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renting vs. selling

By Debbie Blesi

Real Estate Agent with Exit Realty Executives

February 02, 2009 12:12 PM

I had a conversation with my mother tonight about her home. The home is on the market and has been since this summer. She has lowered the price and lowered the price yet no offers. Yes the home is dated she has been in the home for 50 years. She has moved out and into senior housing. She also took a home equity loan out on the home a couple years ago. The loan is an interest only loan. Now she can't afford the payments on both her new rent and the loan.

I brought it to her attention that we could rent the home and she is hesitant to do so. I do not have experience with renter and you hear such horror stories and she has too. This would bide time and pay the loan vs. short sale or forclosure.

what advise do you have about renting

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Ian Niquette

Square One Home Inspection - Markesan, WI

Debbie, first off, if you decide to rent it out, get a good contract written up. Take lots of pictures before anyone moves in. This will help with damage claims later on. Do very thorough background checks on all tenants. Make sure you can gain access to the property at any time with a 24 hr notice, so you can make sure it isn't being damaged. But, I would avoid this if there is hop ethat you can sell it first. Good luck. Where is Coon Rapids anyway? As a kid I spent alot of summers in a small town called Cook, Mn. About 70 miles from INTL Falls. Had a great time.

Feb 02, 2009 12:32 PM

Richard Weeks

Dallas, TX

REALTOR®, Broker

Debbie,

I would say due diligence is important. Credit report plus background check should be obtained. Perhaps even having a property manager handle the entire transaction.

Feb 02, 2009 12:47 PM

Ella Glover

Lubbock Homes - Lubbock, TX

I am a Realtor Broker, I own 10 rent houses. The best thing I ever did was put them in property management with my ccompany. If tenants know that you own the house they treat you different and expect more. As a property manager its a business, they don't give in to sob stories, late fees and just plain BS. In the end it will be well worth the fees. You could even ask for a referral fee. Good Luck with it.

Feb 02, 2009 11:21 PM

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Debbie Blesi

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