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In Las Cruces, NM:
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ok i am having this dilemma im 22 almost 23 and ive been married for almost 3 years, i have a house in yuma, az and my wife has a restaurant that has been running for about 3 or 4 months.
... |
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go to this link and tell me what you think?
http://atlanta.craigslis
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Entrepre | Rent or sell my house? |
I own a old fixer upper on a large lot in Modesto. It is paid off. I am thinking of selling it and buying a house in Sacramento area. Is this a good idea... or should I fix it and rent and wait for the housing market to get better??? Please advice... |
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abagtha_778
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Fix it and then rent it... |
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Dan
 |
Fix it and Rent it for now. Sell it after 3 yrs |
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David G
 |
Well this is all going to depend on your income so I'll give you a couple of options...
1. Contact a local management company to visit the property and determine what the property fixed up could rent for.
2. Determine how much it would cost to fix your home and how much you would need to pull for your current property to move into another home and what that payment would be.
3. If it makes sense monetarily then fix up the home leverage that property to move into the other property and let your tenant pay for your downpayment and rehab costs... for more options go to www.platinumreic.com |
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blaqcat2nv
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Hi,
If you sell it right now you will not get nearly enough for the lot that your property sits on. Also, remember, sometimes you can tear down the house and get double for the empty lot. They are worth more than houses in california.
But, if you desire to fix it up and rent it you can still get good money for the rental and the subsequent tax write off.
For any property you own you will get 24 years of a tax write off. i.e. If your house was $200,000.00. Divide that by 24 years. That would give you $8,333 a year as a tax write off. That's pretty good as far as your tax return. Also, if you are getting additional income from your renters this will help offset that.
If you don't need the additional income then put it towards a house you want in Sacramento now, since the prices are ridiculous. |
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ReLeAsINg ThE tRuTh
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i would say with the way the market is right now...keep your home and fix it up and rent it out and when the market looks good to sell then sell and buy the house you really want! good luck! |
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una_jet
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If you already lived in Sacramento, would you go to Modesto and purchase a home to rent out? If not, sell the home. |
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b52gflyer
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I would invest the money to update it and then rent it. Most people today need a credit score of 660 to buy a house. The rest need to rent. Get a good real estate lawyer to help you with writing a lease. The general leases at Office Depot do not help you enough. |
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Angiej1213
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If you can hold off selling it, then I would rent it and let the market swing back up. I am a property manager and real estate agent in Sacramento, and if you are planning on buying here, you can get great deals. My broker told me, that if I wanted to buy, I should do so within the next year. So, I am waiting until next year, as that should be when the housing inventory will be at its fullest, and prices are low, low, low.
Good luck to you! |
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Caring girl.
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Rent it. |
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