Should I rent my house that I have morgage on??? (apartment, tenants)

[ellisjay2]

My friend recentley got divorced... .. ex husband still lives in house...she and her son are supposed to be in house and he was supposed to leave after all was final. Now she has currently deciced that its better to rent or sell home as house still has a morgage. If house is rented that could pay for morgage and possibly a thousand extra income, and then sellling the house would give her 40k approximately due to ex husband getting half of the profit from selling the home. Which is the best option for her to take, selling the house or renting?? The house is an old style ranch with finished basement built in 50's, has been updated but needs some work, has finished basement apartment, needs cosmetic work and roof work, has three bedroom basement apartment, with seperate entrance, upstairs is three bedroom, one and half bath, living room and den, two car garage, two fire places.

[Calm Down ATL]

Most importantly, in what part of town is it located?

[ellisjay2]

cobb county, marietta area

[AtlantaMove]

This is deeply personal. Someone who has seen the property, the area and knows more about their current situation would be the best source of guidance in my opinion. So many variables here.

[lorilove]

There are a lot of risks with renting a property. No one should enter that type of decision lightly. The average person does not take into account cost of repairs/maintenance, times when the property might be empty, what happens if you get a bad tenant. I have one property and we have experienced every situation at least once but our property is mortgage free and not a significant $ value of our total investment/savings. Plus if you are managing itself it can become a headache and time consuming


I vote for make a clean break with the ex and move on.

[MrRational]

Originally Posted by ellisjay2

Which is the best option for her to take, selling the house or renting??

In nearly every instance she will be better off to sell and move on unencumbered.

Exceptions to that basic logic exist but mostly depend on the specific skills this new landlord brings.
eg: If they have to hire out for all manner of help and work... sell.

[Electrician4you]

Unless she has money to carry her and willingness to invest and put the time and money into learning how to be a LL she may be better off selling.

How willing is she to put th3 time and money to be a LL?

[adjusterjack]

Advice from a former landlord.


SELL, SELL, SELL!


Yeah, the money and the tax deductions may seem good at the start but the crap from tenants, and the monetary losses from damage and unpaid rent far outweigh any perceived financial benefit, especially with amateurs who are almost guaranteed to get screwed pretty quickly.

[Kim in FL]

Unless she has the time, money and energy to be a landlord, she's better off selling. Don't go into the landlord business to 'cover your mortgage', because it rarely ever does.

[Mr_Geek]

Unless you enjoy stress, misery, and headaches you should sell.