Hey endless. Good questions...
Quote:
Originally Posted by endless  One question to ask yourself is... Do you want to be a landlord?
Sounds like you wanted to just be out of it and be done. If that's the case, hanging on to it and hoping the market will turn in couple/few years might just be more of a burden if you don't want to become a landlord. |
I do want to be a landlord. One of my goals for the past few years has been to become a real estate investor/landlord so that part of it doesn't bother me. The thing that makes me hesitate in this situation is that this is not how I pictured becoming a landlord. The biggest problem is the cash flow - it looks like we'll be breaking even month to month and that's barring any major repairs that have to be done. If I were actively seeking to purchase a rental property at the moment I would look for one that had a much better chance of producing positive cash flow.
Quote:
Were you looking to make money when you had it listed? Or did you have it really priced to sell? I always ask my sellers if they want to "sell" their home or just list it. There is a difference.
If you want to get it off your hands ASAP, make connections with some real estate investors. Find your local real estate investors club in your area and make some negotiations. Or find a good agent to market your home.
|
When we were advertising it for sale we had it listed at our rock bottom price. It was just enough to pay off the remaining mortgage, pay for our advertising costs and pay the buyer's agent's fee (if they were working with an agent).
Quote:
If you decide to get renters, you can still list your home for sale as an investment property. An investor may buy it and be happy that it's already rented!
Hope this provides some insight.
Richard
|
That is an excellent idea. We'll definitely keep that in mind as we proceed with it. Thanks for the help!