my dad has found a property that is to good to pass up and is qualifffied for a bridgeing loan if we get a renter or a firm offer on the house we have now I dont think we should sell because he only has 100,000 left on his current morgage and if we rent for 4 years and pay some extra money he can get this morgage payed off and the bridgeing loan in 5 years as well as comming out of it with alot of money is renting really that complicated and is it worth the hassel to be morgage free and fianicaly well of in 5 years instead of 15?
also are house is up for sale right now and can/how do we get rid of our realesate agent ?
2006-08-15 18:24:20 · 8 answers · asked by Glen 3 in Business & Finance ➔ Renting & Real Estate
I rented out my condo when I had to move to another town for work. It hasn't proven to be a hassle as of yet.
Have a good lease in place that spells out everything you're concerned with. You can find and down a lease at LawDepot.com (I live in Ontario, Canada and found a relevant one to the landlord tenant act with our local legal terms on this site). You can edit it to suit your circumstances. Be familiar with the landlord tenant act though to ensure that you do not violate your tenants rights and that you know what your rights and responsibilities are as the landlord.
I have been lucky to have good tenants so far, but the key to that is to CHECK REFERENCES!!! Very important. Also do a credit check or have them provide a current copy of their credit report from Equifax.
There is also some good information for new landlords at CMCH
http://www.cmhc.ca/en/co/reho/index.cfm
I wouldn't sell it if I could have it paid off in a few years.
Good luck!
2006-08-15 20:17:53 · answer #1 · answered by LindaLou 7 · 1⤊ 0⤋
As far as the real estate agent goes....you just say that you dont want to sell. However, the contract you probably signed has a termination date and you cannot go with another agent/agency until that date. Your agent can also find a lessee for you instead of a buyer.
If you can make money by renting or leasing your dad's property while you are also paying rent/lease elsewhere....that might be a decent idea. It's always a good idea to keep your property if it's at all possible and to be mortgage free...even better! Good luck.
2006-08-15 18:35:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What part of the country do you live in?
If you live somewhere "hot" like CA or DC- I would go ahead and try to sell. Prices are lower, but if you bought a few years ago, you'll still be making money.
If you live somewhere a little less "hot" (the Midwest), it's a big gamble. You can wait it out and see how it goes or you can just go ahead and try to sell before prices go down the toilet.
Being mortgage free is amazing- strive for it no matter the "hassel".
And you can get rid of a real estate agent by firing him/her. Read the contract that you signed when you hired him/her and see if there are any provisos. If not, you can terminate his/her service at will.
2006-08-15 18:36:55 · answer #3 · answered by Anita 3 · 0⤊ 0⤋
Work out a solution with your agent.
Either ask him to take it off the market until the listing agreement expires or ask him to find you a rentee instead of a buyer.
Generally speaking It's always easier to sell your property, it's one problem less in your life. With renting comes a whole new world of troubles that you may or may not want to deal with.
2006-08-15 18:51:11 · answer #4 · answered by digiteerx 2 · 0⤊ 0⤋
getting rid of the real estate agent is like pouring water on ducks back. they'll never listen! will always try to stick to you to get his commission.
make sure you will invest the money in the correct way if you sell the house or rent it if you want to have a fixed income.
2006-08-15 18:43:58 · answer #5 · answered by pinkcloud2015 5 · 0⤊ 0⤋
just tell the real estate agent you have decided you no longer want to sell the house. I don't think renting is all that complicated. My dad has a couple places that he rents out.
2006-08-15 18:30:55 · answer #6 · answered by snail 4 · 0⤊ 0⤋
lease out the bigger house for a pair of years,and stay in the smaller house,till you will pay some greater off on the smaller house.Plus some years from now the industry ought to %. back up imparting you with the two fairness in the two condos.at that element i might then sell the two condos,and purchase a effective abode at the same time! Goodluck
2017-01-04 09:28:55 · answer #7 · answered by russnak 3 · 0⤊ 0⤋
Sell, buy the property you want, then mortgaged to the hilt to buy other investment properties (get specialist advice on how to set these up so they make you wealthy)
or
Rent your current property, but the tax breaks aren't going to be as good as you have most of it paid off (again get specialist advice on how to set this up correctly.
2006-08-15 18:45:13 · answer #8 · answered by elvenlike13 3 · 0⤊ 0⤋