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Started By
Message
I need some OT advice
Posted on 1/6/25 at 11:24 am
Posted on 1/6/25 at 11:24 am
Edit: I’m selling, you guys are making the same point I believe on why that’s the best option.
I bought a home in my mid 20s at a steal of price and I viewed it as an investment but it wasn’t in the best neighborhood. I’m looking to change careers and am recently engaged and I received a job offer but it in a different state.
I’ve lived in the home for the past few years despite the terrible neighborhood because I was just a single guy and I didn't care. I’m planning on selling the home because it doubled it’s worth since I bought it and have a few interested buyers. I can walk away with a profit in the low 6 figures.
Many people are telling me keep the home and rent it out but the money I’ll make is barely worth it maybe at best an extra $600 a month. I also don’t want to deal with the hassle of a tenant while living 1000 miles away. My thinking is even though I love the actual house I hate the neighborhood even though I see it starting to get better with more new homes being built nearby by. It most likely won’t be even slightly decent for another 7-10 years. However I would never want to raise a family in this area or this city so it’ll always just be a rental property. Their reasoning is it’s hard to buy a home at this price and size and I should hold on to it.
I was planning on selling the house to help with the move and save the rest to buy another home in the future. I’m starting a new life and am ready to start a family and I see no point on continuing to hold on to this part of my life.
I bought a home in my mid 20s at a steal of price and I viewed it as an investment but it wasn’t in the best neighborhood. I’m looking to change careers and am recently engaged and I received a job offer but it in a different state.
I’ve lived in the home for the past few years despite the terrible neighborhood because I was just a single guy and I didn't care. I’m planning on selling the home because it doubled it’s worth since I bought it and have a few interested buyers. I can walk away with a profit in the low 6 figures.
Many people are telling me keep the home and rent it out but the money I’ll make is barely worth it maybe at best an extra $600 a month. I also don’t want to deal with the hassle of a tenant while living 1000 miles away. My thinking is even though I love the actual house I hate the neighborhood even though I see it starting to get better with more new homes being built nearby by. It most likely won’t be even slightly decent for another 7-10 years. However I would never want to raise a family in this area or this city so it’ll always just be a rental property. Their reasoning is it’s hard to buy a home at this price and size and I should hold on to it.
I was planning on selling the house to help with the move and save the rest to buy another home in the future. I’m starting a new life and am ready to start a family and I see no point on continuing to hold on to this part of my life.
This post was edited on 1/6/25 at 12:29 pm
30
Posted on 1/6/25 at 11:25 am to RaoulDuke504
How much of your monthly income is going to the house payment?
Posted on 1/6/25 at 11:25 am to RaoulDuke504
If you can sell it, do so. Sounds like a section 8 or squatter situation waiting to happen.
Posted on 1/6/25 at 11:26 am to RaoulDuke504
There's no way I would try to maintain a rental in a bad neighborhood, especially if you may be out of state. Nightmare.
Posted on 1/6/25 at 11:26 am to RaoulDuke504
Turn it into a whore house. Become the pimp you were meant to be.
Posted on 1/6/25 at 11:28 am to RaoulDuke504
Sell it.
You will make more money investing the 100K smooth into a stock or ETF over the same time period with ZERO work.
Real Estate is for the birds.
You will make more money investing the 100K smooth into a stock or ETF over the same time period with ZERO work.
Real Estate is for the birds.
Posted on 1/6/25 at 11:28 am to RaoulDuke504
I'd sell it, no reason to keep up with a rental in a shady neighborhood if you're out of state.
Posted on 1/6/25 at 11:29 am to The Mick
quote:
If you can sell it, do so. Sounds like a section 8 or squatter situation waiting to happen.
Basically I can rent out on section 8 for a great price but they would destroy it. My best bet is to find some old person but their terrible family would more than likely make their way living in the house also as I seen every other home nearby do.
