My Oro Valley Home (real estate, rentals, mortgage) - City-Data Forum

Jim Powell · 10-09-2008, 06:11 PM

I just received notice from my rentors that they can no longer afford to rent my home in Oro Valley (due to the stock market). It's a three bedroom home (2 bedroom w/1 den) and two full bathrooms. It's in very good condition with new installed tile throughout the house. Does anybody have any ideas as to if I should try rent it out again for $950 or if I should just try to sell the home. The home has been rented out for so long to a retired couple I guess I've gotten pretty relaxed and I really don't want to deal with anything other than a long term rental or a straight out purchase. I would really like to get anyone's recommendation as to what I should do. I appreciate your feedback! I'm sure there are others that may be in the same situation. So this thread could be very useful.

Bummer · 10-09-2008, 06:27 PM

Sorry, Jim, not much help . . . only empathy!

I tried being a landlord a few years ago and swore NEVER AGAIN.

It sure sounds like you were blessed up until now but . . .

My suggestion would be to find a good Real Estate Agent (I know one if you don't) and eliminate the stress and grief by selling it.

Good Luck!

Home_Kid · 10-09-2008, 09:35 PM

i would if i could just keep it empty and pay the prop taxes for a year or two until something positive comes of this market crisis. eventually sell it and get some $$$ out of it.

sierraAZ · 10-09-2008, 09:43 PM

If I were you I wouldn't sell it now if I could afford keeping it.

michael krotchie · 10-09-2008, 11:13 PM

Depends on your circumstances Jim. I see a few options:

1) Keep renting and managing yourself.

2) Keep renting but pay a property management company to deal with the rental (usually costs 5-7% of gross rent)

3) Sell property

4) Hold and sell later

Like sierraAZ mentioned, selling now would be selling at the bottom of the market. Unless you need the cash immediately a positive cash-flow property is a very wise investment. Not only is it a reliable source of income but there are the numerous tax breaks (mortgage interest write-offs, depreciation, etc.).

sabrinasmom3 · 10-10-2008, 06:43 AM

Do you believe in fate, Jim? This is the first time I've gone into this forum (besides having it show up in answer to a google query). My family and I are going to be relocating from New York State to (we were hoping) Oro Valley. We were ourselves debating the issue "to rent or buy". We haven't been down yet, so we've only been internet "window shopping". We have never moved before and were uncertain about renting because we didn't want to have to move twice, especially to different school districts. I'd be interested in hearing more about your house and your decision whether to rent or sell, as well as any advice from anyone on the housing market and rentals.

Marcy1210 · 10-14-2008, 01:05 PM

I agree with Michael about the management company. They will also screen your tennants, handle the rent payments, send nastygrams if tennants don't pay, and basically take the headache out of being a landlord. And you really don't want to sell at this time. It's a buyer's market. If you can wait until the economy turns around, you'll have a better financial outcome from selling, if that's what you choose to do. But, having a cash-producing investment is something you might want to hang on to.