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Old 03-30-2008, 10:44 PM
 
13 posts, read 45,790 times
Reputation: 10

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I'm building nearby circle c and apparently my new house will be ready by August or September.

There are right now 74 houses in the market in "CIRCLE C" with our price range, probably 15 houses empty.

What should I do with the condition of the market right now....when should I put my house on the market, now? or should I rent?

I'm confused! PLEASE HELP.

I don't really need the money from my house to pay the new house but it won't hurt to have less payments for the new house.
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Old 03-30-2008, 10:47 PM
 
13 posts, read 45,790 times
Reputation: 10
I'm building nearby circle c and apparently my house will be ready by August or September.

There are right now 74 houses in the market in "CIRCLE C" with our price range, probably 15 houses empty.

What should I do with the condition of the market right now....when should I put my house on the market, now? or should I rent?

I'm confused! PLEASE HELP.

I don't really need the money from my house to pay the new house but it won't hurt to have less payments for the new house.
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Old 03-31-2008, 09:45 AM
 
Location: Up in a cedar tree.
1,618 posts, read 6,616,483 times
Reputation: 563
Quote:
I don't really need the money from my house to pay the new house but it won't hurt to have less payments for the new house.

Live in both then

Kind of like one day you feel like driving the old Ferrari and then on the next day drive the new Ferrari.
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Old 03-31-2008, 10:17 AM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,055,006 times
Reputation: 5532
Quote:
I don't really need the money from my house to pay the new house but it won't hurt to have less payments for the new house.
I'd talk to your accountant and make sure you know the financial implications of either decision. Owning rental property is a great wealth builder, but it's not for everyone.

Steve
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Old 03-31-2008, 04:11 PM
 
Location: NW Austin
1,133 posts, read 4,186,597 times
Reputation: 174
If you're a nice person, renting your house sucks. I tried and it was awful. My lawyer told me that if I wanted to do investment real estate I should do commercial instead.

We did all the wrong things, we didn't pull credit reports, we left the utilities in our names... DUMB, dumb mistakes but we didn't have time to do it the right way and we got burned. Lesson learned, we moved on and SOLD the house.

If you have a good property manager and aren't emotionally attached to your house, go for it. Me, I cried when I saw my tenants messed up my hardwood floors that I refinished myself. I also didn't have any luck finding a good property manager.
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Old 03-31-2008, 05:14 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,055,006 times
Reputation: 5532
Quote:
If you're a nice person, renting your house sucks.
Ha, that's a keen observation, and it can sure seem that way. I am a very nice person (usually) but I've been called ever name in the book by angry tenants over the years. My favorite is the "you're a fine Christian" line. I've heard that one many times and have always wondered how non-church going, beer swilling, irresponsible deadbeats suddenly gain moral high ground and religion after the lease agreement is enforced.

If you're familiar with the 4 Archetypes - King, Lover, Warrior, Magician - then you might understand that being an effective landlord requires one to have a well developed "Warrior" attribute.

The "Warrior", in this context, is that part of our psyche that allows us to set and hold boundaries. Landlording is very much about setting and holding boundaries. Landlords who are weak in that area will have a rough time of it. It requires the ability to emotionally detach from a situation, set feeling (the Lover energy) and caring aside, and operate based only on the "data" and facts of the situation. It's all business.

So, when a tenant is late, they owe a late fee. Period. If they don't pay rent, the eviction process is started. Period. If the lease says "no pets", it means "no pets", and that unauthorized dog must go, in 24 hours or less, period (even with Mom and the kid crying in the driveway - yes, I've been there) Excuses, stories and explanation do not matter to the Warrior because the Warrior archetype is in Service to a higher purpose, which is the lease agreement. No feelings or sympathy - that's when all the trouble begins

It can seem mean and uncaring, but it isn't. Landlords are people too, and many don't want to think of themselves and mean and uncaring, so they allow emotion and feeling to interfere with the enforcement of the lease, or they don't know how to respond when confronted with tenants who break the rules.

Other occupations that require a well developed Warrior: Meter Maid, Tow Truck Driver, Ticket Booth Cashier, Security Personnel, etc. Any job where you might be yelled at for doing what you're supposed to by someone who didn't do what they were supposed to.

Well, I went off on a tangent there.

Stegve

Last edited by austin-steve; 03-31-2008 at 05:16 PM.. Reason: typo
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Old 03-31-2008, 05:30 PM
 
Location: Central Texas
20,958 posts, read 45,400,512 times
Reputation: 24745
I would highly recommend, if you decide to rent, hiring a good property management firm for at least the first year. We did that because we lived 40 miles from our old house and didn't want to deal with running over and fixing things from that distance, and it turned out to be a brilliant thing to do. Also, if you do have problems with boundaries, do the same, because it puts a layer between you and the tenants that you might not be able to do for yourself right away. Yes, they do take a cut, but, trust me, it's worth it when they're the ones getting the emergency plumbing call in the middle of the night or the tenant needs to be reminded of what they agreed to or when it's time to figure out how much of the deposit to withhold for what damage. Plus, they already know all the laws that a landlord is required to abide by in order not to get in trouble and/or sued.

I'm very glad we decided to keep our house in Barton Hills overlooking the Greenbelt. There've been times we've thought about selling, but it keeps appreciating, it's paid for itself and now its taxes and insurance, and it's a great investment.
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Old 03-31-2008, 08:13 PM
 
Location: NW Austin
1,133 posts, read 4,186,597 times
Reputation: 174
Ha! Guess I'm not a warrior Steve.
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