daddiorick
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 31 Jul 2012
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| Sell or Rent Out? |
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This is my first post so let me say hello.
My wife and I are 58. Four months ago we moved form Colorado to Atlanta to be near son/DIL and 3 grands. The move went great until three weeks ago when our son was faced with a promotion at work that was too good to pass up but involved a move to Charleston, SC.
So now we are faced with what to with a house we have lived in all of 4 months. They want us with them so we have made the decision to move. so that issue is settled.
The question now is what to do with the Atlanta home in which we have lived all of 4 months. If we sell, we walk away with somewhere between $4-9k in clear profit. The house had been a foreclosure that we bought right and then upgraded. That profit figure includes commission and capital gains (which we will need to pay).
If we rent out the home we could get about $1200/month. Current mortgage payment on the Atlanta home is about $800/month. So we would have positive cash flow. We estimate rent in Charleston to run about $12-1300/month. So if we rent out it is pretty much a wash except that property management in Atlanta would cost us a month's rent for finding a tenant and then 10% of the monthly.
But what do people think? Sell the house and buy in Charleston feels about right to me. But are there factors or options we may be missing. We have scouted the area and know where we want to locate. So we are thinking sell here and buy there. But I thought I would put the question to people here. Thanks...
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Tue Jul 31, 2012 1:23 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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LOL - your plan of moving every time one of your kids moves could get to be quite an adventure? (My kids moved in opposite directions.)
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Tue Jul 31, 2012 1:14 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Personally I don't think long distance lanlording is a good idea. You can't see on a weekly basis how your property is doing. I would take the profit on it and move on to your new location. If your interested in renting out a home do it in Charleston, I'm sure there's a house on every block.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Tue Jul 31, 2012 1:22 pm |
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robinson1983
Member
Cash: $ 2.00
Posts: 10
Joined: 28 Aug 2012
Location: New York,New York
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I think you should hold on to your property,consider what happens if worst case scenario happens,you should at least have a home to return.Don't let go of the property,rent it.
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Tue Aug 28, 2012 8:57 am |
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Colemanrees
New Member
Cash: $ 0.60
Posts: 3
Joined: 06 Sep 2012
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| hi |
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How do you sell or rent out a house in this market?
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Thu Sep 06, 2012 5:12 am |
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clydewolf
Senior Member
Cash: $ 50.25
Posts: 248
Joined: 27 May 2012
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| Re: hi |
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quote:
Originally posted by Colemanrees
How do you sell or rent out a house in this market?
To Sell, make the house look good and price it right.
To rent? Today it should be easier to find tenants than a buyer.
make the place look good, and charge a rent your market will bear.
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Thu Sep 06, 2012 3:34 pm |
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DarcyDoolette
New Member
Cash: $ 0.80
Posts: 4
Joined: 10 Sep 2012
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| hi............... |
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Content removed. You can't just copy someone else's post and post it as your own.
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Mon Sep 10, 2012 10:19 am |
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chrischin514
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 13 Sep 2012
Location: Alaska
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| Real Estate |
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Thanks for sharing the this real estate information to me.
No fake signatures - thanks
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Thu Sep 13, 2012 1:25 pm |
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tim_toronto
Member
Cash: $ 3.40
Posts: 16
Joined: 25 Mar 2012
Location: Toronto
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Definitely rent out the home!! Why not? I currently rent out my house to 3 other people and it generates $1500/month. It really is a no brainer.
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Sat Sep 15, 2012 4:27 am |
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