Dallas-Fort Worth Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Anyone own rental property?
I'm getting married in September and both the hubby-to-be and I own our own homes. Ideally we would sell both and purchase one of our own, but I would barely break even and could potentially have to bring money to closing to sell my home.
I am contemplating renting it out instead of selling; any feedback? It's a great townhouse in Plano...
Re: Anyone own rental property?
We were in the same boat when we got married. I had a house in North Richland Hills, DH had a house in Abilene. We had to do something with both of them b/c we were going to be stationed in Japan less than a year after getting married.
Thankfully, mine didn't take too long to sell (about 4 mo) and while I didn't make back what I put into it (at all) at least we didn't have to write a check at closing.
With DH's, it was on the market longer, and we were thinking about trying to rent it instead of sell, as we were paying mortgage on a house in TX and living in Japan and it was getting $$$. The thing with renting is you have to really hope you get good renters who don't just rip the place up (and those are hard to find as most renters know it isn't "their" house, so they don't care too much) and just know you are going to have to put $$ into it again after they move out in order to try to sell it again or get another set of renters. Yes, you are still building equity on the house if you rent it out, but you might still lose $ depending on the condition of the house. And of course if anything goes wrong (AC goes out, water heater busts...) you are still responsible, so you have to have $ saved for that as well. And with us, living so far away, we would have had to get a rental property manager, so any extra $ we could have made on the rent would have gone to them (it's usually a % of the mortgage - like 10% or so). In the end, just as we were thinking about trying to rent instead, we got an offer on the house. At first it was a bit low, but they were willing to negotiate a bit, and while we again didn't really make any $, we didn't have to write a check at closing.
I guess I would just weigh the pros and cons for you guys and think about if you hang on to your house, do you think it would sell better in a few years when the market gets better maybe- then you could rent. Or you could always list it was for sale or rent and then see who bites??
DH owned (and still does) some rental properties when we got married. They have been nothing but a pain in the butt! But I think a lot of it has to do with his business partner and the area of town they are in. We are in the process of trying to sell them - but continue to rent them out while on the market.
If you can afford it - I would go with go through a property management company. Just means fewer headaches for you.