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Anybody regret selling a property instead of keeping it for a rental?
Posted on 8/8/21 at 2:50 pm
Posted on 8/8/21 at 2:50 pm
Ive got an offer in Nashville for our home ($75k more than 3 months ago).. we currently have other arrangements and will not need this place anymore.. i am tempted to sell instead of rent ..as it is in a super hot area .. but will i regret it down the road? I know if i was going to live to be 500 i should keep it but ive probably only got 30-40 years left. I have a teenage daughter amd keep thinking.. why be house poor when she only has a few years leftwith us. Maybe put the copious profits in savings and have the freedom to put in a pool at our new place so she can enjoy it until college. Thanks for any advice/experiences with this decision
This post was edited on 8/8/21 at 2:52 pm
11
Posted on 8/8/21 at 2:55 pm to LChama
You are much more likely to regret not selling. Keeping up a rental is a pain in the arse.
Posted on 8/8/21 at 3:06 pm to tom
quote:
Keeping up a rental is a pain in the arse.
It’s a coin toss. I’ve heard 50% of people say they don’t have any issues and like passive income by being a landlord and the other 50% have nightmares that haunt them for a while.
Posted on 8/8/21 at 3:20 pm to Paul Allen
It’s because 50% of landlords rent to low income tenants.
OP, yes I regretted selling instead of renting my first house. Hard lesson to learn but over time real estate prices go up. Nothing better than someone else paying off your mortgage while the value of your property increases.
OP, yes I regretted selling instead of renting my first house. Hard lesson to learn but over time real estate prices go up. Nothing better than someone else paying off your mortgage while the value of your property increases.
Posted on 8/8/21 at 3:23 pm to 13SaintTiger
Never sell real estate. That’s what my uncle told me when I was 7 and I have lived by that motto.
Posted on 8/8/21 at 3:35 pm to LChama
I’m in the same position. Just as many people calling to ask if I want to rent it out even though it clearly says for sale by owner. With my luck, I’ll rent it out to a professional squatter.
-If this house was for sale, would you buy it to rent out?? Probably not. I would sell.
-If this house was for sale, would you buy it to rent out?? Probably not. I would sell.
Posted on 8/8/21 at 4:14 pm to 13SaintTiger
Ok
Posted on 8/8/21 at 4:34 pm to Odinson
quote:
If this house was for sale, would you buy it to rent out?? Probably not. I would sell.
This is what i keep coming back to along with
1). Eviction moratorium worries
2). Nashville (davidson county) taxes increasing and liberal poliicies trending more liberal
Posted on 8/8/21 at 4:36 pm to LChama
Yup
Sold our house in Nashville 7 years ago. $435k. Zestimate now is $735k.
Sold our house in Nashville 7 years ago. $435k. Zestimate now is $735k.
Posted on 8/8/21 at 5:36 pm to LChama
Not with eviction moratoriums mandated by health agencies in Washington DC. You are a bureaucrats decision away from not being able to collect rent or evict. This decision can be made to help bolster the election chances of someone. frick that.
Posted on 8/8/21 at 5:45 pm to LChama
my biggest concern as a landlord is what seems like the inevitable mandates where they cap the cost of housing
this CDC moratorium just seems like the first step of what's to come
this CDC moratorium just seems like the first step of what's to come
Posted on 8/8/21 at 6:09 pm to LChama
Housing prices in Nashville aren't going down anytime soon, but neither are property taxes. If you don't need the cash I wouldn't be in a hurry to sell, but I'd make sure to crunch the numbers.
Posted on 8/8/21 at 6:33 pm to LChama
I sold my rental a few years back and dumped the money in the market. Life has been much better and the market returns have been great. No regrets here.
Posted on 8/8/21 at 8:27 pm to LChama
My wife’s townhouse that we sold right before we got married. She bought it for something like $65k in 2004, and they’re selling for $100k today and getting $1000-1100 in rental income
Posted on 8/8/21 at 8:38 pm to LSUGUMBO
quote:
My wife’s townhouse that we sold right before we got married. She bought it for something like $65k in 2004, and they’re selling for $100k today
2.5% appreciation per year doesn't really move the needle to me. The DJIA is up like 300% in the same time frame.
Posted on 8/8/21 at 8:52 pm to Mingo Was His NameO
quote:
2.5% appreciation per year doesn't really move the needle to me. The DJIA is up like 300% in the same time frame.
Ya if he told me it now rents for $2,000 a month and the property taxes are non-existent I'd be on board.
This post was edited on 8/8/21 at 8:53 pm
Posted on 8/8/21 at 9:00 pm to LChama
I own each house I lived in for 20 years of marriage and I am selling one now. I wanted to use them as retirement plan with the other ones. But not anymore with this commie gubment.
Posted on 8/8/21 at 9:19 pm to AndyJ
quote:
Yup Sold our house in Nashville 7 years ago. $435k. Zestimate now is $735k.
That $435k invested in the stock market over that 7 year time frame, and simply matching the S&P return every year, would have given you more return than $735k.
And a lot less headaches most likely
This post was edited on 8/8/21 at 9:21 pm
Posted on 8/8/21 at 9:53 pm to 13SaintTiger
quote:Idk about that
Nothing better than someone else paying off your mortgage while the value of your property increases.
Posted on 8/8/21 at 10:31 pm to Lgrnwd
I only had about $125k in equity though.
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