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Started By
Message
Lafayette - sell house or rent
Posted on 1/7/15 at 9:10 am
Posted on 1/7/15 at 9:10 am
I moved to Houston last year and rented my house out in Lafayette. My renter is moving out this month and the drop in oil prices has caused me to wonder whether to keep renting or sell it. House is paid for, good location in town and maybe 11 years old.
I've been in RE for many years and have had numerous rentals over the years. I currently just have one other in Florida - bought it during the downturn there. I wasn't in LA during the mid 80s. Not sure what to expect - how bad prices drop, will I still be able to rent it, etc.
Do you'll think oil prices are going to stay down long enough that we see a big drop in real estate. Also, how about Houston?
I've been in RE for many years and have had numerous rentals over the years. I currently just have one other in Florida - bought it during the downturn there. I wasn't in LA during the mid 80s. Not sure what to expect - how bad prices drop, will I still be able to rent it, etc.
Do you'll think oil prices are going to stay down long enough that we see a big drop in real estate. Also, how about Houston?
10
Posted on 1/7/15 at 9:14 am to lsubandmom
If you can sell it at a good price, I would do that. However, I wouldn't be willing to take a beating on it. There are going to be a lot of people with busted credit scores looking to rent when oil rebounds.
Posted on 1/7/15 at 9:14 am to lsubandmom
quote:
Do you'll think oil prices are going to stay down long enough that we see a big drop in real estate.
I think we will see increases around May/June. A co-worker of mine is looking for a rent house in Lafayette also...
Posted on 1/7/15 at 9:19 am to lsubandmom
quote:
House is paid for
Then why the rush to sell???
People will ALWAYS need to rent, and in a city like Lafayette that will remain true regardless of what happens to oil.
I'm a firm believer of not letting go of real estate unless you absolutely have to. They aren't making more land.
Posted on 1/7/15 at 9:20 am to Coach Guidry
Coach - my current renter is a car guy. Email me if interested.
This post was edited on 1/7/15 at 9:46 am
Posted on 1/7/15 at 9:24 am to LSUengineer12
Not in a rush. I've always had favorable returns on real estate. Just want to make a good decision.
Posted on 1/7/15 at 9:28 am to lsubandmom
call the bigger oil field companies, they rent out houses all the time for workers coming in and pay top dollar.
Posted on 1/7/15 at 9:32 am to lsubandmom
If you're not still paying for it (i.e. it's payed off) and you don't need the cash from selling it, there's little to no downside to renting it.
Posted on 1/7/15 at 9:36 am to kingbob
quote:
If you're not still paying for it (i.e. it's payed off) and you don't need the cash from selling it, there's little to no downside to renting it.
Exactly this.
Posted on 1/7/15 at 9:44 am to lsubandmom
If you use a CPA, might be a good idea to check with him/her on the tax implications of selling it. Could be a pretty substantial capital gain that could weigh into your decision.
Posted on 1/7/15 at 9:47 am to The Spleen
No. It was my homestead. Exempt from a substantial capital gain for another couple of years.
Posted on 1/7/15 at 10:00 am to lsubandmom
How big is it?
Posted on 1/7/15 at 10:11 am to Janky
3/2. 1800 LA 2 cae garage. Very nice house.
Posted on 1/7/15 at 10:14 am to lsubandmom
Damn, I am looking for 4/3 with at least 2400 sq/ft. Good luck.
Posted on 1/7/15 at 10:19 am to Janky
Those are hard to come by. Good luck.
Posted on 1/7/15 at 10:21 am to LSUengineer12
quote:
People will ALWAYS need to rent, and in a city like Lafayette that will remain true regardless of what happens to oil.
I'm a firm believer of not letting go of real estate unless you absolutely have to. They aren't making more land.
Problem is, if people don't have jobs, they can't afford rent.
In a collapsing market, people lose their jobs and have to combine family units (i.e. move in with the parents), or turn to government assistance for housing help.
As the market recovers and people start working again, but are unable to yet qualify for mortgages... that is the sweet spot for single family rentals.
OP, I wonder if the market in Laffy is topping out. If you can make a nice profit, it might be a good time to sell, especially because you can still claim the home sale exclusion. If you decide to not sell now, you are probably committing to keeping the house for a while. But if you have low carrying costs... that might be a great investment.
Posted on 1/7/15 at 10:27 am to lsubandmom
I'd like to see a pull back in the lafayette real estate market that would allow me to get into a new house cheap. I can hold mine and rent until it recovers if I need to
If nothing changes in market I'll be upgrading in 3-4 years anyway
If nothing changes in market I'll be upgrading in 3-4 years anyway
Posted on 1/7/15 at 10:41 am to yellowfin
I have a daughter in Houston and would like to see that here before she buys. Just hope she'll be able to hold onto her job.
I'm planning on moving to my place in Florida in a couple of years when my SO decides to retire.
I'm planning on moving to my place in Florida in a couple of years when my SO decides to retire.
Posted on 1/7/15 at 2:58 pm to lsubandmom
I'm looking to rent in Lafayette. Still looking for a someone?
Posted on 1/7/15 at 3:58 pm to LigerFan
Yep. lsubandmom2007@gmail.com
This post was edited on 1/7/15 at 4:14 pm
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