jkviper
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Joined: 05 Nov 2010
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| Should he rent it? |
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I have a close friend of mine who recently got married and with the marriage came an extra house. That part is wonderful but with the house came an extra payment. They settled on the one they wanted to live in and are trying to sell the other. They have had it on the market for quite sometime now. I think its been almost 2 years now. They have been through multiple agents and several deals that fell through.
Its to the point that he is ready to take a loss on it to simply get rid of the property. I have mentioned to him the possibility of renting the house instead of selling it. He is worried that it will be too much of a hassle and really just wants it gone. I also mentioned maybe owner finance or something like that. He's making the payments anyways and they are not starving for cash at the moment.
I just wanted to get someones opinion that maybe has done something like this in the past and if you think it is worth the trouble or now. Any recommendations are greatly appreciated.
Thanks
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Fri Nov 05, 2010 4:21 am |
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coaster
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You really have to want to be a landlord to be a good one. It sounds like he doesn't really want to. I'd suggest selling the house for what makes him happy to get out from under it, then get on with his new marriage. That's what's important to him now and worth far more than the monetary loss, anyway.
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Fri Nov 05, 2010 5:50 am |
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jkviper
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That definitely makes sense. I guess you would have to be very committed in order to put up with some of the things you might run into.
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Fri Nov 05, 2010 6:47 pm |
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honeybee
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Renting the house is a good investment in the future. If he sell the house now, maybe he will receive some amount of money, all once. then it gone and there will be no more. But if he choose to rent it out, he will keep receive money every month. and if the location is strategic enough, a year or two to come, the rent fee will rise and it will give him the benefit. if he want to avoid any hassle then he got to choose a right tenant to rent the house.
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Sat Nov 06, 2010 1:40 am |
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jkviper
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The long term investment is definitely worth renting it out. But based on the location I doubt the rent fee would increase. Also its very hard to "choose the right tenant"
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Tue Nov 09, 2010 2:27 pm |
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MrCashFlow
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Location: East Coast
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Try a lease with purchase option. Lease payments may be applied to the purchase price, and amount agreed on when the deal is made. The best approach is to make the term as short as possible. Should another prospective buyer come along with ready cash, you won't be hindered by a long-term contract. And since you are still the owner, you can depreciate the hous as a rental unit.
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Sun Nov 21, 2010 3:55 pm |
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