Are You Renting Out Your Home? (tenants, investment, mortgage, mortgage)

[erjunkee]

Hi All,

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?

[MrRational]

Originally Posted by erjunkee

I own a home. By the time I will move, I will have owned the house for slightly over 2 years.

When you say "own" you mean mortgaged to the eyeballs... or cash paid in full?

...that will likely result in me moving to another state (in the South).
I'd love to sell it.

And you'll be better off doing so ...even at a loss.
Move on unencumbered.

[erjunkee]

Originally Posted by MrRational

When you say "own" you mean mortgaged to the eyeballs... or cash paid in full?.

.
I put 20% down of the cost. But no, not the full payment for the home. So, I'll still owe a mortgage on the home.

[projectmaximus]

How much is your PITI, how much would it rent for, and is there an HOA fee?

[erjunkee]

Originally Posted by projectmaximus

How much is your PITI, how much would it rent for, and is there an HOA fee?

PITI is $1870/month. The HOA fee is 357.00 per month. ADDITIONALLY, there is a quarterly tax assessment via my town that is roughly $1100 per quarter.

I'm not sure how much I'd rent it for. I honestly wouldn't know where to start in terms of figuring that amount out, quite honestly.

[Lodestar 77]

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.

[WorldKlas]

Sell it

[livedeverywhere123]

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.

[Electrician4you]

Originally Posted by erjunkee

Hi All,

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.

[dothetwist]

Sell it. Take your loss and move on with your life.