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So, i'm going through a major transition in life now that will likely result in me moving to another state (in the South). I own a home. By the time I will move, I will have owned the house for slightly over 2 years.
I'd love to sell it. But by doing so, I will have lost a lot of money. However, another part of me would love to rent it out. But, I'm very fearful of having calamity befall me as a result of having a tenant..
So, I don't want to make a rushed decision.
For those of you who own homes and are currently renting them out: what have been your experiences? Do you regret it? How do you make sure your property remains safe/intact while having tenants live there?
Are you familiar with Dave Ramsey? I just heard him tell a young couple the other day to NOT be out of state landlords. It does not work. I agree with him.
Long distance land lording is not ideal. With that being said, if you have someone you trust that manage the property for you, whether that's a friend or a management company that people you know have used with great results, that may be an option.
Also, if you can't make money or atleast break even monthly, you need to sell, bottom line.
So, i'm going through a major transition in life now that will likely result in me moving to another state (in the South). I own a home. By the time I will move, I will have owned the house for slightly over 2 years.
I'd love to sell it. But by doing so, I will have lost a lot of money. However, another part of me would love to rent it out. But, I'm very fearful of having calamity befall me as a result of having a tenant..
So, I don't want to make a rushed decision.
For those of you who own homes and are currently renting them out: what have been your experiences? Do you regret it? How do you make sure your property remains safe/intact while having tenants live there?
We rented out previous home after buying a new one. But that was part because f the plan and we gave been LLs for a while. I thought I was going to have a psychologically hard time. And I did for a little while. Then one day I realized it's still my house and I'm just moving on with my life. After that it was all business. Now it's just a investment. I have no emotional attachment to the property anymore.
I'm about as far as I'm willing to be from our properties. I won't ever do a long distance rental or LL.
Sell it. Take your loss and move on with your life.
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