Posted on 1/6/25 at 11:30 am to RaoulDuke504
quote:
don’t want to deal with the hassle of a tenant while living 1000 miles away
That and maintenance. Sell it.
Posted on 1/6/25 at 11:31 am to RaoulDuke504
If you were living close by or in the same state, I would consider keeping it but moving out of state would be a nightmare to keep up.
Posted on 1/6/25 at 11:31 am to jizzle6609
quote:
How much of your monthly income is going to the house payment?
20%
Posted on 1/6/25 at 11:32 am to RaoulDuke504
quote:
Many people are telling me keep the home and rent it out but the money I’ll make is barely worth it maybe at best an extra $600 a month.
Are they landlords? Or are they just mindlessly parroting TikTock wealth building clips?
quote:
I also don’t want to deal with the hassle of a tenant while living 1000 miles away.
Whatever hassle you’re imagining, multiple by 5 and then decide if you want to keep it. If it’s in a crap neighborhood, you’re going to get crap tenants. Some people can deal with it but I sure as heck couldn’t.
Posted on 1/6/25 at 11:34 am to RaoulDuke504
I hired someone to manage a house in Boston while I moved to Seattle. $200 a month, they find people for you and make sure stuff is fixed. If you don’t need the money I’d just hold.
Posted on 1/6/25 at 11:35 am to RaoulDuke504
I was in a similar situation except mine was in a decent neighborhood. I sold it so I can just forget about it and netted about 90K in the sale.
You don’t want the hassle so sell and move on, you have made up your mind and don’t need someone talking you out of it.
You don’t want the hassle so sell and move on, you have made up your mind and don’t need someone talking you out of it.
Posted on 1/6/25 at 11:36 am to RaoulDuke504
quote:
I need some OT advice
Baw Coin
NIH
How to make a roux
Truck Nuts
How can we help?
Posted on 1/6/25 at 11:36 am to fareplay
quote:
I hired someone to manage a house in Boston while I moved to Seattle. $200 a month, they find people for you and make sure stuff is fixed. If you don’t need the money I’d just hold.
It’ll be cutting it close, it’s an old arse house well over 100 years and I’m constantly fixing crap on it. I’ve been able to take care most of it myself but me not being here just screams hiring plumbers, electricians, and handymen will absolutely drain me.
Posted on 1/6/25 at 11:38 am to RaoulDuke504
It’s likely the land that’s of value and not the shitty house. In your situation I’d just sell then since the house is more headache than it’s worth. Someone will come demolish it and build a nicer one
Posted on 1/6/25 at 11:39 am to fareplay
quote:Consider the source and it’s life choices and then do 180° the opposite.
fareplay
Texas A&M Fan
I hired someone to manage a house in Boston while I moved to Seattle. $200 a month, they find people for you and make sure stuff is fixed. If you don’t need the money I’d just hold.
tl/dr: Sell with quickness and be done with it.
Posted on 1/6/25 at 11:39 am to RaoulDuke504
Is the area going to appreciate in value?
Can you hire a property manager to find tenants, do evictions, collect rent, etc?
Is the interest rate below 5%?
If you answered yes to all 3, rent it and let tenants pay off remainder of mortgage.
Can you hire a property manager to find tenants, do evictions, collect rent, etc?
Is the interest rate below 5%?
If you answered yes to all 3, rent it and let tenants pay off remainder of mortgage.
Posted on 1/6/25 at 11:40 am to TheWalrus
quote:
I was in a similar situation except mine was in a decent neighborhood. I sold it so I can just forget about it and netted about 90K in the sale. You don’t want the hassle so sell and move on, you have made up your mind and don’t need someone talking you out of it.
That’s why I’m thinking everyone is trying to make me feel bad about it. They are looking at it from their point of view in life older and more settled. I’m not in the same position. Buying a home now is extremely difficult but I can’t be afraid of why the future holds.
Also my mortgage increased by $500 in the past 7 years from increases in taxes and insurance cost.
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