Should I rent my home out or sell it? I live in Tampa and need to move for employment.?

Answer 1

I guess it depends on what your goals are. Do you need the money? Sell. Can you rent it so that it will cash flow? Rent It Do you see yourself ever moving back to Tampa? Rent it Do you see yourself never moving back? Sell it.

I think the rental market is going to be increasing with all the foreclosures going on right now, these people have to live somewhere!

You might want to consider a lease option. That way, if something happens to it the people who live there are responsible for the repairs. You would get some money upfront now and the rest when/if they purchase the property. If they don't purchase the property you keep the lease option money, then you can rent it, sell it, or put it under lease option again!

Lots to think about huh?

Answer 2

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Answer 3

Besides all the rental and market factors, if you plan to buy the new home before a renter moves in you'll need to be able to prove to the lender that you have the income to sustain both mortgages while maintaining a low debt ratio. Also remember that it will probably take time to find a renter and get them to move in, then you still have maintenance costs, and renters will only stay in the home 1 or 2 years and you'll have to start again. If you have the existing assets and income I'd say rent, but if you tend to be strapped for cash I'd sell because there may be months sometimes when you carrying mortgages, taxes, and insurance for 2 houses.

Answer 4

Whether or not it would be positive cash flow could be one factor, whether you'll think it will appreciate, and tax considerations. Do you need the cash or not (it sounds like you don't).

Shaky or questionable real estate conditions at this present time could make it a better move to sell, unless Tampa still has a strong, escalating market.

Answer 5

Sell it. Renting can be a real nightmare. Been there, done that.