Bought my first home 1.5yr ago and might need to move for a new job. Still in the same city but 30 minutes away. House has been totally remodeled and I have significant equity due to that and recent market conditions (in FL). My question, is it worth keeping and renting? Worried about headaches of tenants, maintenance, etc. but money-wise the house would cash flow well ($400-600 a month beyond the mortgage). Would you advise a management company? Take it on solo? Sell and pay capital gains?

TIA

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For cash flow you should keep in mind setting money aside for repairs and capital expenditures as well, not just the mortgage.

likesmart

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.

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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

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