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Sell it or rent it out???

The money we would would get for selling this isn't really important to us. We will still be able to buy another house. So if you were in my shoes would you go ahead and sell it or rent it out to bring in money every month?

 
Anonymous

Asked by Anonymous at 8:29 PM on May. 25, 2011 in Money & Work

This question is closed.
Answers (6)
  • Being a landlord is time-consuming work. If I didn't need the money from the sale of a house, I would hire a property managment company to handle the ins and outs of the rental. (They typically take a percentage of the rent, and they're responsible for all aspects of dealing with the house and tenant--not you.
    GoodyBrook

    Answer by GoodyBrook at 8:46 PM on May. 25, 2011

  • It really depends on the housing market you live in. And what is the rental market like? I would say if you can rent it for a profit then do that, but you have to think about the type of people that you would rent to and if they would take care of your house or not. I have a house in Virginia that has been on the market since Dec., but we won't rent it because the neighborhood is not the best.
    HollyBoBolly

    Answer by HollyBoBolly at 8:34 PM on May. 25, 2011

  • renting can be tricky but can be great income. the best way to do it would be go to a real estate agent who does rentals. each state has different laws as to what is needed before it can be rented. ( test water, soil, etc) could cost a few hundred to a few thousand to meet all the requirements. the agent will be able to tell you all of this and to how much a month you could get. they will also find you a renter, do the credit check, work out the lease agreement etc. if it all seems worth it money wise then yes i would do it .
    shanesmom24

    Answer by shanesmom24 at 8:39 PM on May. 25, 2011

  • If you cannot keep up with being a landlord and dealing with tenant problems you are going to have to hire this out to a property manager. Which will be money coming out of your rental income. If it were me I would sell unless I could devote the time to being a landlord. I can't see myself working, taking care of the kids, and still being a landlord. My husband is on the road 2 -3 weeks per month so everything would fall on me
    Talliana

    Answer by Talliana at 9:11 PM on May. 25, 2011

  • Rent. That's securing you for the future. But make sure you're ready to be a landlord first
    lizi.clawson

    Answer by lizi.clawson at 9:46 PM on May. 25, 2011

  • It depends on the work you are willing to put into the house. If something breaks u have to fix it, u have to make sure everything is in living condition for renters. If its ur 2nd mortage u will have 2 mortgage payments to make and 2 insurance payments etc. U may get someone in there that will destroy the house or wont pay rent. So many what ifs. It all depends on you and how much u are willing to invest in the WHAT IFS.
    katiebug840204

    Answer by katiebug840204 at 9:20 AM on May. 26, 2011

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