I would NOT do the renting of your current house unless you are prepared to pay that mortgage as well as your new homes mortgage when, not if, when you don't have a renter for some reason. In my business, I see all the time people overextend themselves with the current trend of owning a rental. Comes back to bite soooooo many people in the arse.
VaderFin wrote:I would NOT do the renting of your current house unless you are prepared to pay that mortgage as well as your new homes mortgage when, not if, when you don't have a renter for some reason. In my business, I see all the time people overextend themselves with the current trend of owning a rental. Comes back to bite soooooo many people in the arse.
Yes - you have to know EXACTLY what you're getting yourself into if you're going to rent out your former home. Too many things can come back to bite you - repairs, problem tenants, unexpected costs, vacancies....
This is only an option if you're in a financial position to handle both payments at once, something which many of us can't do right now.
SeaWolf wrote:But yes we have thought about using it as a rental. Step father in-law has a few, but I don't think I want the hassel.
I have rental properties and i will say this, if you are not handy and able to do repairs yourself i would advise against it. No matter how good the renters are they dont care about the house as it isnt their own.
"DAMMIT!!!!! I knew it, I knew it, I KNEW IT!!!!"-Immortal words of The Captain
SeaWolf wrote:But yes we have thought about using it as a rental. Step father in-law has a few, but I don't think I want the hassel.
I have rental properties and i will say this, if you are not handy and able to do repairs yourself i would advise against it. No matter how good the renters are they dont care about the house as it isnt their own.
Bob Vila I am not.
Sporting events are family events. If you can't watch your language for 3 hours then stay home.
Good luck Wolf. The family and I just moved to a new home recently as well, double our old square footage. The new place is 20 years old and in need of some work, luckily I've been able to do most of it. If you take your time, most household stuff isn't that hard. I've even replaced entire breakers in my panel.
I like simple pleasures, like butter in my ass, lollipops in my mouth. That's just me.
We had three offers Sunday morning. Had to rush into the office Sunday morning before I left for the game to sign paperwork. Got full price. Bad news is the lady who purchased the house wants us out this weekend.
Get to live with my parents for 5 months.
Sporting events are family events. If you can't watch your language for 3 hours then stay home.
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by VaderFin » Fri Jan 13, 2006 10:24 am 
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