 10% to have someone collect a check.
I sometimes wish we would have kept them all but the long distance landlord thing is no good.
Once you get settled in San Antonio buy a house and rent it, then you'll be close enough to make repairs and keep an eye on it.
I'm retired Air Force and bought nearly every time I PCS'd (every 3 years). At one time we had 3 rentals and lived in a house with a mortgage. Then we sold one, then another.
We're down to one rental now that will be paid off in 5 months. ...and my wife can't wait to sell it.
About 7 years ago our property manager called to say the tenant had a family emergency and had to move out (after 6 years of paying on time) and left the house in a "mess." That "mess" cost us $13,000. We contacted an attorney to see what are chances were of suing the property manager and we're told they have no liability. Just like the post above we paid 10% to have someone collect a check.
I sometimes wish we would have kept them all but the long distance landlord thing is no good.
Once you get settled in San Antonio buy a house and rent it, then you'll be close enough to make repairs and keep an eye on it.
Yeah, the thing about state laws for landlords and for renters. Here in WI it's heavily weighted to the renter. And if you win in Civil court? Here there is no way to force collection...... So you spend money to 'collect' on paper.
Ddaddy
I'm changing the World... one pixel at a time!
Unless it’s paid off, sell it.
I have a nice 4bedroom 2.5 bath 3000 sq ft house in Memphis that used to be our home there 8 years ago. I am renting it to one of my best friends there that I used to work with, no agent involved.
If he wasn’t my renter, I would sell it in a heartbeat. Being 1300 miles away is too far to be a landlord. The only advantage I have is that I know and trust the guy with my life. He takes as much care of it as I would and it is slowly paying down the mortgage so that when I do sell it, I will come out ahead. He may eventually buy it.
Otherwise, it would be long gone.
I have a nice 4bedroom 2.5 bath 3000 sq ft house in Memphis that used to be our home there 8 years ago. I am renting it to one of my best friends there that I used to work with, no agent involved.
If he wasn’t my renter, I would sell it in a heartbeat. Being 1300 miles away is too far to be a landlord. The only advantage I have is that I know and trust the guy with my life. He takes as much care of it as I would and it is slowly paying down the mortgage so that when I do sell it, I will come out ahead. He may eventually buy it.
Otherwise, it would be long gone.
Same here in WV, if you evict them, the court automatically gives the renter 3 free months unless you have a signed contract.
Like any investment you have to way out the risk. I once had a wealthy mentor tell me that real estate is one of the best investments opportunities. Not many investments create as much borrowing leverage based on appreciation, equity, and potential funding streams. It opens so many more possibilities. You can borrow against your equity to fund other projects and/or investments. Or you can simply let your equity build for a future nest egg. or use it as a potential funding stream to supplement your retirement. The associate risk falls on not being able to rent it or having bad renters. But you still at the end of the day still have options to sell or leverage. In stocks your either up or your down. In real estate there is a lateral strategy to leverage those assets as borrowing power. I want to have at least 4 house's worth 250K or more so I can say I own a million in asset's. Who wants to be a millionaire? Just a thought.
Here if you have a lease, you can give 30 days, but there is no way to evict them on your own, it takes a court order, and the sheriff to do it. and, you have to pay for a storage locker for their belongings......
gunbunny
Well-Known Member
Oh yeah, evictions.
I forgot to mention that little slice of hell. I've been fortunate with my last renter. She's been great. The last 3, not so much.
The last renter; I did something I'm not proud of, I lied and gave her a stellar reference to her new landlord. I just wanted her the hell out and to be someone else's problem.
I forgot to mention that little slice of hell. I've been fortunate with my last renter. She's been great. The last 3, not so much.
The last renter; I did something I'm not proud of, I lied and gave her a stellar reference to her new landlord. I just wanted her the hell out and to be someone else's problem.
gunbunny
Well-Known Member
Really, a storage locker?
In Ohio, once you have a set out date, you call the sheriff, they will come in with you. You can set everything to the curb.
I've seen and done it. Even set a john boat on the curb once. I've never taken a thing from any of the renters, but I've seen their things get plundered by others. The cop just stands there and lets it go down.
Yeah, I started looking into the law once I was settled in MI and the renter was always late. The laws here in WI are stacked on the renters side.
”And by paying mortgage insurance for 7 years? ”
I got my mortgage over three years ago and no mortgage insurance.
As vet he should look into it.
I got my mortgage over three years ago and no mortgage insurance.
As vet he should look into it.
Yup, no mortgage insurance with a VA loan. And the VA funding fee is waived with at least 10% service connected disability.
diymirage
HP@idle > hondaHP@redline
i did not know that ,cool
Had a place, bought another, and moved. Rented it to people i knew pretty well. Kept house spotless. But mountain of garbage in garage, never cut grass or shovelled snow in the winter. So the wife was a hard worker, he was a lazy bastard.
I had 2 mortgages on the go, and the late rent payment cost me in late fees. In less than a year i sold it. I took a beating, but happy it was out of my hair.
Never again.
I had 2 mortgages on the go, and the late rent payment cost me in late fees. In less than a year i sold it. I took a beating, but happy it was out of my hair.
Never again.
harrisonm
Well-Known Member
SELL.
Long distance renting is not a good idea at all.
Long distance renting is not a good idea at all.
Hawk84
Member
I would sell it and move to a smaller place that is easier to maintain.
Renters tend to beat the hell out of your house, I would sell it - take the money and run...
My brother used to rent houses... He had one where he put a new storm screen door on the kitchen before the renters moved in... In less than a year, the door was knocked off it's hinges and the tennants denied they did it....
Yeah, VA loan means no down payment required, or mortgage insurance required either. Good up to $450,000.
I also suggest that you check into the appreciation of homes, r/e in that SA corridor there up to like Austin. Prices no doubt will be higher than where you are now, but the possibility of real appreciation is probably very good.
Another mistake I see is people wanting to pay as little down ( OK that is leverage) as posssible and then go for a 30 yr amoratized payment, to keep their payments lower BUT problem is you are paying just interest for a large number of years up front. Not good.
Sell the old place buy something is an area and type property that is likely to appreciate, spend the amt of $ you can afford and put it on a 15-maybe 20 note.
Another mistake I see is people wanting to pay as little down ( OK that is leverage) as posssible and then go for a 30 yr amoratized payment, to keep their payments lower BUT problem is you are paying just interest for a large number of years up front. Not good.
Sell the old place buy something is an area and type property that is likely to appreciate, spend the amt of $ you can afford and put it on a 15-maybe 20 note.
greymouser7
Vagrant Vagabond “Veni Vidi Vici”
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SELL IT IS!!!
-again thank you!
-again thank you!
diymirage
HP@idle > hondaHP@redline
I think you made the right call
Feel free to send us each a percentage of the profits for the good advise
Ddaddy
I'm changing the World... one pixel at a time!
And a few extra bucks for you to get spelling lessons...I think you made the right call
Feel free to send us each a percentage of the profits for the good advise
It’s “advice” not “advise”.
diymirage
HP@idle > hondaHP@redline
Tell you what junior, when your Dutch is as good as my English, I'll let you poke fun of meAnd a few extra bucks for you to get spelling lessons...
It’s “advice” not “advise”.
Ddaddy
I'm changing the World... one pixel at a time!
Nope...you are in America now. Get it right.
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