(Closed) Sell my house? Rent it out?

posted 4 years ago in Home
  • poll: Sell? Rent?
    Sell it- take your profit and run! : (35 votes)
    59 %
    Rent it out- find good tenants who won't destroy the place! : (17 votes)
    29 %
    Rent it out- use a management company and just get the smaller monthly checks : (7 votes)
    12 %
  • Post # 17
    Member
    5956 posts
    Bee Keeper
    • Wedding: May 2014

    knickergold:  I personally wouldn’t ever want to rent. I think it can be okay most times, but that one time you get a weirdo in there that does damage, won’t leave etc. Ugh. I thougth if you sold a house, you had to put the money into another one fairly quickly or get more highly taxed on it? Am I dreaming that? Lol! Even so, I’d sell, take the money, and run!

    Post # 18
    Member
    623 posts
    Busy bee
    • Wedding: February 2016

    Darling Husband and I rent a house becuase we move around every 2-3 years for his job. My landlord (who is amazing) completely redid the house 3 years ago and rented it out. He had two renters before us and they completely destroyed the place so much that he pretty much had to renovate it again. He showed us pics…the first renters had cats that CLAWED THE WALLS…wtf. We were his last hope before selling. Of we’re taking good care of the house for him but apparently we’re in the minority. I would sell if I were you.

    Post # 18
    Member
    2639 posts
    Sugar bee
    • Wedding: April 2014 - Italian Villa

    RedHeadKel:  not if you’ve lived in the property at least 2 of the last 5 years. Then you are exempt from capital gains up to  $250,000 per individual or  $500,000 per couple 🙂

    Post # 21
    Member
    521 posts
    Busy bee
    • Wedding: January 2016

    I would sell if I were you. You can’t be sure it will maintain its value and being a landlord can be very hard. My mom tried and after constant issues she sold her apartment. There are  lot of risks associated with this. I personally don’t think $250-$400 is worth it.

    Post # 23
    Member
    7002 posts
    Busy Beekeeper
    • Wedding: September 2012

    knickergold:  I’d sell, especially if it’s a nice property. Renters destroy things. The only way I’d consider renting is if the property was just basic (as in, not brand new) and even then only through a management company. 

    Post # 24
    Member
    162 posts
    Blushing bee
    • Wedding: October 2015

    I would sell. I was in the same boat as you and made a decent profit off of my house renting it a couple years ($400 a month or so). But I was in hell and one bad tenant cost me 6+ months of profits. 

    A good property management company is a LOT of $$ and they usually still suck. I hired one of the big ones in my state who took a hefty $200 cut plus $20 a month for lawyer fees should I need them plus every 3 months I paid them $50 to go do a walk through and change the air filters.

    The big property management company ended up sucking. They gave my phone number to my first tenant when they found out I wouldn’t be using their overpriced repairmen. So instead of working with the tenant and my company I came into contact with my tenant and guess who called me and texted me and left me voicemails every time the wind blew? And angry messages when they couldn’t get ahold of the property management company right away when I told him all requests need to go through them. When he moved out the company sent me a $400 ‘estimate’ for repairs that I needed to make before they were willing to relist my house as it currently ‘wasn’t habitable’.

    The next time I rented they decided to tell me it was ‘illegal’ for them to disclose to me how many children the interested family had, no background on them, and they told me their dog was 20 lbs, would I be ok with that? I had stated I’d be ok with small dogs up to 15 lbs. They moved in a husky, 3 kids who are homeschooled by a sahm and a dad into my 950 sq foot 2 bedroom 1 bathroom house that was built in the 50’s. Again, gave them my number. That property management company had $$ signs in their eyes for how much damage they knew these people were going to cause that they’d hopefully get to bill for.

    Every walk through the property management company did they’d use to find things they deemed ‘wear and tear’ for me to fix. I got an email that a wall around a furnace vent was ‘cracked and crumbling’ when I went it was obvious their child had RIPPED the furnace grate out of the wall. They warped my pergo floors by letting sitting water be on them and the property management company couldn’t get ahold of me within 24 hours so they called it ‘water damage’ and ‘fixed it’ by installing what they billed as ‘reducer’. When I went over all I saw was warped wood floors, they did not fix anything. But they charged me $250. I’d get almost weekly calls because they couldn’t be bothered to keep their kids waist length hair out of the drains even though I bought them hair catchers for the bath tub. One Friday night the dad called me 3 times enraged the bathtub wouldn’t drain because it was clogged with his kid’s hairs and he wanted someone there within the hour cause the kids couldn’t bathe. The management company sided with him even though typically that would be considered their bad not protecting it in the first place. The city was doing work on the streeth in front of my house and they with held their rent and tried together with the property management company to barter a discount with me for the ‘disruption’.

    The cherry on top was them leaving 3 months before their lease ended with 2 weeks notice calling me in the weeks before demanding their deposit back before they left. They left 4 days late into the month and TRASHED my house. I had to use all my vacation time from work to fix it. They left my fridge full of old food, there were armoires, futons, chairs, kids toys everywhere. They drove a long stake into the ground in my yard to hold down a black tarp then put hay on top of it for their dog’s house-that stake went through the water main for my sprinklers. The kids carved their names into my hardwood floor, pulled out multiple furnace grates and wrote on the walls. The dog tore out the screens to all the windows in the back yard jumping up to look in the house. They broke off almost all the slats to the trellace I had installed for privacy from the neighbors. All of this and I had to threaten legal action to have the property management company give up their measly deposit. The tenants were not held liable for the remainder of their lease as I was not going to rent it again with that company and going after them for the damages would likely be an effort in futility. 

    I sold it, took my profit and ran and could not be happier that is behind me. I think you have to have a lot of know how and time to be a landlord properly and it’s hard for the layperson to do.

    Post # 25
    Member
    45 posts
    Newbee

    I may be baised as I’m a professional property invester, but I would never sell a property that’s cash flow positive. I have quit a few investment properties and I have them all tenanted. Yes, at times it can be annoying dealing with tenants, but the pros far outweigh the cons. Look into property managers and make sure you keep on top of them. I am very careful with who I put into my properties, they have to have a very solid rental history and great references. So far I have never had a major problem.

    If you keep the property you will save on selling and buying costs. Property investment is a great way to create wealth. The longer you hold the property the more the equity and rent will increase. It’s like making money while you sleep!

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