Would you keep trying to sell a house or rent it out? UPDATE!

[ReneeA]

We are renting out our first home, and have a responsible tenant. However, she doesn't have much for options in the rental market with 2 cats and 2 dogs. I didn't mind the pets since we always had pets in the house, and she takes care of the house.

However, we are losing about $100 a month on the tranaction. Our homeowners insurance went up, and our taxes in Michigan went up - they double if you aren't living in the home.

We couldn't sell it for anything close to what we owe on it right now, so it's the best of 2 evils.

 

[ameraumi]

Good news!!!!! I received a full price offer on the house!!!! Actually the buyer will be paying me a month's rent to allow him to take possession this week (after all the verifications and inspections are done).

Thank you all for you previous advice!

 

[tweedlemom]

Congrats!

 

[cats mom]

Good news!!!!! I received a full price offer on the house!!!! Actually the buyer will be paying me a month's rent to allow him to take possession this week (after all the verifications and inspections are done).

Thank you all for you previous advice!

Congratulations!

I absolutely think selling was a much better option than holding on and renting it out. The full price offer makes it all the better.

 

[DebMcDonald]

I'd try to sell before renting, we have a tenant in a second house we own two hours away and we've sunk $15,000 into it this year and that was $15,000 we don't have. Once you get someone in, it's not to easy to get them out, property management company or not and it's alot of money out of pocket not including the damage that they will leave behind. Now my mind would change if you rented to someone you really knew and someone that you knew you'd be getting a check from monthly, but more often than not in this ecomony you might be renting from someone that has previously walked away from their property and has awful credit currently.

 

[chris1gill]

Congratulations!

I absolutely think selling was a much better option than holding on and renting it out. The full price offer makes it all the better.

I totally agree... we have a rental property that is in a resort area... when we purchased we never thought we'd rent it out, then we wound up having to. It's been a headache to say the least. The good news is, I make a profit off the rentals BUT we may have an offer coming this week if they can get their financing together. I'm cautiously optimistic!

Congratulations to the OP, selling was absolutely the best move

 

[AZMermaid]

I would have said sell too. My best friend bought her house in 2005 for $350,000 and then put about $50,000 in upgrades into it. They decided they wanted to move into a house with a bigger yard for their kids. They have more class than to short sale just because they want to move or their value has declined, so they cashed out some retirement and saved for a year in order to sell at $200,000. Then it didn't appraise so they had to drop the price to $185,000. They had 3 offers in 2 days because it was a straight sale priced to compete with the short sales and foreclosures. They considered renting, but they knew it would be 10 years or more before their house returns to that value, if ever.