Got our place rented! (credit, house, fees, real estate) - Renting -Apartments, houses, lease, tenant, landlord, agreements, termination - City-Data Forum

MaryleeII · 09-19-2010, 08:17 PM

Yippee!!!

Our house is finally rented!

To a great couple who may want to buy it when their credit stabilizes and they can get a mortgage.

We're just breaking even, renting it for our mortgage payment, then we pay a property manager, so we go negative about $100 each month, but we're still ahead the payment. I would never rent a place without a good, efficient property manager,this guy is worth his commission.

he feels this situation will continue for about 1-3 years, that its easier to rent a home than to sell it, because of the difficulty of obtaining a mortgage, and the instability of the labor market.

Even people who can get a mortgage are leary of committing themselves to a potentially unstable job market. If you can't get a mortgage, your only other option is to pay cash, which many are reluctant to do. Unless you're "loaded" you'd really hesitate to plund down a big sum on an asset that could just lose value.

Better to hang loose, at least for awhile. So, we've rented our home out to some nice people, and we are renting the home we live in, kinda circular, buy hey, it works!

STT Resident · 09-20-2010, 08:03 AM

Glad it worked out for you.

lawmom · 09-20-2010, 08:20 AM

Wow, you're lucky to be only $100 off every month. We pay $1540 for mortgage/tax/insurance and after fees for the property manager we net $990 for rent. But that's what the market will bear there, and since we tried to sell for a long time it's better than nothing. Congrats!

MaryleeII · 09-20-2010, 01:12 PM

Quote:

Originally Posted by lawmom

Wow, you're lucky to be only $100 off every month. We pay $1540 for mortgage/tax/insurance and after fees for the property manager we net $990 for rent. But that's what the market will bear there, and since we tried to sell for a long time it's better than nothing. Congrats!

Look at it this way, you're $990 ahead of where you used to be!

Just tighten your belt for the difference, is all you can do.

Our grand plan is to hang onto our property for another 1-3 years, hope the market will turn arund, meanwhile live in rented home until we can buy another (many things will have to change before we purchase another home!)

lawmom · 09-20-2010, 05:24 PM

Yup, we're stuck renting for the foreseeable future, too. We have not only one, but two houses to sell, in areas that are dead right now as far as real estate.