should i rent my house out and buy the house that i love?

Question

I really don't like my house. I qualify to own both houses, it just seems risky to own both, and to become a landlord on top of everything else....

Answer 1

Favorite Answer

Well, if your house is livable, and you need the income, and would rather live in another house, yes, do it! But first, be sure you can come up with the down payment, and the cost to advertise your house under house for rent, in the classifieds. But if it's not livable, you have to make it so, before you can rent it out. I'll bet you an ice cream cone, you end up liking it, after it's fixed up, to be rented.

Answer 2

Jeffrey M is a moron!

How can over 50% of all households be rental and not be profitable. What does he think; there's and agency that handles all rentals as a charity!

You're on the right track. You stated that you qualify for both; meaning that you've put some thought into the situation and aren't just one of those people that are flippant about things and don't follow through.

Another good point was already brought up about someone to possibly manage the property for you. If you can find a competent leasing agency it's well worth, not what you spend, but the little extra you add to the rent to cover not doing it yourself.

I have a 44 unit building and I haven't been in it or seen it in years and I don't care to. All I need is that monthly statement and to know that everything is running smoothly. The x% management fee doesn't cost me anything because if it wasn't for them, I'd have to physically do it myself and like they say, "Time is Money!"

Source(s): If you really Love it, don't wait and grab it. If in time you change your mind at least you can always re-sale it. If you miss the opertunity for the rest of your life you just might have the question running though your mind, What if... Good Luck! and if you do decide to buy it in the next few days, go to the edit part next to your question and add what you did.

Answer 3

I am a landlord and believe me, it can be a pain in the butt. You'll need to screen well to make sure your tenant is able to pay rent on time. Check with past landlords to see what kind of tenant they were. You need a legal lease where you set the rules. If they are broken, evict.

Answer 4

it rarely pays to rent out houses as the rent received most times is not even close to being enough to justify ownership

Answer 5

Sure, if you can do it. Sounds like a good way to get someone else to pay for your house.

Answer 6

Try to get an agency to do the work. Costs a bit but you can go on about your own bizz.

Answer 7

no u can never know 4 sure that the house is taken

Answer 8

If thats what you really wanna do then go for it. Going for what makes you happy is your best bet.

Answer 9

yah go with what u want u might not be able to find it again