Should we have tried to keep our old home as a rental?

[Anonymous]

We moved 2 years ago and sold our home.

Bought: $270,000 Sold: $370,000 Today's value: $450,000

Should we have tried to keep it and rent it out?

[Anonymous]

No. You already sold it. Move on with your life

[Anonymous]

Be happy with the huge gains you already had. Imagine you had a renter who took up hours each week with complaints and then burnt the house down.

[Anonymous]

Your post has no information about the rental market, so thinking you should be in the rental business. It is less about the buy and sell and more about the income.

[Anonymous]

Managing and financing a rental can be a huge headache and the margins are typically pretty slim.

[Anonymous]

No. Good renters are hard to find and managing a rental is actual work.

Presumably you put the equity from your first house into your current house. So you will still realize gains on it. And if the added down payment lowers your mortgage payment, you have more money now to invest.

You need the get over this. Like for starters stop looking at the Zillow estimated value if your old house.

[Anonymous]

Anonymous wrote:No. You already sold it. Move on with your life

+10000 and don't look back!

[Anonymous]

If we say you should have kept it what are you going to do?

[Anonymous]

What did you do with the net gains after you sold the house?

[Anonymous]

Didn’t you need the money to buy your next house?

Could you have actually kept it?

[Anonymous]

Renting as a private landlord is not lucrative - and if your tenant decides not to pay, it takes months and months to get them out with not much success to recoup the lost rent. Just went through this in MoCo.

[Anonymous]

No. Two of my neighbors kept their homes as rentals after moving out. One tenant stopped paying and gamed the system for months until they could be evicted. The other one started illegally subletting and the place was trashed by the time they left.

[Anonymous]

Anonymous wrote:Renting as a private landlord is not lucrative - and if your tenant decides not to pay, it takes months and months to get them out with not much success to recoup the lost rent. Just went through this in MoCo.

I am considering renting my house in MoCo. Do you have any advice how to avoid the kind of situations that you found yourself in?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Renting as a private landlord is not lucrative - and if your tenant decides not to pay, it takes months and months to get them out with not much success to recoup the lost rent. Just went through this in MoCo.

I am considering renting my house in MoCo. Do you have any advice how to avoid the kind of situations that you found yourself in?

I've only rented to military officers for 12 years. Five different officers over that time with never a single late rent payment. All have been great tenants and most have made minor improvements on the house on their own dime with my permission (new light/outlet switches, new outdoor lighting, new keyless entry).

[Anonymous]

What was your mortgage payments and what could you tent it for?

What is a management company charging or you doing this on your own?