Home Buying in 76112>Question Details

Beaupuppy, Home Owner in Arlington, TX

Should I keep my current home and rent it out or should I sell it?

Asked by Beaupuppy, Arlington, TX Fri Jul 13, 2012

My current home is almost paid off, owing less than $20k. I would like to upgrade a bit and buy a home in a better neighborhood.

Help the community by answering this question:

Answers

9
Good Evening,

First step would be evaluate what you want and what you can afford. If what you can afford is realistic then sell since it's a buyers market and roll the equity from you current home into a new home. Interest rates are super low...playing landlord is highly discouraged unless you have extra cash to repair after each renter and don't need the equity from your current home to buy what you want.

I would start with one of our listing plans as low as $99.

Call anytime to discuss or check us out on the web at http://www.exclusivepropertiestexas.com since we have more affordable listing options that any other real estate broker in the metroplex.

I can arrange to meet at the property when convenient if you are not currently working with another agent.

I look forward to speaking with you.

Nathan Beckey, Realtor (m) 817.691.602 (e) nathan@exclusivepropertiestexas.com More Options. More Results.
0 votes Thank Flag Link Mon Jul 30, 2012
I would disagree only with the statement this is a buyers market. Currently in many of the assigned dfw locations it is currently a SELLERS market. This is due to there being less than 3 month inventory left in alot local markets.
Flag Tue Feb 12, 2013
Right now the market is in an upswing so it is a great time to sell. That said, if you are willing to be a landlord you may have a great opportunity to make additional income from this existing home. This question really comes down to you and where you feel the most comfortable. Being a landlord can be stressful as you still need to maintain the home, manage tenants, and collect rents. Some people do not mind doing this, others see it as a huge risk. There are good and bad parts to renting out a property but really it comes down to what you are comfortable with. You also need to speak with a mortgage lender to see how owning the investment property will affect you with the purchase of a new home. The debt you owe on the investment property will be counted and not all of the rent will be counted as income when it comes to qualifying. Also, depending on the type of financing you currently have it may prevent you from using as inexpensive a form of financing this time around. As you can see this puts a lot of balls into play. I am happy to answer any questions you may have.

Please feel free to contact me directly 817-729-4281 or john@dfwfamilyrealty.com

John Straub
Keller Williams Realty
817-729-4281
john@dfwfamilyrealty.com

http://www.dfwfamilyrealty.com
0 votes Thank Flag Link Mon Jul 30, 2012
"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

Please feel free to contact me when you get this. I will pull comps in your area both on going lease rates and your estates market value. We will be able to consult face to face and I will help you through whatever process you decide to take. Give me a ring within 3 mins I can get enough information to start.

Keller Williams Realty
Real Estate Consultant/3xUS Army Vet
cell:817-975-7258
off: 817-635-1157
email: blissfulestates84@gmail.com
http://www.blissful-estates.com
0 votes Thank Flag Link Mon Jul 16, 2012
Dear Beau Puppy,

Your options cannot be answered in this forum, because it is too complicated. There are many factors to be considered, and you won't get an insight to all of them here. So --- You need to sit down with a good financial consultant and Realtor and take a look at the options available to you. Then you can make an intelligent decision on what to do to reach your goals.

I happen to be both a Realtor with 32 years experience and a financial consultant. And if there is anything that I don't know the answer to, then I would call a loan officer or a certified financial planner. (I just met with one this morning!)

I have lived in this area for a long time, and bought a house in your zipcode a few years back. I now live a bit North of you and sell houses in your zipcode. I can also show you what is out there for you to purchase, based on what you are qualified for, and that way you can see exactly what your options are before youi put a for sale sign in your yard. I will give you all the professional guidance you need to make a decision, and there is no fee for that service. When you buy another house, my commission is paid by the seller's Broker.

So, ~give me a call, or send me an email, and we'll schedule a time for an appointment when you are off from work. Maybe this weekend?

Best regards,

Rick DeVoss

---ULTRA Real Estate Services

817-300-6121

rickdevoss@realtor.com
===================
0 votes Thank Flag Link Fri Jul 13, 2012
I would be happy to discuss all the options with you .

Contact my office today where I can show you many amazing homes work with your family specifications.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Fri Jul 13, 2012
Selling or renting depends on several factors. Are you willing to make repairs to your current home? Will you be hiring a property manager? Have you prequalified for a new mortgage yet?

If you keep your home, you might consider refinancing to a conventional loan to possibly cut some years off your note for the same payment. It would be worth asking a mortgage loan officer what your best options would be. Most mortgage companies have stopped lending below $50,000 so it would be best to ask your current mortgage company or your bank. With your low balance, it may not make enough of a difference but you should check all your options.

If you intend to live in your new home, you would probably be able to obtain FHA financing with a lower down payment. HUD owned homes are offering $100 down with full price FHA offers.

We would be glad to assist you with exploring all your options. I am unable to attach the disclosure about agency but would be glad to email you a copy for your review as well. Please call.

Thanks.
Elwanna McEuen "Mac"
Capital Real Estate
Broker 0401604
800-714-8586
0 votes Thank Flag Link Fri Jul 13, 2012
Thank you for your reply. I owe less than $20k on my current home and will have it paid off within 24 months, so a refi doesn't make sense for me. I'm not worried about pre-qualification right now. I know I will qualify for anything within reason as my credit is perfect.
Flag Fri Jul 13, 2012
It's a good question--one many of my clients ask.

Here's some questions I ask them...

Do you WANT to be a landlord?
Will you be comfortable handling tenant issues?
Will you be okay if a tenant doesn't take as good a care of your home as you did?

Do you need the cash for this home to buy the upgraded home?

There's more to discuss but the answers to these will give you an idea of which way to go.

Deb McNeill
817-798-2420
Small World Realty
0 votes Thank Flag Link Fri Jul 13, 2012
Great questions! And I've found myself asking the same ones. I don't necessarily need that cash for a down payment, but a big lump sum would be nice. I just doubt I can get for my home what I paid for it right now, in this housing market, even with improvements we have made. So I'm at a tossup. Thanks for your feedback!
Flag Fri Jul 13, 2012
I would be happy to meet with you and discuss the current market value of your home. I suggest you review what it would cost you to sell your home, determine if you are comfortable with the net proceeds, or if you would prefer to become a landlord and take in rental income.

Give me a call at 817-422-2945 to let me know your property information, and I will email you a market analysis for both options.

Thanks!

Britta Hinze, Realtor
As seen on HGTV's House Hunters!
Alexander Chandler Realty
6336 Camp Bowie Blvd.
Fort Worth, TX 76116
http://www.alexanderchandler.com
brittahinze@gmail.com
0 votes Thank Flag Link Fri Jul 13, 2012
Please contact me, I would be happy to assist you and discuss what options are right for you.


Lorri Willits, REALTOR
Keller Williams DFW Medallion Group
Direct: (817)565-0024 Fax: (866)885-4281
Email: LorriWillits@yahoo.com
Website: http://www.dfwmedalliongroup.com
0 votes Thank Flag Link Fri Jul 13, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer