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Message
Renting instead of selling
Posted on 3/1/13 at 10:09 am
Posted on 3/1/13 at 10:09 am
We're thinking about upgrading our home soon and I am interested in the idea of renting our current house instead of selling it. Assuming I can get financing, does anyone have any good resources to read about renting a home?
Some of the questions I have are:
Could I convert ownership of the rental to our LLC?
The house won't be far away, should I try to self manage or hire a company?
What's the minimum dollar amount over cost that I should consider renting for? (i.e. If I can't get $200/month, it isnt' worth it)
Some of the questions I have are:
Could I convert ownership of the rental to our LLC?
The house won't be far away, should I try to self manage or hire a company?
What's the minimum dollar amount over cost that I should consider renting for? (i.e. If I can't get $200/month, it isnt' worth it)
6
Posted on 3/1/13 at 10:24 am to seawolf06
(no message)
This post was edited on 3/28/13 at 6:31 pm
Posted on 3/1/13 at 10:39 am to seawolf06
quote:
Could I convert ownership of the rental to our LLC?
Title can be transferred through a quit claim deed to your LLC.
Is this house paid off? If not some mortgage companies want a full payoff (due on sale clause) if they find out you have done a title transfer.
LINK
quote:
What's the minimum dollar amount over cost that I should consider renting for? (i.e. If I can't get $200/month, it isnt' worth it)
200 PCF is my bare minimum after PITI, fees, and never forget vacancies and maintenance. They will happen just a matter of when.
Posted on 3/1/13 at 10:52 am to seawolf06
Whatever you decide, I would get a good property management company to save you the headache. My dad and uncle had a rental property when I was younger and gave it up as soon as it would sell because of the tenant headache.
Posted on 3/12/13 at 8:08 am to seawolf06
quote:
What's the minimum dollar amount over cost that I should consider renting for? (i.e. If I can't get $200/month, it isnt' worth it)
At least 10%, after all expenses.
Posted on 3/13/13 at 8:51 pm to seawolf06
I did it seawolf...didn't do an LLC or anything like that, but it might be something I should look into... I'm bringing in 1350 ...my mort+ins+tax(bigger tax bill now) runs me about 875.... My tenants asked for $100 less than what I was asking if they signed a 2 year lease, no brainer...they have only called once.... working out really well....
here's a tip, leave some mouse poisen pods in your attic before you accept tenants b/c that is something that could get out of control and you can't really be there to police it...that will keep them gone forever
here's a tip, leave some mouse poisen pods in your attic before you accept tenants b/c that is something that could get out of control and you can't really be there to police it...that will keep them gone forever
Posted on 3/14/13 at 1:45 pm to seawolf06
Sell and invest the money. The return will be greater over time.
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