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Author Topic: Sell the house or try to keep it?  (Read 2511 times)

hbb

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Re: Sell the house or try to keep it?
« Reply #10 on: July 09, 2008, 02:29:55 AM »
As I will be relocating to attend law school, I ended up renting out my home in Seattle: a lot of equity and a hot rental market allow me to cover both my mortgage and property management expenses and still eek out a little profit. I'll be able to stay involved in what has been a very resilient real estate market in a rapidly gentrifying neighborhood during my three years in school, and will have the flexibility to either move back into my home after graduating, continue to rent it out, or sell it and put the proceeds toward a new home.

If your place is at all suitable as a rental, I'd strongly suggest looking into this course of action...

betasteve

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Re: Sell the house or try to keep it?
« Reply #11 on: July 10, 2008, 10:45:36 AM »
Possibly in a similar situation... Wondering with relocation, if you would just have a management company take care of it, or if you would manage the property?  I can see arguments to both, but personally would lean towards a management company, especially if I am far enough away that I can't handle repairs myself.
Thoughts?

Matthies

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Re: Sell the house or try to keep it?
« Reply #12 on: July 10, 2008, 10:49:55 AM »
Possibly in a similar situation... Wondering with relocation, if you would just have a management company take care of it, or if you would manage the property?  I can see arguments to both, but personally would lean towards a management company, especially if I am far enough away that I can't handle repairs myself.
Thoughts?

If you donít have experience dealing with rental property I would recommend hiring a management company. I manage my own rentals from out of state, but I have been doing it for many years and have a list of handymen/contractors that I have a good relationship with, like wise I know how to file all the court paperwork for evictions and such and can handel that from here. Unless you have some experience with managing properties already, hire it out.
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PaleForce

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Re: Sell the house or try to keep it?
« Reply #13 on: July 10, 2008, 12:57:52 PM »
OP- have you decided which way you're going on this yet?

Here's my .02...if you want to go back to the area you currently live after law school, definitely rent it out!  If you can cover the mortgage, taxes, insurance, and regular upkeep through the rental income, it'd be a win for you.  I don't know what the rental market is like in your area, but being on the beach, you might just be able to charge enough to cover it all.  And, if you could only cover the mortgage, maybe your wife's income would be enough to take care of the rest?  It would be tough to lose a house you love (and on the beach, no less!) just because you're going to be away for three years.  And, if you have family in the area, they could screen potential renters for you.  Or, you could hire a management company like Matthies suggested.  Good luck, that's a tough one ;)