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Old 04-07-2010, 10:45 PM
 
67 posts, read 212,165 times
Reputation: 18

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Hi,

I have got job offer from Raleigh and I am considering the move. Problem is that I own a house in university area which I bought in 2007 in lower 200s. If I try to sell the house now, I am quite sure, I will have to take a decent loss + Realtor fees. I am thinking about the option of renting it out for couple of years. How is the rental market in this area, I mean how long it takes to find a tenant. I have absolutely no experience renting. Can someone please recommend me a good realtor who can help me?
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Old 04-08-2010, 05:24 PM
 
67 posts, read 212,165 times
Reputation: 18
Bump.. any advice please ...
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Old 04-08-2010, 06:07 PM
 
Location: Yellow Brick Road
35,460 posts, read 43,196,300 times
Reputation: 19772
Can you afford to work with a professional management firm? Unless you live nearby and are an experienced landlord, I think most folks would highly recommend you check out the possibilities with using a management firm. It will cut down on your profit margin, tho, and may mean you will have to underwrite your mortgage w/ your own money. But it sure cuts down on riff-raff renters and trips back to take care of maintenance issues.
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Old 04-08-2010, 06:32 PM
 
Location: midwest transplant
370 posts, read 444,717 times
Reputation: 241
http://www.city-data.com/forum/charl...rt-system.html

I say only do it if money is no option, you can pay both mortgages and you have no problem dishing out a pretty penny for repairs between tenants.
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Old 04-09-2010, 08:28 PM
 
67 posts, read 212,165 times
Reputation: 18
Jordysmama, thread is really scary. I am scared renting out my house.
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Old 04-10-2010, 05:57 AM
 
Location: caribbean island
5,403 posts, read 5,083,755 times
Reputation: 1886
Quote:
Originally Posted by skaggarwal View Post
Jordysmama, thread is really scary. I am scared renting out my house.
Unless you do this type of thing for a living it's almost impossible. Professional managment services are not affordable for a SFR.

Absentee owner managing one house is like thinking you can leave your one year old child with a brand new 12 year old baby sitter for a month and hope it turns out OK.
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Old 04-10-2010, 11:28 AM
 
Location: Yellow Brick Road
35,460 posts, read 43,196,300 times
Reputation: 19772
This is a rhetorical question that you don't need to answer, but just something to think about.

Will your new job be a substantial salary increase? If so, you might consider renting something modest in Raleigh and not selling your house in Charlotte at this time. Of course, that means you will want to make regular trips back to check on the house and you will want a good security system. In addition, either you will have to come back weekly and mow the grass on the weekends or pay someone else to do it.

Meanwhile, you would be paying down your mortgage so the chances are better that in a year or so when you put it on the market, you won't have to bring money to the closing table.

It would be a big hassle, in any event, unless you don't mind spending your summer in Charlotte on the weekends (to do maintenance and make the house look "lived in") And you are taking a chance on break-ins, as well (wh/ is why it is good to come back regularly and have a great security system).

The other question is . . . do you feel you NEED to make a job change b/c your current job is unstable, meaning - there have been layoffs and you are not in a secure situation (again - just something for you to factor in).

If your job here is stable and the pay is about the same, maybe this is just not the time to make a job move.

Just some food for thought. You are in a tough situation w/ making a decision.
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Old 04-10-2010, 11:25 PM
 
67 posts, read 212,165 times
Reputation: 18
Thank you every one for your inputs. I really appreciate these. Anifani821, thank you very much for asking some really very honest questions. Due to my visa issues I will have to leave my present job, by end of the year, and since I am getting a similar job offer now, I am thinking about making the move. Do not know how job market will be like 6-7 months from now. Before I accept this offer, I want to figure out thing with my house, I can not definitely afford mortgage of this house + rent on an other one for a very long time. For sure I can not actively manage the property, specially after reading that thread. I think I have 2 options -->

1. Try to sell my house and take something like 20-25K loss. (I might as well keep my house empty for 1 year hoping for market to recover, but that has a big "IF" - market will recover)

2. Rent it out with a property management company. I am not sure what they charge but even if I get 1000-1200$s after everything, that will help me keep my self current on my mortgage. I am hoping for something like 1400$s for a 2300+ sqft house. My mortgage payment is 1425 pm. But that works only with rental market is decent. If it takes like 6-9 months to rent, this is not a very good choice.

I hope I am making sense. I not very experienced with real estate things and wanted to run my thought process with you guys.

Thank you very much for reading this through.

Last edited by skaggarwal; 04-10-2010 at 11:36 PM.. Reason: typo
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Old 04-11-2010, 12:11 AM
 
330 posts, read 419,433 times
Reputation: 390
Lightbulb Long shot

You could see if someone in Raleigh area would swap houses with you.
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Old 04-11-2010, 01:22 PM
 
589 posts, read 830,556 times
Reputation: 352
Quote:
Originally Posted by skaggarwal View Post
I think I have 2 options -->

1. Try to sell my house and take something like 20-25K loss. (I might as well keep my house empty for 1 year hoping for market to recover, but that has a big "IF" - market will recover)

2. Rent it out with a property management company. I am not sure what they charge but even if I get 1000-1200$s after everything, that will help me keep my self current on my mortgage. I am hoping for something like 1400$s for a 2300+ sqft house. My mortgage payment is 1425 pm. But that works only with rental market is decent. If it takes like 6-9 months to rent, this is not a very good choice.
Option 3. Just hand the keys back to the bank and walk away. You are already down $20-25K. Why hold onto a bad investment?
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