Rent out new home or sell?

[Rakin]

Originally Posted by jacobr

I recommend you rent it out for a year and have a property management company overlook the property. You should have no problem selling the house in today's market but when you come back a year later you will be in a bidding war for any house you like that is in the open market.

If you are planning on moving here within the next 2 years, I believe this is the correct thing to do.
Just be very selective in who you put in the home.

It's not wise to be a long distant landlord but finding a home nowadays is even harder.

DM me if you need a referral on a management company.

[WorldKlas]

Rent it out is my input. Especially if you have friends in the area who can drive by once in a while. So many people are transferring into the area, you shouldn't have trouble getting it leased.

[Allison81]

Originally Posted by ann_kay

Exactly what I have been trying to tell my wife. Just thinking about going through bidding wars gives me the shivers, and is not something that I want to do, if we can somehow manage to hold on to this one.

Talking to a few realtors (not true blue property mgmt companies) to rent it out didn't really yield any enthusiastic responses. One realtor mentioned that he had never heard anyone wanting to rent out their brand new home and whether I was sure that I wanted to take that approach. Couple of others never bothered to respond back. Maybe, its just the current hot market that the realtors don't want to focus on rentals when they can be putting their effort in selling houses.

Rentals are a PAIN in the tail for realtors because it's a lot of work for little reward. Dont listen to their advice, b/c they want 3% commission on a SALE...not one months rent

[Discovery1]

Originally Posted by ann_kay

We closed on a new home late last year in Frisco, however due to work complications we have not been able to move in the house yet (we are from the Northeast). We just found out this week that my wife's work will require her to be around in the Northeast until Summer 2016!!!

We had the house sitting vacant (pretty big home in a very nice community) all these months with the hope that we would move in soon. We made a few trips back and forth to Frisco, and have a friend in the same community who checks up on the house.

However with the recent developments, I have come to a point where I can no longer keep it vacant. The monetary costs plus the constant worry about having a vacant home so far away is keeping me awake at night. I want to now rent out the home until we finally move, however, my wife just wants to sell it and cash it out, and get another home when we finally end up in DFW. The thought of being a long distance landlord does not appeal to her! I am terrified of the whole home buying process and don't want to go through it again (it took us almost 6 months to get this house), so I just want to go ahead and rent it out.

If we decided to sell, I assume we wouldn't have any problems, the market being what it is right now, however, if we take the rent route, will this huge house ever rent?

What if any suggestions would you guys have for us to sort this situation out?

Listen to your wife is BEST. She made a very good point.

[cowboyqb]

I'd rent it, and here's why...
1. It took you 6 months to buy once and might take the same time or longer to buy again. Excruciating process plus competing offers, not to mention multiple trips again. You liked it once and 2016 is not far away.
2. It will rent relatively easily in Frisco and with Property management doing the work for you, it might not be that hard on you. You also might break even between your mortgage, taxes, property management and rent. But the upside is the equity you might build on it.
3. Tax implications - if you sell now, you have to pay taxes on it.

Good luck!

[pistisan]

So what happened at the end, can you share your story. I, like many other in this post, suggest to rent. It is not difficult to have it posted in MLS and lease it on a short notice especially a new house. Prices are going up, and according to various sources and the amount of business and growth in the region the prices will likely go up further.