(English) Should I Rent My House If I Can’t Sell It?
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Great food for thought!
Another point, is is legal? More and more condo and home owner associations are including a do not rent clause in their bylaws.
Great point Becky…thanks for sharing!
As a former landlord of what was my primary residence, I would say this is right on. Just sell it and take your hit if you can. What this doesn’t mention is the emotional stress being a landlord puts on you. Unless it is paid for and you have a large emergency/housing repair fund, you will always be worried about the next payment, if the furnace will go out on a Sunday in the winter, etc. margins aren’t normally good enough to bring this kind of stress into your life.
All those that are not supporting the rental option are chickens or those who have something to benefit from a sale (i.e., you are a real estate agent). being a landlord is not that stressful if you can train your mind to think financially rather than using your emotions. Hire a professional to manage your tenant and cut any contact with your tenant. Make sure that your property manager uses a comprehensive lease. Purchase an umbrella policy and make sure that you have enough additional liability coverages. Hire an accountant who knows how to take advantage of all tax laws that are in favor of landlords (I am not asking you to cheat – but use the laws to your advantage). Site back and relax until the market bounces back. Don’t listen to all these wimpy talk. Go for it.
@752f4b76ae4b07156a4df5f34beda119:disqus, we can assure you that none of the members of The KCM Crew benefit directly from an agent listing or selling houses. In fact, only one of us has a real estate license and that particular crew member has not been practicing for over 15 years.
We’re not saying that renting your home isn’t a good option, we’re just saying
that it may not be for everyone.
As both an agent and a landlord I would say to ensure that you have reserves for those unexpected repairs and unplanned vacancies.. It can be a financial suicide to the owners financial well being if unprepared. I would also say treat the tenants with respect, and they will more than likely treat you and your property the same.
You hire a Property Management Company like Tampa Bay Rental Solutions and we come to your rescue!
Earning from a rental property becomes very popular from last few many years because the prices of a residential property are very high.
Rental is a best option for those who cant buy home of there own. Rental home is of your on choice it is popular now a days……