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Advice: Rent or sell my house before moving out of state
Posted on 7/17/22 at 4:51 pm
Posted on 7/17/22 at 4:51 pm
I have 165K left on my mortgage. House value is around 325K.
Rental value is around $2000 a month.
We are not sure what to do. We are moving out of state at the end of the year.
One option is to sell, the other option is to hire management property and rent it out.
Thanks for the advice
Rental value is around $2000 a month.
We are not sure what to do. We are moving out of state at the end of the year.
One option is to sell, the other option is to hire management property and rent it out.
Thanks for the advice
9
Posted on 7/17/22 at 4:52 pm to Northwestern tiger
Rental seems like a headache
I guess location is important
Black rock is buying Houston otherwise you think prices would go down
I guess location is important
Black rock is buying Houston otherwise you think prices would go down
This post was edited on 7/17/22 at 5:06 pm
Posted on 7/17/22 at 4:53 pm to Northwestern tiger
If you keep it as a rental it is going to make your tax situation way more complicated, which isn't the end all be all just FYI.
If you sell, you won't have capital gains. Sell it and take the cash and your done. If you rent it for a while, you only have to have lived in it 2 of the last 5 years to exepmt the gains, but you'll have to recapture any depreciation you take when it's a rental and you'll have the rental income to deal with.
If you sell, you won't have capital gains. Sell it and take the cash and your done. If you rent it for a while, you only have to have lived in it 2 of the last 5 years to exepmt the gains, but you'll have to recapture any depreciation you take when it's a rental and you'll have the rental income to deal with.
Posted on 7/17/22 at 7:18 pm to Northwestern tiger
Will you move back at some time? Or gone for good?
Posted on 7/17/22 at 7:39 pm to Northwestern tiger
It's all about the #s. What are total monthly expenses?
Posted on 7/17/22 at 7:41 pm to ItzMe1972
Gone for good most likely.
Posted on 7/17/22 at 7:42 pm to TheOcean
quote:
It's all about the #s. What are total monthly expenses?
total expenses for what?
Posted on 7/17/22 at 7:46 pm to Northwestern tiger
quote:
total expenses for what?
You should probably sell
Posted on 7/17/22 at 8:12 pm to MrJimBeam
quote:
You should probably sell
Dude must think it’s going to be a triple net commercial lease or something.
I agree, if that question throws you off, stick the for sale sign out front tomorrow
Posted on 7/17/22 at 8:30 pm to Northwestern tiger
quote:
total expenses for what?
Posted on 7/17/22 at 8:31 pm to MrJimBeam
quote:
You should probably sell
yup. dead giveaway he knows nothing about RE.
Posted on 7/17/22 at 8:53 pm to Northwestern tiger
I would personally sell it in your position.
You have equity. You are leaving permanently.
Managing a property for rental is a hassle for the typical person without experience and the costs of paying for good management degrade the return.
If you don't have proper liability protections in place that's a major family risk. This is as good a time for this as you're ever likely to to luck into
You have equity. You are leaving permanently.
Managing a property for rental is a hassle for the typical person without experience and the costs of paying for good management degrade the return.
If you don't have proper liability protections in place that's a major family risk. This is as good a time for this as you're ever likely to to luck into
Posted on 7/17/22 at 9:05 pm to molsusports
Thank you
We did have good friends of ours that were interested in renting it out from us, and our mortgage payment is only $1050 (including escrow) with 2.6% interest rate.
But like you said, it make sense to sell and avoid the hassle.
We did have good friends of ours that were interested in renting it out from us, and our mortgage payment is only $1050 (including escrow) with 2.6% interest rate.
But like you said, it make sense to sell and avoid the hassle.
This post was edited on 7/17/22 at 9:09 pm
Posted on 7/17/22 at 9:09 pm to Northwestern tiger
Renting to friends might also endanger that relationship. I have friends that did that and were pissed off when the renters didn't want to pay for damages their kids did to the house
Posted on 7/17/22 at 9:12 pm to molsusports
Also from what I’ve heard, I would need to change my insurance to renter’s insurance, which would add to the cost.
Thanks again.
Thanks again.
Posted on 7/17/22 at 9:16 pm to Northwestern tiger
quote:
We did have good friends of ours that were interested
Business and friends don't mix
Posted on 7/17/22 at 9:17 pm to Northwestern tiger
Also when you want to buy new ace seems complicated mortgage wise
Posted on 7/18/22 at 1:09 am to Northwestern tiger
I think it really depends on your finances. What’s your take home vs. your expenses. Also, the condition of the home in question plays a factor.
If the AC breaks in your new rental unit could you afford to replace it and still pay your now 2 mortgages. In addition, how old are some of the appliances and systems in the home? Will they likely need to be replaced soon?
If the AC breaks in your new rental unit could you afford to replace it and still pay your now 2 mortgages. In addition, how old are some of the appliances and systems in the home? Will they likely need to be replaced soon?
Posted on 7/18/22 at 6:05 am to Northwestern tiger
Selling is the play here.
Posted on 7/18/22 at 6:18 am to Northwestern tiger
quote:In this market -- sell.
Advice: Rent or sell my house before moving out of state
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