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slap me silly posted:I did think about that, actually. I even know a reliable company in the area. Assuming they would take 8-10% cut, and knowing that rents are nuts around here, I think I would have just about enough left after the mortgage payment to cover most of the maintenance probably? Renting it should turn a small profit in the short term, but the place is older and the roof, HVAC, water heater, washer, dryer, kitchen finishings are all in "nurse it along" mode at this point. The longer I rent it out, the harder it will be to sell without pumping money into that stuff. But, that's just me eyeballing it. Has anybody done the property manager thing? How did it go? Could you rent your property for at least 1% of its value (gross rent)?
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Jan 4, 2016 05:21
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slap me silly posted:No, not a chance, if I understand you right. I don't know the markets super well, but I'm quite confident that monthly rent would be somewhere between 0.5% to 0.9% of the obtainable sales price. How are you thinking about this number? I'm a real estate appraiser, and a VERY rough rule of thumb for "sell or rent" is whether the achievable rent is greater or less than 1% of what you could sell it for. Obviously not something I'd ever put in an appraisal report though because my profession is a joke and people can't know how easy it is
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Jan 4, 2016 05:34
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