Related Posts
What buckets would you generally use for cases?
Additional Posts in The Real Estate Bowl
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
What buckets would you generally use for cases?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site
Send download link to your phone
OR
Scan your QR code to download
Fishbowl app on your mobile
For cash flow you should keep in mind setting money aside for repairs and capital expenditures as well, not just the mortgage.
Also assume vacancy
I was in a similar position and decided to keep and rent. I was worried about tenants and maintenance, so I did hire a management company; I had amazing tenants, so I stopped the services of the management company after the 1st year. The house has had minimal maintenance issues, so it was the best decision (to keep and rent).
I got another house a fixer upper, have had more challenges with maintenance (as expected), but still a decent cash flow and appreciation, so all in all a good decision.
For me it comes down to 3 things:
1. How comfortable you feel with the condition of the property
2. Do you have a network that could help when maintenance issues come (e.g. a GC, or handyman)
3. Is your property in a relatively desired location so you could have qualified tenants that would pass the screening process.
I just used the same contract, changed a few things (dates, removing the mgmt company, etc).. there are standard contract templates, and local real estate groups can provide examples as well... re: screening process, I advertised on zillow and paid the zillow rental manager fee of like $10 per week, so that all applications would be funneled through the system, and that provides views on credit, jobs, criminal, etc etc
Why can't you just commute the 30 minutes and stay?
Gotcha just wanted to fill in the missing context before chiming in. But yea def rent out if cash flow makes sense