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tenbadthings | Should I keep my old house and rent it out? |
I have an old house in my city's trendy neighborhood. Over the last 15 years it has appreciated at a ridiculous rate. But it is too small and inconvenient. I could rent it out for at least twice the mortgage, but I kind of dread being a landlord.
I want to move to a part of town where my dollar buys a much better house, but the new house will not appreciate like this one has.
Sell or rent? |
 |
 
Todd
 |
If you're going to rent it out, I'd definitely go the route of having a property management company handle the details of it, and you'll usually pay around 10% of the rent to them (still making a profit, and the house is still appreciating, nice win-win).
But I'd be careful and only do this for a year or two, since the tax benefits of selling this house (no taxes on ~$500,000 profit for married couple, I think it's half that for single) are only good if you've lived in the house for 2 of the last 5 years. In the meantime you also get the tax breaks associated with upkeep on the home, the fees for the mgt company, and the interest on the original mortgage.
So I'd say rent, but only for a year or two (or if the market goes sour in that neighborhood), then cash out tax free! :) |
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Insurance Biz CT
 |
If the old house is continuing to appreciate in value, and you can generate some cash flow from it, I would keep it. If you don't want to be a landlord, then hire a realtor to manage it for you. For a fee, they will show it, run a background check, get the lease signed, and collect the deposit and rent. Of course, the more you want them to do, the more it will cost you. If the monthly income is not the most important thing (the appreciation of the house is still increasing), I would have them do as much as possible. |
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Donna
 |
I would rent it out. There are good people out there who need a place to call home. My advice would be for you to contact a broker and put it on the renters market. Interview perspective clients and make yourself some money.. |
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yellowjacket85
|
Sell. I was a landlord before and it was a pain. Try getting a wake up call at 3 am for a broken toilet. Sell now. House prices wont see the big gains they had the last 5 years. |
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Nooka
|
you know what they say about real estate...they arent making any more land. if your property is hot, then by all means rent in out, make some profits and reinvest back into the property. if trends continue, invest and then flip the property for a tidy sum.
Dont worry about being a landlord. if this property is in the hot spot of town, you will only get high class people who will treat the property right and will pay whatever you deem necessary and competitve.
KEEP THE HOUSE!! |
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Mistress
|
Yeah, being a landlord is a PITA!! You'll be responsible for all the repairs that come up. You'll find that a lot of people have no respect for themselves or the property of others and they will trash your place and when they move out you'll have to do a MAJOR cleaning job before you can let new renters move in. Then you have to deal with the rent, and what to do if the rent is going to be late, and then if the rent is late on a consisitant basis.
On the other hand...twice the mortgage is a pretty good markup. . . Does the money outweigh the pain of being a landlord? Depends on how bad you need it. . . |
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themligroup_com
|
I would have to say RENT it out for a few reasons.
First off, the property has appreciated at a high rate as you have mentioned. This could only lead me to believe that it will continue to appreciate. As long as you own it, you might as well bank on it.
Secondly, if you can collect twice the mortgage by renting it out and be able to add the appreciation on to your yearly earnings, I would say you have a cash cow.
Third, I wouldn't be too concerned about being a landlord in your trendy neighborhood. It sounds to me like the only people who will qualify and can afford to make your rent payments would be of a more responsible class than a lower income housing project. Responsible tenants tend to take care of their home and make payments on time.
Why pass up the opportunity to make all of that money, while you are collecting a check more than double your mortgage? |
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dustkimk01
|
SELL!!!!!
being a landlord is bad real bad
and there are not alot of laws to help you
ppl can destroy your house and not pay rent and what you take them to small claims court and they still can't pay you
its not worth it
if it is a nice house it won't be after you rent it to a bad person who thinks its not their house so why take care of it |
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sunshine_today
|
Have you lived in it for 2 of the last 5 years? If you plan on selling it, don't forget about the capital gains waiver if you've lived in the house 2 out of the last 5 years. You can walk away with $250,000 in profit and not have to pay taxes on it. But, if you haven't lived in it 2 out of the last 5 years, you will pay the taxes on the profit. So, don't forget about that. But try renting it out for a year, maybe wait for the market to come back a little and then sell it for a little bit more and get the tax benefit. |
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rowanwagner
|
Sell and put the money into paying off you past mortgage or a down payment and getting a consolidated mortgage for the new place, By renting you may not only have the hassle of being a landlord- repairs, legal issues but the income generated is taxable income and may move you into a larger tax bracket - by moving into the upgrade you may be eligible for tax break - also factor in the slowing housing market which may cause prices to fall in the next 6 months - |
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santhosh k
|
rent
http://www.realestateguide.110mb.com/ |
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Rafi
 |
Spend some money on it (not too much) and rent it. like you said you will make double the mortgage, buy another foreclosure property with that extra money.
Fix this new property and Rent it or Sell it.
Alwasy look to make money from your investment returns - dont use / eat your investment, just my 2 cents. |
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Charissa L
 |
Rent it out. Not only will you get a risidual income, but if you price it with the tenant in mind too, you can retain good residents. Be sure to execute a landlord friendly lease, a good example is the Texas Apartment Association Lease Agreement. If you play your cards right, you could earn an extra monthly income, while someone else is buying you a house. Plus you will always have the additional assets to sell in the future in case necessary. |
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Brownie
|
SELL IT!!!!!!!!!!!! Its too old and beat-down |
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