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*Whitney*
What's the story on your rental property? My renters are up 8/31 and I'm not sure how I want to find new tenants or if I want to try to sell it. The realtors found me my current renters, and they are great--unfortunately they want to get their own house. The most any of the condos have sold for has been 108 and I paid 120 . That one was originally in the 130s when the first owners bought it and I think 117 when the 2nd ones did.
My brother says he wants to rent it, but he doesn't have a job right now and isn't looking too hard. He claims he will once he has the rest of his teeth pulled--his teeth are so bad they are having him get dentures at 37! I wish I could just give my condo away and not have to deal with it!
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Re: *Whitney*
Ugh. It's turned into a nightmare. I bought the house when I was single and lived there for 2 years before we got married. The first couple we rented to were awesome - very low-maintenance and they stayed for 3.5 years. This new couple haven't even been there a year yet and we've been through 3 refrigerators, a dishwaher, and a stove. Not awesome. The only upside is that they pay about $250 more in rent per month than the mortgage payment. Still, the hassle with them is not worth it to me. If I thought we could sell it easily right now for more than we bought it for, we'd probably get rid of it. But, I don't think that's possible right now. Finding new renters once the first ones moved out was a lot harder than I thought it would be. We posted on Craigslist (where we found the first ones too) and had lots of interest. However, lots of people didn't show up for appointments to see the place and that was so irritating - one of us had to find time to be there, then sit around and wait for nothing. Our current renters are going to sign another year's lease, and if it weren't for the hassle of finding new renters I'd be happy to get rid of them. I think when we resign the lease we are going to put in a clause that states that the current appliances are included but not guaranteed.
If you can, I'd try to hold onto it as a rental until you can sell it for a profit - especially if the rent is significantly more than the monthly mortgage payment. That's where we're at with ours. Finding a buyer is probably way more hassle than finding new renters, so I'd suck it up for now. I can't wait until we get rid of ours though!
I feel your pain--my freezer at the condo had to be fixed within a few weeks of them moving in. Then, the a/c started having problems. The first time it happened I had just had a c-section that morning and had to call the a/c repair company to authorize it. It took 2 more times to figure it out-- the adapter I had let the power company put on to lighten the load had shorted out. Thankfully they didn't charge me for the other 2 trips. My agent has in his rental contracts that he doesn't cover appliances--we left that in at first but then they objected which I didn't blame them.
We had it rented within a week of our agents putting it up and had 2 other applications. But we had to give the agents one month of rent. Right now I get about 50 more than I spend a month, and once I get the home equity paid off (hopefully by the end of summer) it will be 100. They had their own washer & dryer, so we put mine in storage, but now both of ours conked out so we are using them at our house.
I'm allowed to show it the last 60 days, so I have about 6 weeks to come up with a plan!