Sell or rent our current place? Also, landlord horror stories

posted 1 month ago in The Lounge
Post # 31
Member
668 posts
Busy bee
  • Wedding: October 2019

curiouscat2017 :  that is good information. We are considering moving to Texas but weve also talked about just renting first ourselves lol 

Post # 32
Member
75 posts
Worker bee

My husband and I own 4 properties together.  Three of which are investment properties that we rent out for rental income.  I think it really depends on the area that your properties are in.  Always do your research and screen your tenants.  We’ve had some good experiences so far with our tenants and we honestly believe that purchasing these properties were some of the best financial decisions we made together.  Not to mention that the values of these homes have almost doubled our purchase price.  Please don’t get discouraged, other people’s experience may not be yours if it is correctly.  Good luck!

Post # 33
Member
7457 posts
Busy Beekeeper
  • Wedding: November 2010

j_jaye :  

Then there’s the threat to take you to small claims court because the padding under the brand new carpet you just had professionally installed to make the tenants happy is “lumpy”.

Post # 34
Member
8369 posts
Bumble Beekeeper

sassy411 :  Or they complain that they don’t like a light fixture and can you change it and you say no because why would anyone change a light fixture in perfect condition and the next week the whole light fixture miraculously falls from the ceiling!

I didn’t marry a burly builder but I employ my 3 tradie brothers, 1 nephew and various cousins. It certainly helps!

Post # 36
Member
297 posts
Helper bee

sweet844 :  Do you have enough money in bank to pay expenses on the property if it has no income for months at a time? To make repairs if a tenant destroys it?

I chose to rent my last home. I ended up with the tenant from hell. Took months to get her out and when I did, it was upwards of $10k in repairs. In the end, I would have been financially better off to just let the house sit vacant for 18 months to 2 years. I sold it, and instantly had a huge weight lifted from my shoulders.

Post # 37
Member
75 posts
Worker bee

You’ve estimated that you could get $190,000 up front by selling or $900 per month by renting (before figuring in a management company and repairs/maintenance – and periods of vacancy and the possibility of a drop in the future rental market and potential eviction proceedings and running credit and background checks and…).

If you actually had $900 extra coming in each month, it would take 18 years to break even with the $190,000.  With someone’s estimate upthread that it would realistically be more like a net of $500 per month, it will take 32 years to make the $190,000 from rental income.

Sell the house and invest the money!  A potential return on your investment in 30+ years isn’t worth the hassle.

Post # 38
Member
8 posts
Newbee
  • Wedding: July 2018

Personally, I’d sell and take the equity for the next home. I know I don’t want to be a landlord and using a rental company takes too much of a cut for how much you think you can make selling it. Especially if you are moving farther from this area, then sell.

Leave a comment


Find Amazing Vendors