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Started By
Message
Sell or Continue to Rent House? - BR
Posted on 6/25/17 at 4:09 pm
Posted on 6/25/17 at 4:09 pm
On a 2-year work assignment in Texas, so I rented out our Baton Rouge house for the first year. These last renters were a nightmare (seriously considering writing it up for movie rights).
We're renting a house in Texas (was trying to avoid paying closing costs) and plan to build when we come back.
Does it make sense to sell the Baton Rouge home at this point with just a year left?
I'd probably have to pay back the remaining balance of the FHA (zero interest federal loan).
If there is an advisor the Money Board would recommend on this, I'll be glad to check them out too.
Any advice would be appreciated!
We're renting a house in Texas (was trying to avoid paying closing costs) and plan to build when we come back.
Does it make sense to sell the Baton Rouge home at this point with just a year left?
I'd probably have to pay back the remaining balance of the FHA (zero interest federal loan).
If there is an advisor the Money Board would recommend on this, I'll be glad to check them out too.
Any advice would be appreciated!
5
Posted on 6/25/17 at 4:20 pm to Huck Finn
quote:
These last renters were a nightmare (seriously considering writing it up for movie rights).
tell us more
Posted on 6/25/17 at 4:38 pm to Carson123987
Constant excuses, including but not limited to, not give me a firm move out date because -
Actual quote from a text :
"... the war that has transpired here between veterans private contractors local state and federal and Military law enforcement and president Trump firing the director of the FBI and the National Security adviser had a lot to do with whats going on here."
Couldn't make this crap up.
Actual quote from a text :
"... the war that has transpired here between veterans private contractors local state and federal and Military law enforcement and president Trump firing the director of the FBI and the National Security adviser had a lot to do with whats going on here."
Couldn't make this crap up.
Posted on 6/25/17 at 7:25 pm to Huck Finn
Sounds like you need to be a stronger landlord tell them you don't care about what's going on in the world.Have them follow your lease or be evicted.
Posted on 6/25/17 at 7:45 pm to Huck Finn
Need some stats to give any kind of meaningful advice. House value, debt owed, rent price, location (rising or falling value home values), etc.
This post was edited on 6/25/17 at 7:46 pm
Posted on 6/25/17 at 10:48 pm to TigerDeBaiter
First off, yes. I didn't enforce the lease as strongly as I could or should have, mainly because I was worried they would trash the place.
More details:
4 bedroom, 2 baths in Shenandoah area. Updated.
Value - $220k approx.
Debt on mortgage - $130k approx.
Rent price - $2k/month
More details:
4 bedroom, 2 baths in Shenandoah area. Updated.
Value - $220k approx.
Debt on mortgage - $130k approx.
Rent price - $2k/month
Posted on 6/27/17 at 11:43 am to Huck Finn
Bump for assistance...
TIA
TIA
Posted on 6/28/17 at 6:55 am to Huck Finn
Those are good specs for a rental house, and you have plenty of equity in it. I say continue to rent it out but be more stringent in who you lease to.
Long term, try to acquire some more properties in the area and hire a management company to keep up with it.
If you don't want to deal with tenants and don't see rentals as part of your investment portfolio long term then just get rid of it.
Long term, try to acquire some more properties in the area and hire a management company to keep up with it.
If you don't want to deal with tenants and don't see rentals as part of your investment portfolio long term then just get rid of it.
Posted on 6/28/17 at 10:38 am to Huck Finn
quote:
First off, yes. I didn't enforce the lease as strongly as I could or should have, mainly because I was worried they would trash the place.
That's why you make them sign a contract saying they are liable for all damages. Then whatever they trash is required to be repaired by law. I've had friends who rented out and didn't require tenants to sign anything other than the agreement to pay the rent each month. After a couple of tenants put holes in their walls that changed quickly. Now they don't worry about damages because the contract explicitly says the tenant is reaponsible for any and all damages.
Posted on 6/29/17 at 2:10 pm to DeafJam73
Tenants are always responsible for damages to a rented premises, as anyone who's ever watched People's Court would know, even if your lease lacks a specific section in a lease that addresses damages. FYI, any renter can trash your place at any time. Setting the right deposit and judging the tenant at the onset is important.
If you're renting without a written agreement at all, that is unwise.
If you're renting without a written agreement at all, that is unwise.
This post was edited on 6/29/17 at 2:16 pm
Posted on 6/30/17 at 3:04 pm to Huck Finn
I would keep it and look for better tenants. Check out Rentalutions.com. I used it for my property this year and it worked great. It charges potential tenants a fee for a credit check and you get to see the results. It will also list your property on the big rental listing sites.
They can provide lease templates and online payment options, but I dont use that service. (I have my own lengthy lease and collect lease payments through PayPal, venmo, etc.)
I really feel that the application/initial fee helps deter people who you'd rather not rent to.
They can provide lease templates and online payment options, but I dont use that service. (I have my own lengthy lease and collect lease payments through PayPal, venmo, etc.)
I really feel that the application/initial fee helps deter people who you'd rather not rent to.
This post was edited on 6/30/17 at 3:05 pm
Posted on 7/1/17 at 3:26 am to Huck Finn
I don't have any rental properties but I'm curious why nobody mentions using a property management company instead of diy?
Posted on 7/1/17 at 8:40 am to Huck Finn
quote:
I'd probably have to pay back the remaining balance of the FHA (zero interest federal loan).
What do you mean by this?
Posted on 7/1/17 at 8:44 am to ATLdawg25
According to what I see in the tax code, if I sell it I have to pay back the First-time home-buyers allowance (the zero interest loan the government did that you slowly pay back in with your taxes over time). If I sell it, I have to pay back the balance (like $6500) at once.
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