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Old 12-06-2007, 04:46 PM
 
3 posts, read 8,641 times
Reputation: 10

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My husband got a job in Pinellas so we rented a house there because the drive from Tampa was killing him. I am so confused as to whether or not we should sell or rent our house in Tampa. We put a lot of updates into it and I am afraid renters will ruin it, but the thought that the house could sit on the market forever is terrifying. If we rent it out we could possibly make $200 a month but is that worth the headache? My husband seems to think the market will fix itself by next year and the house will be worth more. BUT BUT BUT ack! We are running out of time and $
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Old 12-06-2007, 05:18 PM
 
Location: Imaginary Figment
11,448 posts, read 13,837,691 times
Reputation: 4777
I was in the same situation out west a few years back.

If you are going to rent out the home, do your homework and rent it yourself. Do not have a property management company take care of the home. There are plenty of landlord forums that can give you great information on this.

I had a PM in Utah that was on the National Association of Property Mgts who rented my home out to a group of scumbags who destroyed my home (upgraded like yours) in less than three months. EVERYTHING was ruined. I'm not kidding. It looked like they were running a Jiffy Lube in that house. There was absolutely nothing that could be salvaged. It was a total gut job. I lost a lot of money on that house and was forced (no bank would give a loan for that home) to sell to a cash only investor.

I'm taking the PM to court, they have a paper trail of their failure to perform (the credit report with judgments, evictions, collections alone, just for starters) next month. This has been a long and expensive process. If I lose, according to my contract with the PM, I am legally bound to pay their legal fees as well. I should hit 10k on my end no problem. It ain't pretty, none of it.

If you are going to sell, price it lower than comps and have it clean as a whistle. And be patient. Mine current home for sale is cheaper, nicer, and has more upgrades than any of the competition and I've had three showings in 2.5 weeks. Not too bad, but the phone has not rung all week.

I know it's the holiday season and I take that into consideration. New homes, short sales and foreclosures are going to bring the prices down even quicker. IMO there isn't going to be a "rebound" for a long time. If you plan on selling, my advise would be to do so NOW.

My .02 cents.
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Old 12-07-2007, 06:48 AM
 
Location: Earth
1,480 posts, read 4,851,605 times
Reputation: 1439
The house I'm renting now was no the market for sale for several months before the owners decided to rent is. That seems to be the way the market is. Craigslist.com is a good site to run a free ad., I've found my last two residences through that site. If you do it right, being a landlord isn't too big of a deal. Just read up on fair housing laws and cover your butt. I used to work in property management for apartments and we used a good local landlord attorney at evict.com. They provide many forms, templates, and useful information for free. They also hold seminars for landlords, they're good. SLCPUNK is right, though. Save your money, you don't need a Realtor to rent out a house.
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Old 12-07-2007, 08:29 AM
 
Location: Chicago
2,467 posts, read 11,837,996 times
Reputation: 896
Quote:
Originally Posted by Eastern Roamer View Post
The house I'm renting now was no the market for sale for several months before the owners decided to rent is. That seems to be the way the market is. Craigslist.com is a good site to run a free ad., I've found my last two residences through that site. If you do it right, being a landlord isn't too big of a deal. Just read up on fair housing laws and cover your butt. I used to work in property management for apartments and we used a good local landlord attorney at evict.com. They provide many forms, templates, and useful information for free. They also hold seminars for landlords, they're good. SLCPUNK is right, though. Save your money, you don't need a Realtor to rent out a house.

Also, if you are worried about tenants destroying things, I would ask for previous landlord references and you can also ask for a heavty security deposit.
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Old 12-07-2007, 10:54 AM
 
1,023 posts, read 3,197,109 times
Reputation: 272
Quote:
Originally Posted by anymore2 View Post
My husband got a job in Pinellas so we rented a house there because the drive from Tampa was killing him. I am so confused as to whether or not we should sell or rent our house in Tampa. We put a lot of updates into it and I am afraid renters will ruin it, but the thought that the house could sit on the market forever is terrifying. If we rent it out we could possibly make $200 a month but is that worth the headache? My husband seems to think the market will fix itself by next year and the house will be worth more. BUT BUT BUT ack! We are running out of time and $
If your main concern with selling it is that you will sit there forever, then I say sell it. Most people are afraid to take a loss. If you are afraid of just waiting, and you aren't in any position to have to take a loss..then put it on the market, and sell it outright. The speculation of the market improving will not do anything to your value unless your area decreases the insurance and tax cost. It's not really the home prices in the Tampa Bay area, it's the added crap that people don't have the money or the patience for. Thus, I say list it, list it fairly and you'll sell. Only people who haven't gotten real are sitting forever.
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Old 12-07-2007, 07:27 PM
 
792 posts, read 2,180,868 times
Reputation: 810
Quote:
Originally Posted by anymore2 View Post
My husband got a job in Pinellas so we rented a house there because the drive from Tampa was killing him. I am so confused as to whether or not we should sell or rent our house in Tampa. We put a lot of updates into it and I am afraid renters will ruin it, but the thought that the house could sit on the market forever is terrifying. If we rent it out we could possibly make $200 a month but is that worth the headache? My husband seems to think the market will fix itself by next year and the house will be worth more. BUT BUT BUT ack! We are running out of time and $
Take it from someone has dealt with renters before. They will destroy your house. They don't care, it doesn't belong to them.
I've had tenants literally cost me thousands of dollars after I get them evicted, because i'd have to fix the place back up afterwards.
I've since given up that headache. Save yourself the misery, put it on the market and sell it.
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Old 12-08-2007, 07:20 AM
 
Location: South Tampa
104 posts, read 351,165 times
Reputation: 53
Default Try both

I have been in this situation before and as your husband mentioned, it is tough time to sell your house but renters can also be a pain. As a Realtor, I am seeing a lot of price concessions on the sales side and a lot of vacant rentals. If you offer the property as a rental and as a property for sale, you can decide which one feels better. Finding a good renter is a tough job.


Quote:
Originally Posted by anymore2 View Post
My husband got a job in Pinellas so we rented a house there because the drive from Tampa was killing him. I am so confused as to whether or not we should sell or rent our house in Tampa. We put a lot of updates into it and I am afraid renters will ruin it, but the thought that the house could sit on the market forever is terrifying. If we rent it out we could possibly make $200 a month but is that worth the headache? My husband seems to think the market will fix itself by next year and the house will be worth more. BUT BUT BUT ack! We are running out of time and $
Rate this post positively Reply With Quote Quick reply to this message
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