Reply to Should I sell my house or rent it out?

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Reply to "Should I sell my house or rent it out?"

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[quote=Anonymous]Interesting to observe that those who had a good experience renting their houses advise to rent and those who advise against renting don't have any experience in being a LL at all, just the fear of it.

We used to live in one of the low COL states, we moved out of state 2 decades ago and kept our starter home as a rental which doubled in value since.  We hired a maintenance company that takes care of everything and do nothing but receive a check.  Sometimes there are repair costs that are deducted from our payment and breakdown of expenses.  It could be that maintenance co overcharges us, but at least we didn't have to deal with headaches all these years and we are ok with the rents we are getting even if they might be higher had we managed the property ourselves. If we sold the house back when we moved out we would have lost all the appreciation.  Even if we have to pay tax on it and even if it goes down in value with market correction, we still come out ahead vs. getting literally nothing by selling it immediately after we moved out.  With this said, we kept it for a very long time, and it wasn't an expensive property and didn't constitute so much of our NW to feel like our money was buried.   But overall I think if the area is good you cannot go wrong unless something cataclysmic happens. I have a family member who also kept their FL home as a rental when it was cheap there and now they got crazy appreciation and glad they kept it.  It was tough t have to afford to buy a new home in their new state without cashing out their older home, but they glad they didn't sell then.[/quote]

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