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Hi. My family and I are considering a move to FL from NJ. I would feel comfortable renting my home while we are in Florida, just in case it doesn't work out we can return. Have you ever done this? Is it realistic?
Thank you
My family and I are considering a move to FL from NJ.
I would feel (more) comfortable (not selling yet and instead) renting my (NJ) home
while we are in Florida just in case it doesn't work out we can return.
Is it realistic?
Generally not.
The bigger concern for me is your tentative phrasing (bolded above).
If you aren't confident about prospects in FL and don't WANT the location change
or otherwise don't really NEED to make the location change... then don't make the change.
But if you do commit to a long distance relocation most will be better off making a clean break.
Getting whatever CASH their net of sale equity can provide goes a long way but mostly in the
peace of mind of not having to worry over renters, money, repairs and all the rest of it.
I did years ago, and like someone else said, get a property management company involved. But not just any company, best to get a referral. Personally, I found the potential liability far too stressful and ended up selling a year later. You say you have family in FL, will they be close enough to do a random drive by the property every so often?
We live in NJ, so that's the house we would rent while in Florida. My father is very handy and close to our home in NJ.
A management company is great too !!
Yes, I rented mines out when I moved from CO to TX. I hired a property manager and also offered my tenants a discount for a 2-year lease. When they moved out, I sold the house since I do not plan to relocate to the area. I definitely recommend hiring a property manager since you'll be out of state.
We tried with a family member and it didn't work. I think with a management company, like the others mentioned, it can work.
Good luck!
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