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I agree about the rental issue. My fiance and I own three house between us. The extra two are luckily both rented right now, but renters are SO HARD to deal with. Good luck with what you decide. Is it possible to take a loss on one of them and live in the other while you wait out the credit-issues/financial downturn?
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My Fi and I are having issues with the housing market as well. We want to relocate to a new city in the next year and our home's value has gone down alot since we bought.
If we sold it, we will probably lose money on it. We don't want to rent since we wont be around to keep it up. We also don't want to have to worry about the renters not paying or ruining the property etc...
Its a rough situation for everyone looking to sell... great for buyers... but there doesn't seem to be a ton of people buying these days...
Hopefully the market will get better soon..
IMG00146-20101031-1332.jpg (84 KB, 23 downloads) 1 year old
I know my BIL/ FSIL went through a similar issue and both rented their homes and rented one that was good for the two of them. My BIL has a realty agent who handles absolutely EVERYTHING with the renters for a nominal fee. He has said it has caused them no problems
We both own our houses. We contacted a realtor this week and she wants to list his 20,000 less then what he bought for. We haven't looked at selling mine because honestly mine is double the size for the same mortgage note and taxes. So we are now thinking we will rent out his. We have 9 months till the wedding so we are hoping things settle down a little more by then. If not we will sit on it till the market is back. If it was only a few grand we might feel differently, but 20k is way too much of a loss.
We're living together now in his condo, and we're actually struggling to get it sold BEFORE we get married. We're worried about housing prices coming back up, and if they do we'll be unable to buy one because of our income levels. We're going to end up breaking even on the condo if we're lucky, but we'd rather buy a house at the current prices than wait to make a profit on it again. House prices will come back up before condos do, sadly.
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My FI has purchased 3 small homes over the last year & he's renting each home out through a realtors office. The realtor takes a monthly fee, but it's so worth it. My FI never deals with repairs, a missed payment, insurance issues or the tennants.
Definitely check it out until the housing market picks up. If you don't have to sell it right now then don't! Real estate is always a good investment & once the market starts doing better- think of the equity you'll gain! Renting a home out has a lot of positives as well!
Good luck! :)
OMG! Yesterday the FI listed his house to rent. He is a pilot and we currently have 2 pilots renting 2 rooms. So he listed the Master to rent. He listed it on the company message board. So we will see if he gets any interest.
This just really shocked me because he has been really big on waiting to live together until the wedding. I think the cost of the wedding has made him realize that we need money and this is one way he can help. Plus I think he is tired of doing the back and forth routine.
Just still a little shocked. I thought I had 10 months to get my closet ready for him to move in. YIKES!
Good luck! That's the BEAUTY of completely seperate closets :)
We own a house in the town we used to live in. Like pp said, realtors sometimes do property management for a small fee. We actually went through a property management company, since we like 14 hours away and couldn't possibly deal with a tenant.
We found the fees to be reasonable (usually around 10% of the rental payment), and our entire mortgage is covered by rent. They also do monthly checks with our renters to assess for property manage, and require that renters have the entire house and the floors professionally cleaned before moving out at the end of a rental agreement. We had a problem with a renter not paying on time, and the property managers also dealt with giving him proper notice of eviction, taking the renter to court, and arranging wage garnishments to recoup the money owed us. It's pretty much worry free on our end. Just something to think about...
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My FI live in a city that was impacted enormously by the dreaded Housing Market Bubble. We both own our places and while, thank goodness, neither of us bought at the height of the boom we would both be looking at taking a small loss or just breaking even if we tried to sell right now. Both of us feel like we'd have to sell for much less than what they're worth and it would be such a better investment, on both places, to wait a few years and sell for a profit.
Unfortunately, to do this, we have to try to maintain both places after getting hitched. The downside is that our state has a marriage tax, and combining both our incomes will also bump us up into a higher tax bracket. So essentially we will be paying the same mortgages but making less. Argh! I thought marriage was supposed to help you financially! We could offset some of this by using one place as a rental but that is a whole 'nother headache to deal with.
Anyone else dealing with similar issues?
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