What to do with a house, what to do with a house... (Phoenix: bank owned, for sale by owner)

[movin'on]

Ok, sat on my duff long enough and it's time to make my screen name MEAN SOMETHING! So, I think I know what steps to take, but what to do with this house.

I like this house. It's a little gem in a primo location, one of those older houses with a HUGE lot, unlike what they're throwing up these days. So what to do.

Well...I can just leave it sit here and pay someone to check on it from time to time (which is probably my first choice). Or, I could just have someone live here for a very minimal amount to watch things. What a deal they'd get!

Or...I could rent it out at market price, but then there's that renting hassle.

Or...I could sell, but I want a safety cushion to fall back on, in case I decide I really love this area and was just having a mid life crisis. Now probably isn't the best time to sell, either.

I'll never make this same mistake again. Anywhere else I go, I rent for one year (six months minimum). Then I can re-evaluate.

What would YOU do?

[Nice Nice Baby!]

Sounds like you answered your own question! You mentioned a mid life crisis, so can you wait that out? If not, then on to plan B.

[movin'on]

Originally Posted by Nice Nice Baby!

Sounds like you answered your own question! You mentioned a mid life crisis, so can you wait that out? If not, then on to plan B.

LOL, I wish! I think mine is going to last forever though. So far it's been 3+ years.

Once you hit a certain point your mortality hits you square in the face. You realize time is your greatest asset, so why squander it. IOW, I should get off this durn computer, hop on a plane, take a chance, and live life!

[sablebaby]

Don't worry, my boyfriend's been having "midlife" for about 7 years I think.

I would keep the house for a while just in case I made a mistake of moving elsewhere. If it becomes a hassle to keep from out of state then I'd look into selling it. If you find utopia and don't care about keeping the ole house, then sell it. You could have a mgmt company take care of the lease and stay out of the monthly hassles of collecting rent and dealing with problems.

It would just suck if you sold, moved somewhere, hated that even more than here and wanted to come back. I think many people do that from CA and totally regret their decisions.

Hey, did you ever get your house painted?

[DeLaSalle]

Originally Posted by movin'on

LOL, I wish! I think mine is going to last forever though. So far it's been 3+ years.

Once you hit a certain point your mortality hits you square in the face. You realize time is your greatest asset, so why squander it. IOW, I should get off this durn computer, hop on a plane, take a chance, and live life!

Travel around until you find a place you like...
When you do, rent a small apt and if you have a "Trusted" friend let him/her stay at your home to take care of it.
Just make sure they understand it's a week to week deal...

Regards

[movin'on]

Originally Posted by sablebaby

Don't worry, my boyfriend's been having "midlife" for about 7 years I think.

I would keep the house for a while just in case I made a mistake of moving elsewhere. If it becomes a hassle to keep from out of state then I'd look into selling it. If you find utopia and don't care about keeping the ole house, then sell it. You could have a mgmt company take care of the lease and stay out of the monthly hassles of collecting rent and dealing with problems.

It would just suck if you sold, moved somewhere, hated that even more than here and wanted to come back. I think many people do that from CA and totally regret their decisions.

Hey, did you ever get your house painted?

In process...it'll take forever, I think, but that's ok. I kinda wish I'd left it alone, but I am sure glad I didn't paint it pink.

Seven years, hah? Wow, that gives me hope

I was reading this book that said, oh, who cares, let your looks go to hell because no one is looking anymore, and I just ended up in tears. I think what a negative way to look at things.

Anyway, maybe I should start a separate thread on dealing with mid life crises and how to pull out of them.

And I will keep the house, as I do need to feel there is some "home base" somewhere here. Only hassle is the pets, but I guess they go where I go.

[DeLaSalle]

You'll feel alot better...

[115db]

If you choose to rent it, you might consider going through a rental agency, and let tham handle all the paperwork and hassles of screening tennants. They might be mnore experienced on collecting rent, handling evictions, all the legal stuff that goes with their services. They may charge a percentage but in the long run, it may be worth letting someone else handle and potential problems with a tennant.
Im not sure about selling, but can tell you that Ive been watching houses out here sit for months, and several more that have been sitting for a few years. And even worse, there are several that have never been lived in since they were built. Sadly, theres a house Ive been 'keeping my eyes on' for several months, it was 'for sale by owner'....now the sign in front says 'for sale, bank owned'. Poor suckers probably lost it to the bank.
But do the research, and hope whichever you choose to do, it works out for you.

[Ponderosa]

Didn't you ask the same thing last summer? I'm too lazy to look it up but it sounds familiar. Maybe you should just wait till it cools off again and all is right with the world.

[MotleyCrew]

We went through some bi-polar moments over renting our town home in Phoenix. We love that little place and have too much invested in it to see it destroyed. We did find a good property mgmt fellow and he found us a great gal to rent it. So far so good. I think if we were to move elsewhere we would rent this to hang on to it in case we did not love the next place.