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Message
Renting my house to relocate out of state...
Posted on 10/14/10 at 10:37 am
Posted on 10/14/10 at 10:37 am
I have a pretty good job offer that will have me relocate early next year if I take it. The house I live in now is a starter home (Houston, TX) and there have been so many foreclosures in my neighborhood that the value is no where near what I paid for it five years ago. I still owe too much on it to buy a second home (due to paying off school loans and other debt instead). I am pretty much going to be forced to rent it, but being out of state makes me a little nervous. Has anyone had to do this? If so are there any suggestions you might recommend as far as how much I should rent above my cost, deposits, contract, using an agency, how many reserve payments should I have saved up, etc.?
Thanks for any help.
Thanks for any help.
5
Posted on 10/14/10 at 10:44 am to Toonces Bitches
Look online for something comparable or get a property manager.
ETA: It doesn't matter what you want to rent it for, only what you can get.
ETA: It doesn't matter what you want to rent it for, only what you can get.
This post was edited on 10/14/10 at 10:45 am
Posted on 10/14/10 at 11:22 am to Toonces Bitches
Based on what you said, it sounds like you bought a cheaper new home in a new neighborhood. These thinks are disasters waiting to happen, personal experience. I doubt you could get enough to cover your mortgage depending on how much you put down. I'd just get a property manager and let them deal with it. Sucky part is you probably won't get the worlds best tenants either based on where you live. Where is the house at in houston?
Posted on 10/14/10 at 11:41 am to Toonces Bitches
Do you have any relatives in Houston?
Posted on 10/14/10 at 11:54 am to Toonces Bitches
I rented out my house for a year when I had to work out of state. Do your due diligence is all I can say and be prepared to spend money if and when you return to it.
Posted on 10/14/10 at 1:14 pm to carlsoda
quote:
Where is the house at in houston?
I technically live in Tomball, it's not a bad area, but yeah we were over cautious and bought in a first time home buyer neighborhood. We should have rented for a few more years to pay down some debt and then bought an upper middle class house, but easy said now.
Posted on 10/14/10 at 1:14 pm to Culley24
quote:
Do you have any relatives in Houston?
Nope, Louisiana boy. Moved here for the jobs.
Posted on 10/14/10 at 1:28 pm to Toonces Bitches
quote:
but easy said now.
been there done that, even had my uncle who lived nearbye specifically tell me not to buy in a new neighborhood unless i plan to be there for a while. Our neighborhood didn't go to shite or anything, but they were still building brand new homes when we went to sell ours.
Posted on 10/14/10 at 2:23 pm to Toonces Bitches
I grew up in Knoxville,TN and owned a home. I relocated last year to Tampa for work purposes and had and still am renting home. I was lucky because I had family in the area that could help out if things needed to be done. The renters bailed with 3 months left and had to spend around $500 in repairs to fix the home. Lucky found a new renter for the next 12 months. Being a landlord can be a pain, but if that's what you have to do then so be. Make sure you do a background and credit check. Best of luck to you.
Posted on 10/14/10 at 2:39 pm to Culley24
Finding the right renter is key. Getting a person to treat your house as you would is so important. I rented my house out for a year and had great tenants, but I know a friend who had a really bad experience.
Posted on 10/14/10 at 7:10 pm to saz_1
quote:
get a property manager.
i am currently in your same situation but in school. the property manager is the way to go, especially if you or a friend know someone in the biz. I will tell you this, i am on my second tenant as the first one just quit paying all of the sudden. apparently her ex husband came back into the picture and she moved to cali to get away from him. She left the place a disaster and it was hell cleaning it up. Just make sure to screen your potential tenants thoroughly and get a good deposit in case they screw shite up
Posted on 10/14/10 at 7:43 pm to Toonces Bitches
quote:
I have a pretty good job offer that will have me relocate early next year if I take it. The house I live in now is a starter home (Houston, TX) and there have been so many foreclosures in my neighborhood that the value is no where near what I paid for it five years ago. I still owe too much on it to buy a second home (due to paying off school loans and other debt instead). I am pretty much going to be forced to rent it, but being out of state makes me a little nervous. Has anyone had to do this? If so are there any suggestions you might recommend as far as how much I should rent above my cost, deposits, contract, using an agency, how many reserve payments should I have saved up, etc.?
Dude
this is my exact situation
Tried to sell my condo before moving 1000 miles away. Couldn't give the damn thing away so I decided to rent it. Got lucky and found a wonderful tenant on Craigslist... no problems whatsoever, pays on time.
The rent doesn't come close to covering my note and arse'n fee, but I'm living cheaper in the new city so it's a wash....
A house may be more difficult to deal with than a 1-bedroom unit, but it's not impossible to DIY everything..... just a matter of finding the right tenant
Posted on 10/15/10 at 8:37 pm to gizmoflak
My situation as well..
I bought a house in AZ, then got laid off of my job 5 yrs later. I ended up renting the house out and moving back to La.
I have a property mgr that handles everything for me since I can't do anything from La. It costs me about $100/mnth for him.
Honestly it's a shitty situation for me. The money I get for rent doesn't cover my mortgage so I'm still coming out of my pocket about $300-$400 a month. I didn't have to anybody in the house from Feb-June, so I had to pay my rent plus my mortgage for 6 months. When the property mgr finally did find somebody, I ended up paying about $600 just to clean the mess up from the previous tenants.
When the current tenants are out, I'm going to look into short selling. If that doesn't work I'm considering foreclosing. I don't want to be "that guy", but life's too short for me to have this headache.
Not sure if any of this helps, but good luck to you...
I bought a house in AZ, then got laid off of my job 5 yrs later. I ended up renting the house out and moving back to La.
I have a property mgr that handles everything for me since I can't do anything from La. It costs me about $100/mnth for him.
Honestly it's a shitty situation for me. The money I get for rent doesn't cover my mortgage so I'm still coming out of my pocket about $300-$400 a month. I didn't have to anybody in the house from Feb-June, so I had to pay my rent plus my mortgage for 6 months. When the property mgr finally did find somebody, I ended up paying about $600 just to clean the mess up from the previous tenants.
When the current tenants are out, I'm going to look into short selling. If that doesn't work I'm considering foreclosing. I don't want to be "that guy", but life's too short for me to have this headache.
Not sure if any of this helps, but good luck to you...
Posted on 10/17/10 at 9:10 am to PhifeDogg
Thanks to all for your input.
Looks like it will be a tough decision no matter what I do.
Looks like it will be a tough decision no matter what I do.
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